TKUC LogoTHE KING'S UNIVERSITY

TERM:2021-22 Fall
COURSE NUMBER: BUSI 320
COURSE TITLE: Statistics for Business
NAME OF INSTRUCTOR: Dr Tetyana Khramova
CREDIT WEIGHT AND WEEKLY TIME DISTRIBUTION: credits 3 (hrs lect 3 - hrs sem 0 - hrs lab 1.5)
COURSE DESCRIPTION: This course is an introduction to statistical methods and their application to business decision-making. Descriptive statistics, frequency distributions, probability and probability distribution, sampling distributions, statistical inference on means and proportions are examined. Hands-on experience in using a statistical analysis software package is provided. Students are expected to have basic familiarity with computer applications including spreadsheets.

Prerequisites: Mathematics 30-2
REQUIRED TEXTS: Lecture notes and handouts: The lectures make use of presentation software; PDFs of slides will be available for downloading and printing from the Moodle site. There will be other handouts/manuals/tutorials for you on Moodle with examples and business cases.

Course Website: BUSI 320 on Moodle (http://moodle.kingsu.ca)

Textbooks:
Students are expected to have one of the following textbooks; either physical or digital format is acceptable.
  • Essentials of Business Statistics, 5th Edition, Bruce L. Bowerman, Richard T. O’Connell, Emily S. Murphree, J.B. Orris. Published by McGraw-Hill Education, 2015 (ISBN 978-0078020537); new text books are available at the King’s bookstore; the used ones might be purchased online and you can rent a digital version of this text from the publisher. 4 th edition works as well
  • Statistics for Business and Economics, 13th Edition, David R. Anderson, Dennis J. , Thomas A. Williams, Jeffrey D. Camm, James J. Cochran. Published by South-Western College Pub, 2016 (ISBN 978- 1305585317).
MARK DISTRIBUTION IN PERCENT:
Attendance and in class problem solving10%
Lab25%
Midterm Exam 25%
Final Exam 40%
100%
COURSE OBJECTIVES: At the end of this course you will be able to:
  • Demonstrate an understanding of what “statistics” is
  • Identify the role of statistics in business operations, analysis, etc.
  • Analyze the advantages and drawbacks of different methods of viewing and describing data
  • Understand how probability, distributions, and hypothesis testing are used in statistics
  • Become familiar with some methods of regression analysis
  • Interpret the results of statistical analyses and draw conclusions
The laboratory component of this program will enable you to:
  • Enhance your understanding of the various concepts covered in class, by getting first-hand experience in conducting statistical analyses
  • Become familiar with computer-based statistical analysis.
COURSE OUTLINE: An Introduction to Business Statistics
Part 1: Descriptive Statistics
  • Tabular and Graphical Methods
    • - Graphically Summarizing Qualitative Data
    • - Graphically Summarizing Quantitative Data
    • - Dot Plots
    • - Steam-and-Leaf Displays
    • - Pareto Charts
    • - Contingency Tables
    • - Scatter Plots
    • - Misleading Graphs and Charts
  • Numerical Methods
    • - Describing Central Tendency
    • - Measures of Variation
    • - Percentiles, Quartiles, and Box-andWhiskers Displays
  • Review
Part 2: Probability & Probability Distributions
  • The Concept of Probability
    • - Sample Spaces and Events
    • - Some Elementary Probability Rules
    • - Conditional Probability and Independence
  • Discrete Random Variables
    • - Two Types of Random Variables
    • - Discrete Probability Distributions
    • - Binomial Distributions
    • - Poisson Distribution
  • Review
Part 3: Continuous Probability Distributions
  • The Uniform Distribution
    • - The Normal Probability Distribution
  • Review
Part 4: Sampling & Sampling Distributions
  • Random Sampling
    • - The Sampling Distribution of the Sample Mean
    • - The Sampling Distribution of the Sample Proportion
    • - Surveys and Errors in Survey Sampling
  • Review
Part 5: Statistical Inferences Methods
  • Confidence Intervals
    • - z-Based Confidence Intervals
    • - t- Based Confidence Intervals
    • - Sample Size Determination
    • - Confidence Intervals for a Population Proportion
  • Hypothesis Testing
    • - The Null and Alternative Hypotheses
    • - Errors in Hypothesis Testing
    • - z-Test and t- Test about a Population Mean
    • - z-Test about a Population Proportion
  • Review
Part 6: Statistical Inferences Based on Two Samples
  • - Comparing Two Population Means
  • - Paired Difference Experiments
  • - Comparing Two Population Proportions
  • - The F-Distribution
  • - Comparing Two Population Variances
  • Finishing Up and Review
LAB OUTLINE:
  • Tabular and Graphical Methods
  • Numerical Descriptive Statistics 1
  • Numerical Descriptive Statistics 2
  • Discrete Probability Distributions
  • Binomial Distribution Using Excel
  • Poisson Probability Using Excel
  • Random Numbers
  • Normal Distribution Using Exce
  • Confidence Intervals Using Excel
  • One-Sample Hypothesis Testing

Required texts, assignments, and grade distributions may vary from one offering of this course to the next. Please consult the course instructor for up to date details.

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