QNM222 - Business Statistics

Learning Outcomes: QNM222 - Business Statistics 

Upon successful completion of this subject the student will be able to:

1. Demonstrate the ability to present, describe, and summarize data by:

• identifying the different types of data
• differentiating between a population and a sample
• re-organizing raw data into arrays and grouped distributions
• presenting data by means of various tables and graphing methods using computer software/manual techniques
• calculating various measures of location and dispersion, including the mean, median, mode, percentiles, quartiles, standard deviation, and variance Spreadsheet software may be used to assist in these calculations
• describing the shape of a distribution
• comparing and evaluating alternative methods of presenting data.

2. Evaluate with the use of probability, the likelihood that a statistical inference is correct by:

• defining probability
• differentiating between subjective, relative frequency and classical approaches
• determining when events are mutually exclusive and/or statistically independent
• calculating probabilities using the rules of addition and multiplication

3. Determine the characteristics of selected probability distributions and identify where each distribution can be applied by:

• differentiating between discrete and continuous random variables
• determining the probability of events and calculating the means (expected value) and standard deviations of:
  • the probability distribution of a discrete random variable
  • the binomial probability distribution

4. Recognize normal distribution problems and know how to solve such problems by:

• calculating the z-value corresponding to any observation on a normal distribution
• determining the probability a random observation is in a given interval on a normal distribution
• using the normal distribution to approximate the binomial distribution

5. Use the central limit theorem to:

• calculate the mean and standard error of a random variable
• calculate probabilities for a given sample mean

6. Use sample data to make statements about the value of the population mean or proportion by:

• differentiating between a point estimator and an interval estimator
• calculating the point estimate for the population mean or proportion
• determining the confidence intervals for the population mean using sample mean and population standard deviation for large or small sized samples
• determining the confidence interval for population proportion for large or small sized samples
• computing the required sample size to estimate the population mean and population proportion for large or small sized samples

7. Construct and evaluate hypothesis test of a mean or proportion by:

• stating the null hypothesis and the alternative hypothesis
• indicating the appropriate test statistic
• establishing the critical value(s) of the test statistic
• calculating the actual value of the test statistic and drawing appropriate conclusions

8. Perform simple regression and correlation analysis in business situations as indicated by:

• interpreting a scatter diagram
• determining and interpreting the correlation coefficient and the coefficient of determination
• differentiating between a dependent variable and an independent variable
• determining and interpreting the coefficients of the sample regression line
• using a regression equation to predict the value of the dependent variable for a selected value of the independent variable
• conduct a test of hypothesis for the coefficent of correlation and each coefficent of regression
• using spreadsheet software to perform the regression analysis
• interpret confidence intervals and prediction intervals for the dependent variable