Business Statistics - BUS 224 at Laurel Ridge Community College
https://courses.vccs.edu/colleges/laurelridge/courses/BUS224-BusinessStatistics
Effective: 2023-05-01
Course Description
Introduces methods of probability assessment and statistical inference. Includes data presentation; descriptive statistics; basic probability concepts; discrete and continuous probability distributions; decision theory; estimation and sampling distributions; Central Limit Theorem; simple linear regression and hypothesis testing for a single sample or population. Emphasizes business and economic applications. Utilizes computer software as a tool for problem-solving.
Lecture 3 hours. Total 3 hours per week.
3 credits
The course outline below was developed as part of a statewide standardization process.
General Course Purpose
This course is designed to provide the student with the statistical tools necessary to make informed business decisions based on data provided. It provides students with a frame of reference when learning statistics. The focus of the topics is on the theoretical and practical application in business, the interpretation of the results, and what should be done if the assumptions are incorrect. Business students and those of other disciplines can benefit from this course.
Course Prerequisites/Corequisites
Prerequisite: MTH 161
Course Objectives
- Critical Thinking
- Use information, ideas and arguments from relevant perspectives to make sense of complex issues and solve problems. Students will create, evaluate, interpret, and combine information to reach well-reasoned conclusions or solutions.
- Written Communication
- Develop, convey, and exchange ideas in writing, as appropriate to a given context and audience. Students will express themselves effectively in a variety of written forms
- Quantitative Literacy
- Perform accurate calculations, interpret quantitative information, apply and analyze relevant numerical data, and use results to support conclusions. Students will calculate, interpret and use numerical and quantitative information in a variety of settings.
Major Topics to be Included
- Presentation of Data
- Organize, present and interpret statistical data presented in tabular and graphical formats
- Numerical Representations of Data
- Calculate and interpret measures of center, dispersion, shape and location for a data set.
- Introduction to Probability
- Identify the basic concepts of probability, such as sample spaces and probability events, basic relationships of probability events; complement rule, addition laws, multiplication laws, conditional probability and counting rules.
- Probability Distributions
- Describe the properties of and calculate probabilities using commonly encountered probability distributions, including the Discrete, Uniform, Normal, Binomial, Poisson, Hypergeometric and Exponential distributions
- Sampling Distributions
- Apply the Central Limit Theorem to the distribution of sample means and sample proportions
- Estimation
- Calculate and interpret confidence intervals for the Mean, Proportion and Variance
- Hypothesis Testing
- Perform and interpret tests of hypothesis for the mean, proportion and variance of a single population or sample using the Critical Value, Confidence Interval and P-value approach
- Decision Theory
- Apply Decision Theory principles, including decision making under risk, and EMV, EVPI to business decisions.
- Regression Analysis
- Interpret and apply simple linear regression and use it to solve complex business problems and make recommendations to a target audience.