|
Oct 07, 2024
|
|
|
|
2022-2023 College Catalog [ARCHIVED CATALOG]
|
BUS 205 - Statistical Methods in Economics and Business [SUN# BUS 2201] 3 Credits, 3 Contact Hours 3 lecture periods 0 lab periods
Introduction to statistical concepts and methods of business. Includes statistics, data, and statistical thinking; methods for describing sets of data, probability, sampling distributions, inferences based on single sample and two samples; estimation with confidence intervals and tests of hypothesis; correlation and regression; time series; design of experiments; analysis of variance (ANOVA), and categorical data analysis.
Prerequisite(s): MAT 212 or MAT 220 . Information: MAT 172 or MAT 173 may be accepted as the prerequisite if taken prior to Fall 2013. Basic Excel knowledge is required before enrolling in this course. Gen-Ed: Meets AGEC - MATH; Meets CTE - M&S.
Course Learning Outcomes
- Determine the appropriate statistical test for a specific level of measurement.
- Analyze the outcome of a t test.
- Use a computer system in order to calculate demographics.
Performance Objectives:
- Describe the different types of data collected and the fundamental elements of statistics.
- Discuss descriptive statistics of data including measures of central tendency, variability and standard deviation, and relative standing.
- Calculate probability.
- Demonstrate sampling distributions and discuss the central limit theorem.
- Explain confidence intervals and demonstrate statistical inferences based on a single population: tests of hypotheses.
- Demonstrate statistical inferences based on two populations: confidence intervals and tests of hypotheses.
- Explain correlation and regression.
- Discuss time series data.
- Discuss design of experiments and analysis of variance.
- Use Excel or alternative statistical package to calculate statistics.
Outline:
- Statistics, Data, and Statistical Thinking
- Types of statistical applications in business
- The role of statistics in managerial decision-making
- Levels of measurement for data
- Methods for Describing Sets of Data
- Measures of central tendency
- Variability and standard deviation
- Z-scores
- Probability
- Series
- Sequences
- Sampling Distributions
- Skewed distributions
- Normal distributions
- Inferences Based on a Single Sample: Estimation with Confidence Intervals and Tests of Hypotheses
- Large sample
- Small sample
- Z- tests
- Inferences Based on Two Samples: Confidence Intervals and Tests of Hypotheses
- Independent T-test
- Paired/dependent T-test
- Correlation and Regression
- Correlation Pearson’s
- Simple linear regression using the least squares approach
- Multiple regression
- Time Series
- Descriptive analyses
- Models
- Trends
- Forecasting
- Design of Experiments and Analysis of Variance (ANOVA)
- Single factor ANOVAs
- Two factor ANOVAs
- Categorical Data Analysis
- One-way Chi-Square test
- Pearson’s Chi-Square test
|
|