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Statistics for Business: Course outline (QT-205)

Course description

The course is designed to give non-intimidating presentation of statistical concepts, principals and techniques most useful for students in business management. The main objectives of the course are to enhance students’ competency in application of statistics to solve business management problems and to improve their level of quantitative sophistication for further advanced business analysis. This course uses a problem solving approach that focuses on proper interpretation and use of statistical information, while developing necessary understanding of the underlying theory and techniques. Topics include the role of statistics in modern business environments and for management information, data collection, data tabulation, probability concepts and probability distributions, sampling distribution, interval estimation and hypothesis testing, correlation and regression analysis.

Learning outcome

At the conclusion of this course, the student will be:

1. Use and apply knowledge learn in sampling, data description and data presentation in a business environment;
2. Apply basic probability concepts and probability distributions as an aid to business decision making;
3. Demonstrate an understanding from the knowledge learn and apply some fundamental statistical methodology to solve problems; and
4. Conduct case study project, apply statistics methods using statistics software program and problem-based learning approach.

Reference books

Related books

Course content

Week 01: INTRODUCTION

• Definition

• Descriptive Statistics & Inferential Statistics

• Statistics Applications in Business

Week 02: DATA CONDENSATION AND PRESENTATION

• The Data Array and Frequency Distribution

• Graphical Representation

Week 03: MEASURES OF CENTRAL TENDENCY

• Means: (Arithmetic, Geometric, Harmonic)

• The Median   

• The Mode      

• Quartiles

Week 04: MEASURES OF DISPERSION

• Range

• The Semi-Inter-quartiles Range

• The Mean Deviation

• The Variance and Standard Deviation

Text books

Course content

Week 05: INDEX NUMBERS

• Defining an Index Number

• Un-weighted Aggregates Index

• Weighted Aggregates Index

• Average of Relative Methods

• Quantity and Value Indices

Week 06: SETS &PROBABILITY

• Sets

• Basic concepts

• Types and Rules

• Conditional Probabilities

Week 07: MATHEMATICAL EXPECTATION

• Expected value.

• Expected monetary value.

• Decision criterion utility & Expected Utility.

Week 08: PROBABILITY DISTRIBUTION

• Basic concept

• Types of Probability Distribution.

• Random variables

• The Binomial distribution

• The Poisson distribution

• The Normal Distribution

• Distribution of continues Random variable.

• Sample regression and correlation