Economics

This course is a continuation of Quantitative Methods I (ECON 2123) that was offered during Semester 1. The course introduces students with theories and applications of advanced inferential statistics that include two-sample tests of hypothesis, simple regression analysis, multiple regression analysis, residual analysis, time-series analysis, quality management (Statistical Process Control) and decision making under uncertainty. The course will start with a preliminary review of parametric and non-parametric estimations and then will continue with the concept of hypothesis testing, especially the one-sample and the two- sample tests of hypothesis and Analysis of Variance (ANOVA) as the core components of parametric inferential statistics. It will continue further with the process of establishing relationships by introducing basic concepts and applications of simple and multiple regression analyses along with correlation and residual analysis. Finally, the course will provide an overview of non-parametric tests of hypothesis, forecasting with time series analysis, statistical process control (quality management) and decision-making under uncertainty. The modality of offering this course includes in-class practice and experiential learning through projects and thus students can expect a good combination of lessons on theoretical concepts along with their applications through individual take-home projects.