2021-2022 Catalog [ARCHIVED CATALOG]
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BUSN 230 - Business Statistics
PREREQUISITES: BUSN 101 - Introduction to Business or INFM 219 - Business Intelligence and Reporting and MATH 135 - Finite Math or MATH 136 - College Algebra or higher and BOAT 207 - Integrated Microsoft Office Applications or BOAT 218 - Microsoft Excel
PROGRAM: Business Administration
CREDIT HOURS: 3
LECTURE HOURS: 3
DATE OF LAST REVISION: Fall, 2013
Designed to build student competence in the areas of descriptive and inferential statistics, through emphasis on the application of these statistical methods utilized in business. Includes an examination of data, probability of occurrence, and basic sampling processes. Uses statistical methods to model results and uses these models for forecasting. Tests to examine the appropriateness of these techniques are introduced.
MAJOR COURSE LEARNING OBJECTIVES: Upon successful completion of this course the student will be expected to:
- Solve business problems using descriptive and inferential statistics.
- Calculate and interpret measures of central tendency (mode, median, mean) and dispersion.
- Compute values of random variable, probability density function, expected value, and standard deviation of a binomial variable.
- Calculate the mean and standard deviation of a given set of data.
- Perform a Z-score conversion using tables of areas under the Standard Normal Curve to determine the probability a randomly selected score is below, between, or above certain values.
- Calculate and analyze sampling distributions of the mean and standard error of the mean.
- Construct confidence intervals of sample means and sample proportions.
- Determine the probability of single, compound (joint), and conditional events.
- Compute combinations and permutations.
- Calculate and interpret results from linear regression as well as covariance and correlation analysis. Interpret the R2 statistic and coefficients.
- Perform various types of hypothesis testing (i.e., for large and small sample sizes).
- Identify sampling techniques useful for business applications.
- Create statistical calculations and distinguish among, and interpret tables (e.g. frequency distribution, relative frequency distribution) and graphs (e.g. pie chart, car chart, dot plot, histogram, scatter diagram, boxplot for different types of data (qualitative vs. quantitative).
- Calculate probabilities for different types of probability distributions such as the binomial, uniform, discrete, and normal distributions.
- Evaluate ethical issues involving the use of statistics in business.
COURSE CONTENT: Topical areas of study include - Descriptive and inferential statistics
Measures of central tendency and dispersion
Categorical and numerical variables
Sampling distributions of the mean and standard error of the mean
Probability
Distributions: binomial, normal, Poisson
Correlation analysis
Coefficient of determination
Frequency distributions and graphs
Combinations and permutations
Central limit theorem
Null and alternative hypothesis
Type I and II errors
Hypothesis testing
Linear regression
Survey sampling
Course Addendum - Syllabus (Click to expand)
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