BU/MS-310 Applied Statistics

Course Description: 

This course is designed to builds on the fundamental concepts < developed in the introductory statistics course. The student will learn statistical methods to make point estimates of population parameters, construct confidence intervals for sample statistics, perform hypothesis testing to support decisions, make inferences about populations from sample data, use samples to make inferences about the general population, and use linear regression to recognize trends and make forecasts. As in the introductory course, this course incorporates the use of a computer software package (e.g. MS Excel, Minitab, SSSP) for both data analysis and presentation.

A.   PROGRAM LEARNING OUTCOMES (PLOs): 

The student will be able to:

  1. Demonstrate an understanding of basic concepts in organizational behavior, including things such as personality, individual differences, motivation, leadership, conflict, communication, group dynamics, power and politics, change, organizational structure, design and culture and cultural diversity by explaining how these concepts relate to performance and job satisfaction in the organization.
  2. Demonstrate an understanding of the intricacies of marketing planning and overall marketing strategy; the sequential nature of marketing and the importance of monitoring mechanisms; and the scope of comprehensive marketing in light of current technological developments.
  3. Demonstrate an understanding of the concepts underlying corporate financial decision-making – such as capital structure, capital budgeting, short-term asset management, dividend policy, financial analysis, corporate restructuring – and how these decisions affect other areas of the firm.
  4. Demonstrate an understanding of the role of entrepreneurship and small business in the (FSM) economy and show competence in basic business planning and in identifying opportunities and challenges that entrepreneurs and small business owners/managers face – both in FSM and in general – in trying to achieve their business objectives.
  5. Demonstrate basic knowledge of international business by discussing its importance and explaining its theoretical foundations. The student will also be expected to describe the international economic and financial environment; the role of government, culture, politics and laws in international business; and analyze issues in management, marketing, finance, human resources, accounting and taxation.
  6. Demonstrate an understanding of economic development issues faced by least developed countries (LDCs) and options for development. Such issues will include, among others, foreign aid to LDCs, unemployment, urbanization and population growth, all with special emphasis on FSM.
  7. Demonstrate an understanding of statistical methods of sampling and estimating population statistics and competence in using computer software to calculate point estimates and confidence intervals and use statistical methods to test hypotheses, recognize trends and make forecasts to support decisions in the business/economics environment.

B.   STUDENT LEARNING OUTCOMES (SLOs) – GENERAL:

The student will be able to:

1.  Demonstrate an understanding of statistical methods of sampling and estimating population statistics.

2.  Demonstrate skills to calculate point estimates and confidence intervals, to test hypothesis, recognize trends and make forecasts to support decisions in the business/economics environment.

3.  Demonstrate competence in using Excel, Minitab or SSSP to calculate various statistical methods and processes.

SLO

PLO1

PLO2

PLO3

PLO4

PLO5

PLO6

PLO7

1

IDM

2

IDM

3

IDM

I = Introduced

D = Demonstrated

M = Mastered

 

C.  STUDENT LEARNING OUTCOMES (SLOs) – SPECIFIC:

The student will be able to:

General SLO 1.  Demonstrate an understanding of statistical methods of sampling and estimating population statistics.

Student Learning Outcomes

Assessment Strategies

1.1 Explain the difference between a population and a sample;

Classwork, Case Studies, Groupwork, Homework,Test

1.2  Discuss different methods of sampling and choose the best for an application;

1.3  Calculate point estimators of a population from sample data;

1.4  Determine if a point estimator is unbiased, efficient and consistent;

1.5 Construct interval estimates of a population mean for a large sample and a small sample; and

1.6 Determine an appropriate sample size.

General SLO 2.  Demonstrate skills to calculate point estimates and confidence intervals, to test hypothesis, recognize trends and make forecasts to support decisions in the business/economics environment.

Student Learning Outcomes

Assessment Strategies

2.1  Develop null and alternative hypothesis for testing

research hypothesis, testing validity of claims and testing decision making situations;

Classwork, Case Studies, Groupwork, Homework,Test

2.2   Describe Type I and Type II errors;

2.3   Use test statistics for one and two-tailed test for large

and small samples;

2.4   Perform one and two-tailed test for large and small

samples using p-values;

2.5   Make estimates of the difference between means for two

 populations;

2.6   Perform hypothesis test about the difference between

means of two populations;

2.7   Identify independent samples, dependent samples, and

matched samples;

2.8   Make inferences about the variance of a population;

2.9   Describe goodness of fit test and test of  independence 

using appropriate statistical distributions;

2.10  Read an ANOVA table and use analysis of variance test

statistics to test Between-treatment and Within-treatment variances;

2.11 Discuss experimental design and describe randomized

 designs and block designs;

2.12        Use linear regression to recognize trends and make

forecasts;

2.13    Determine when to add or delete variables in model 

building;

2.14     Apply trend, cyclical, seasonal, and irregular

components;

2.15          Apply smoothing methods in forecasting problems;

And

2.16          Recognize and make adjustments for trends and

seasonal differences.

General SLO 3.  Demonstrate competence in using Excel, Minitab or SSSP to calculate various statistical methods and processes.

Student Learning Outcomes

Assessment Strategies

3.1  Use Excel/Minitab/SSSP to solve Case Studies;

Case Studies

3.2 Translate statistical formulas into Excel/Minitab formulas; and

3.3 Use Excel statistical built-in functions to solve statistical problems.

 

D.  COURSE CONTENT

  1. Selecting samples and estimating population parameters.
  2. Using interval estimation for large and small samples.
  3. Conducting hypothesis testing.
  4. Making inferences about means and proportions with two populations.
  5. Making inferences about population variances in one and two populations.
  6. Tests of goodness of fit and independence.
  7. Using experimental designs and ANOVA tables for modeling decisions.
  8. Using linear regression to recognize trends and make predictions.
  9. Using regression analysis for model building

E.  METHODS OF INSTRUCTION

Lectures, demonstration, projects/case studies, homework, classroom exercises, and various individual and group assignments.  Microsoft Excel or other available statistical software will be used to enhance instruction and learning.

F.  REQUIRED TEXT(S) AND COURSE MATERIALS

 Anderson, David, Sweeney, Dennis and Williams, Thomas.  Statistics for Business     

and Economics. Thomson South-Western Publishing. Place of Publication, 2008(or most recent edition).   

Prescribed textbook 

Personal pocket calculator

G.  REFERENCE MATERIALS

 Wonnacott, Thomas H..Introductory Statistics for  Business and Economics. Wiley,

 Place of Publication. 1990 (or most recent edition).

Ben-Horim, Moshe.  Statistics - Random House, Business Division “Decisions and

Applications in Business,” 1984 (or most recent edition).

Kazmier, Leonard J. “Basic Statistics for Business and Economics,” McGraw. Hill,Place of Publication. 1984 (or most recent edition).

H.  INSTRUCTIONAL COSTS

None

I.   EVALUATION

None

J.   CREDIT BY EXAMINATION

None

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