## BUS 224 - Statistical Analysis for Business at Dabney S. Lancaster Community College

### Course Description

Effective: 2014-08-01

Discusses the business statistics topics typically covered in business degree programs. Covers frequency distributions, descriptive measures, probability concepts, probability distributions, sampling, hypotheses testing for means and proportions, Chi-square distribution, simple linear regression and briefly, multiple linear regression.

Credits - 4 Lecture - 4 hours Total 4 hours per week.

4 credits

### General Course Purpose

This course is formed from Business Statistics I (BUS 221) and II (BUS 222) to meet the business statistics requirements of a business degree program. It is designed, therefore, for a student who plans to transfer to a four-year college or university to receive a baccalaureate degree in business field. The student will acquire knowledge of certain basic terminology and methods in descriptive and inferential statistics.

### Course Prerequisites/Corequisites

Prerequisite: MTH 163

### Course Objectives

- Organizing and Displaying data
- organize ungrouped data into a frequency distribution
- construct different types of graphs using statistical software
- Descriptive Measures
- arrange ungrouped data into an array, and determine the mean, median, mode, percentiles and quartiles
- compute the range, variance, and standard deviation
- recognize the shape of the distribution?symmetrical and asymmetrical
- identify the modal class, median class, and class width of a given frequency distribution
- generate summary statistics using statistical software
- Discrete Probability Distributions
- compute expected value and variance of a discrete distribution
- state the required conditions for the use of the binomial distribution
- compute expected value and variance of a binomial distribution
- with the use of formula and table, solve problems involving binomial distribution
- recognize the conditions under which it is appropriate to use the Poisson distribution
- solve problems involving the Poisson distribution
- Continuous Probability Distribution
- describe the characteristics of normal distribution and standardized normal distribution
- solve normal curve problems using table
- normal approximation to the binomial distribution problems
- demonstrate the use of the normal distribution in business problem solving
- Sampling and Sampling Distributions
- distinguish between probability and non-probability sampling
- recognize random sampling techniques
- understand the sampling distribution of sample means
- Confidence Intervals for Single Population Mean and Proportion
- know the difference between point estimates and interval estimates
- calculate confidence intervals for mean and proportion
- compute appropriate sample size
- construct confidence interval using statistics package
- Hypothesis Testing for Single Population Mean and Proportion
- formulate null and alternative hypotheses
- understand the important of controlling ?
- determine the critical value using z-table, and t-table
- calculate the test statistic using appropriate distribution
- write conclusion in word
- Hypothesis Testing for Two Populations
- solve problems testing the difference in two means
- find p-value
- construct confidence intervals to estimate the difference in the means of two populations
- Simple Linear Regression and Correlation
- create and interpret scatter diagrams
- develop a regression model by the method of least squares
- check model assumptions using residual plots and normal probability plot
- measure the relationship among data through the calculation of the coefficients of determination and correlation
- Multiple Linear Regression
- Using Excel or Minitab
- Analysis of Categorical Data
- compare theoretical frequencies to actual frequencies using chi-square goodness-of-fit test
- determine whether the two variables are independent using chi-square test of independence

### Major Topics to be Included

- Organizing and displaying data
- Measures of central tendency and variability
- Basic probability concepts and problems
- Use of probability distributions: Binomial and Poisson, and use of the normal distribution
- Sampling and sampling distributions
- Confidence intervals for the population mean and proportion using normal distribution
- Basic hypothesis testing
- Advanced Hypothesis Testing
- Simple Regression Analysis
- Multiple Regression using statistical package
- Categorical Data Analysis
- Computer Application