• Have a broad comprehension of terms, concepts, theories, and processes to solve statistical problems and situations
• Demonstrate ability to identify the appropriate statistical technique for analysis of data
• Demonstrate understanding of the usefulness and application of statistical methods in various decision making situations in business and economics
• Apply what has been learned to the solution of practical problems in the business and economics areas through the development, evaluation, and selection of alternative statistical techniques
• Apply the concepts of decision theory to decision-making situations
• Demonstrate skill in using a computer application computer (e.g., Excel 2010) for data analysis.

This is a beginning statistics course with special focus on the practical application of basic statistical concepts to business and economics problems. The importance of understanding probability and probability distributions and their application in the decision-making processes in business and economics will be explored. The course will also expose and teach students the basics and the applications of inferential statistics (e.g., hypothesis testing and confidence interval estimation), bivariate analysis, and decision theory in business and economics.
 
This course was created and designed to provide undergraduate business, economics, and social science students with an introduction to the uses of statistics in their respective fields of study.  This understanding will serve as a foundation for pursuing quantitative and analytical courses in the areas of finance, operations management, managerial economics, industrial engineering, economics, and business research methods. Further, the completion of this course will prepare the students to take and successfully complete a more advanced level of statistics. The analytical skills and tools learned by the students from the class will be as applicable in the workplace.
 
The course will be delivered via a combination of lecture and problem-solving, requiring students to apply basic statistical tools and techniques to business and economics-related problems. Computer-based statistical tools are utilized in tackling problem solving. The course is designed to meet and satisfy the learning standards on quantitative analysis required by international business schools accrediting bodies such as the Association to Advance Collegiate Schools of Business (AACSB) and the Accrediting Council for Business Schools and Programs (ACBSP).
 
In order to ensure that students will not only be successful in completing the class, but to also enhance the likelihood that students achieve the highest level of competency, the course is designed to include a weekly assessment (non-mandatory but highly suggested for students to complete) in the form of objective quizzes to be administered via Learn, and submission of a preliminary assignment quiz and a Mandatory Mid-term Assignment quiz related to the above-mentioned topics.

Class Schedule
 

• Introduction - The role of statistics in all aspects of business decision-making process
• Numerical and graphical representation of data
• Introduction to probability
• End of week quiz administered in Learn (recommended)

Week 2 will continue laying the foundation for later chapters which will deal with inferential statistics.
 

• Discrete and continuous probability distributions
• Preliminary Assignment – Quiz Administered via Learn

Week 3 will start our exploration into the basics of inferential statistics
 

• Sampling Distributions and the Central Limit Theorem
• Confidence interval estimation for one and two population means and proportions
• Mid-term Mandatory Assignment – Quiz administered via Learn (Mandatory)

Week 4 will be on applying inferential statistics.
 

• Hypothesis testing for one and two populations means and proportions
• End of week quiz administered in Learn (recommended)

Week 5 will introduce the students to more advanced topics in statistics.
 

• Introduction to simple linear regression
• Introduction to decision theory.
• End of week quiz administered in Learn (recommended)

• Comprehensive Review