BUS 115 - Business Statistics
Concepts and mechanics of measures of central tendency, measures of dispersion, probability, sampling theory, estimation, hypothesis testing, regression and correlation and other statistical techniques as they relate to general problems in business and economics.
3 Class Hours
Learning Outcomes of the Course:
Upon successful completion of this course the student will be able to:
1. Understand the uses and potential misuses of statistical calculations and procedures in business applications.
2. Calculate measures of central tendency and dispersion, and understand their use in business applications.
3. Recognize common statistical symbols.
4. Calculate basic probabilies. Understand related terminology and applications.
5. Calculate normal and binomial probabilities and understand how to use them in business applications.
6. Understand sampling theory, applications, and procedures.
7. Calculate interval estimates for large and small samples and proportions, as well as understand how the estimates are used in applications in business and economics.
8. Perform the calculations necessary to do one or two tailed hypothesis tests for large and small samples and proportions, and understand the application of these to problems in business and economics.
9. Perform the calculations necessary to estimate sample size for various sampling situations.
10. Perform regression and correlation calculations, and understand the applicattion of these to problems in business and economics.
11. Be proficient in the use of Excel or other software to perform various statistical calculations, including those for descriptive statistics, probabilities, and single/multiple regression and correlation.
12. Demonstrate critical thinking skills in the recognition and solution of business problems using statistical methods and procedures.
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