Statistics in Business II
Course Description
The applications and functions of statistical methods in improving quality and productivity, and the principles of collecting, analyzing, and interpreting data are covered in this course.
Topics and Objectives
Analysis of Variance (ANOVA)
- Compare two population variances using F distribution.
- Define the terms associated with ANOVA.
- Calculate one-and two-way ANOVA
- Interpret the results of an ANOVA test.
Nonparametric Tests
- Recognize when to use nonparametric tests to analyze statistical data.
- Perform a chi-square test using equal and unequal expected frequencies.
- Determine normality using a goodness-of-fit test.
- Apply a sign test to ordinal data.
- Evaluate the results of a sign test.
Regression and Correlation
- Calculate the coefficient of correlation (r) and coefficient of determination (r2).
- Interpret the coefficient of correlation using a scatter diagram.
- Compute a single linear regression equation.
- Predict the value of Y' for a given value of X using a single linear regression equation.
- Calculate the standard error of estimate, confidence intervals, and prediction intervals.
Business Operations Statistics
- Apply forecasting and time series analysis techniques to business research situations.
- Calculate a price index using various methodologies.
- Explain the relevance of statistics to the various business functions.
Statistics Decision Making and Ethics
- Calculate an expected monetary value.
- Construct an opportunity loss table.
- Formulate a decision based on information contained in an opportunity loss table.
- Discuss issues in statistics relating to ethics.