Fundamental Business Statistics

Fundamental Business Statistics

3 Credits | 100 Level | 38 Contact hours

DESCRIPTION

The course covers statistical applications in business, involving graphical and numerical descriptions of data, data collection, correlation and simple linear regression, elementary probability, random variables, Binomial and Normal distributions, sampling distributions, and confidence intervals and hypothesis tests for a single sample.
The purpose of this course is to prepare students for further study and job preparation in the field of Business. It will emphasize understanding of data and interpretation of statistical analyses. It will require students to think of data, and report the results of their analyses, in context.

LEARNING GOALS

At the end of this course, students will be able to:
1. Summarize large amount of data by means of descriptive statistics.
2. Compute the probability of simple and complex events.
3. Model some real random behavior by means of probability distribution.
5. Estimate the average and variance of populations normally distributed from sample data.
6. Compare the average and variance in two different normal populations.
7. Compare the average in three or more groups by means of an analysis of the variance.
8. Explain the behavior one random variable from one (or more) explanatory variables: Regression
9. Use R for your statistical analysis.

OUTLINE

• Unit 1: Descriptive statistics.
• Unit 2: Probability.
• Unit 3: Probability distributions.
• Unit 4: Confidence intervals and hypothesis tests.
• Unit 5: Analysis of Variance (ANOVA).
• Unit 6: Regression analysis.
• Unit 7: Time Series: ARIMA.

ASSESSMENT/GRADES

• 6 lab sessions done in class 30%
• Course project 40%
• Final exam 30%