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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: The lectures make use of presentation software; PDFs of the slides will be available for download and printing from the Moodle site.

  • Essentials of Business Statistics, 5th Edition, Bruce L. Bowerman, Richard T. O’Connell, Emily S. Murphree, J.B. Orris. Published by McGraw-Hill Irwin, 2015
  • Business Analytics: Data Analysis & Decision Making, 6th Edition, S. Christian Albright, Wayne L. Winston. Published by Nelson Education Ltd., 2016
Online References: Free statistics textbook by StatSoft:
Assignments 15%
Midterm Exam 30%
Final Exam 35%
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
    • Pareto Charts
    • Graphically Summarizing Quantitative Data
    • Dot Plots
    • Steam-and-Leaf Displays 
    • Contingency Tables
    • Scatter Plots
    • Misleading Graphs and Charts
  • Numerical Methods
    • Describing Central Tendency
    • Measures of Variation
    • Percentiles, Quartiles, and Whiskers Displays
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 Distributions
  • Continuous Probability Distributions
    • The Uniform Distribution
    • The Normal Probability Distribution
  • 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
Part 3: Confidence Intervals & Hypothesis Testing
  • 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 about a Population Mean
    • t- Test about a Population Mean
    • z-Test about a Population Proportion
    • The Chi-Square Distribution
Part 4: Statistical Inferences Methods
  • Statistical Inferences Based on Two Samples
    • Comparing Two Population Means
    • Paired Difference Experiments
    • Comparing Two Population Proportions
    • The F-Distribution
    • Comparing Two Population Variances
  • Chi-Square Tests
    • Chi-Square Goodness-of-Fit Tests
    • A Chi-Square Test of Independence
  • Finishing Up and Review
  • Statistical methods on Excel
  • Tabular and Graphical Methods
  • Numerical Descriptive Statistics
  • Discrete Probability Distributions
  • Binomial Distribution Using Excel
  • Poisson Probability Using Excel
  • Normal Distribution Using Excel 
  • Random Numbers
  • Confidence Intervals Using Excel
  • One-Sample Hypothesis Testing
  • Two-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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