BUS 300 – Business Statistics (3 hours credits) -Course gives focus to statistical techniques for further study in business, economics, and finance. Quantitative techniques common to many introductory statistics courses are covered, but the emphasis is on understanding concepts such as uncertainty, inferences from sample data, and model formulation, and on utilizing these techniques as aids in decision-making. Topics given specific attention in the course include descriptive statistics, probability, binomial distribution, index numbers, discrete and continuous random variables, estimation, hypothesis testing, regression analysis confidence interval. The course emphasizes statistics to solve management problems. This course is intended for the Business major.
LEARNER OUTCOMES
Upon successful completion of the course, students will be able to:
- Apply fundamental statistical concepts and a wide variety of statistical methods to businesses.
- Analyze statistical information for businesses, organizing, managing and presenting the data.
- Understand sampling methods, distributions, and the Central Limit Theorem.
- Calculate and interpret common measures of central tendency and dispersion, and be
able to determine the presence and direction of skew. - Use probability and probability distributions to assess the likelihood of events.
- Estimate parameters of common discrete and continuous probability distributions.
- Calculate and interpret confidence intervals for population means and proportions.
- Perform hypothesis tests and understand the consequences of error in tests.
Additionally, it is important to be able to use tools such as Excel to do basic statistical
analysis.