Business Statistics
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Introductory Business Statistics Course Outline

How are statistics used in real world scenarios?

Concepts Covered:


  • How are statistics and probability defined?
  • How do you design an ethical experiment?
  • What are the different types of data and sampling?
  • How do you organize data?

What is Descriptive Statistics?

Concepts Covered:


  • What are some tools of Descriptive Statistics?
  • How do you measure location?
  • What is the “center” of a set?
  • How do you determine Sigma Notation and Calculate the Arithmetic Mean?
  • What is Geometric Mean?
  • How do you describe distribution?
  • How do you describe spread of data?

What is Probability?

Concepts Covered:


  • What are important probability terms?
  • How are events related?
  • What are some tools of Probability?
  • What is a Contingency Table?
  • How do you deal with complex probability problems?

What is a Discrete Random Variable?

Concepts Covered:


  • What is a Hypergeometric Distribution?
  • What is a Binomial Distribution?
  • What is a Geometric Distribution?
  • What is a Poisson Distribution?

What is a Continuous Random Variable?

Concepts Covered:


  • How do you estimate Probability in Continuous Probability Functions?
  • What is a Uniform Distribution?
  • How can we estimate when an event will occur?

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Concepts Covered:


  • What does “Standardized Normal Distribution” mean?
  • How do you use a Normal Distribution?
  • How do you estimate the Binomial with the Normal Distribution?

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Concepts Covered:


  • What is The Central Limit Theorem for sample means?
  • How does one use the Central Limit Theorem?
  • What is needed to use the Central Limit Theorem for Proportions?
  • What is the Finite Population Correction Factor?

How do you measure confidence?

Concepts Covered:


  • How do you analyze a single population mean using normal distribution?
  • How do you analyze a single population mean using the Student t Distribution?
  • How do you measure confidence for a Population?
  • What are the steps to calculate the Sample Size n?

How do we test a hypothesis with one sample?

Concepts Covered:


  • What are the two types of hypotheses?
  • What are the outcomes of a hypothesis test?
  • What distribution is needed for hypothesis testing?
  • What are some examples of Full Hypothesis Tests?

How do we test a hypothesis with two samples?

Concepts Covered:


  • How does one compare Two Independent Population Means?
  • What are Cohen’s Standards for Small, Medium, and Large Effect Sizes?
  • How does one test for Differences in Means: Assuming Equal Population Variances?
  • How do you compare two independent population proportions?
  • How do you perform a hypothesis test with known standard deviations?
  • What do you do when you have matched or paired samples?

How do we test the relationship between things?

Concepts Covered:


  • What is the Chi-Square Distribution?
  • What are the steps to test a Single Variance?
  • How well does the data “fit”?
  • How do you test whether two sets are independent?
  • How do you test whether two populations have the same distribution?
  • Which Chi-Square Tests should you use?

How do we compare averages of more than two groups?

Concepts Covered:


  • What is the Test of Two Variances?
  • What is a ANOVA test?
  • What is the F Distribution?
  • What characterizes the F Distribution?

How do we test if events are correlated?

Concepts Covered:


  • What is the Correlation Coefficient r?
  • How do you test the significance of the correlation coefficient?
  • What is a linear equation?
  • What is a Regression Equation?
  • How do you complete the Interpretation of Regression Coefficients?
  • What are the steps to predicting with a Regression Equation?
  • How do you use Microsoft Excel® for Regression Analysis?

About the book

Introductory Business Statistics

Introductory Business Statistics is designed to meet the scope and sequence requirements of the one-semester statistics course for business, economics, and related majors. Core statistical concepts and skills have been augmented with practical business examples, scenarios, and exercises. The result is a meaningful understanding of the discipline, which will serve students in their business careers and real-world experiences.

About the authors:

Senior Contributing Authors

Alexander Holmes, The University of Oklahoma
Barbara Illowsky, De Anza College
Susan Dean, De Anza College

Contributing Authors

Kevin Hadley, Federal Reserve Bank of Kansas City

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