Statistics in Business I

Course Description

This course surveys descriptive statistics with emphasis on practical applications of statistical analysis. It examines the role of statistics in research, statistical terminology, the appropriate use of statistical techniques, and interpretation of statistical findings in business and business research.

Topics and Objectives

Introduction to Statistics

• Identify examples of statistics used in business or personal environments.
• Explain the value of statistics as it relates to you.
• Calculate the mean, median, and mode for a grouped data set.
• Calculate the mean, median, and mode for an ungrouped data set.
• Recognize the various symbols and nomenclature used in statistics.
• Differentiate among the various levels of measurement.
• Develop a frequency distribution based on raw data.

Dispersion and Distribution

• Calculate range, variance, and standard deviation.
• Interpret data using the Empirical Rule.
• Utilize graphical representation to present data.
• Determine whether or not data is normally distributed.

Probability

• Differentiate between permutations and combinations.
• Differentiate between continuous and discrete probability.
• Calculate binomial and Poisson probabilities.
• Calculate normal probability distributions.
• Apply binomial distribution tables to discrete distributions.

Sampling Methods

• Calculate confidence intervals when a population's standard deviation is both known and unknown.
• Determine appropriate sample size.
• Interpret the relationship between the level of confidence and the width of the confidence interval.

Introduction to Inferential Statistics

• Prepare the five steps in the decision rule.
• Formulate null and alternative hypotheses.
• Calculate a test statistic in a one-tailed and two-tailed z test.
• Statistically determine whether to accept or reject the null hypothesis.
• Interpret the results of a hypothesis test.