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ES10003: Core skills for economists: introduction to statistics

[Page last updated: 20 April 2021]

Academic Year: 2021/2
Owning Department/School: Department of Economics
Credits: 6      [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Certificate (FHEQ level 4)
Period:
Semester 1
Assessment Summary: EX 70%, OT 30%
Supplementary Assessment:
ES10003 Resit Examination (where allowed by programme regulations)
Requisites:
Aims: Basic statistical knowledge is fundamental to any understanding of applied economic topics (i.e. testing of micro and macro models). The aim, in this respect, is to give students the necessary background for the second semester unit ES10004 Computing and Data Analysis and second year Introduction to Econometrics. More specifically, the unit aims to provide students with experience in the analysis of data and a fuller understanding of probability and statistical inference techniques.

Learning Outcomes: The learning outcomes are that the students should be able to:
* Calculate probabilities using a variety of discrete and continuous distributions
* Understand principles of random sampling and construction of sampling distributions
* Calculate confidence intervals and hypothesis tests for means.

Skills: Statistical skills; problem-solving.

Content: PART I: PROBABILITY
1. Probability Theory
Random experiments, outcomes and events. The nature of probability. Probability rules. Permutations and combinations. Bayes' theorem.
2. Discrete Random Variables and Probability Distributions
Random variables. Probability distributions for discrete random variables.
3. Continuous Random Variables and Probability Distributions
Continuous random variables. Expectations. The Normal distribution. Jointly distributed continuous random variables.
PART II: STATISTICAL INFERENCE
4. Sampling and Sampling Distributions
Sampling from a population. Sampling distribution of the sampling mean, sample proportion, and sample variance.
5. Estimation
Point estimators. Confidence intervals. Sample size determination.
6. Hypothesis Testing
Concepts of hypothesis testing. Hypothesis tests for mean and variance. Power of a test.

Programme availability:
NB. Postgraduate programme information will be added when the postgraduate catalogues are published in August 2021

ES10003 is Compulsory on the following programmes:

School of Management
  • UMMN-AFB02 : BSc(Hons) Accounting and Finance (Year 1)
  • UMMN-AKB02 : BSc(Hons) Accounting and Finance with Year long work placement (Year 1)

Notes:

  • This unit catalogue is applicable for the 2021/22 academic year only. Students continuing their studies into 2022/23 and beyond should not assume that this unit will be available in future years in the format displayed here for 2021/22.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.