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BUAD 502A: Probability and Statistics I

Credits: 3

Key Skills: Statistical inference, statistics for business analytics, regression models, simulation models, probability distributions, using statistical metrics, hypothesis testing, RStudio, statistical computing

Description: Probability and Statistics I is a prerequisite course for the William & Mary Online MSBA program that utilizes R, one of the fundamental languages of business analytics and data science. While students may satisfy this curriculum requirement through previous coursework and experience, this course may benefit students who need to refresh their statistics foundations in anticipation of the program’s more complex and rigorous expectations, or who have little to no experience in statistical computing with R.

Probability and statistics involve finding mathematical representations that describe uncertain circumstances, whereas statistics can be defined as the way we interpret data and infer underlying truths. This course discusses basic concepts in the mathematical study of likelihood: probability distributions, such as the Bernoulli distribution; statistical models involving regression and simulation; metrics, including standard deviation and variance; and hypothesis testing, which includes t-tests and chi-square tests. Through discussions, practice problems, and formal problem sets, students will apply probability theory and statistical inference to real-life business problems in addition to using R to perform statistical analysis.

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