Business Statistics MAT 1430 Syllabus

Textbook: Business Statistics, 4th edition. Norean R. Sharpe, Richard D. De Veaux, and Paul F. Velleman, (c) 2019, Pearson Education Inc.

The content detail below covers material from Chapters 1-19.  

Course Coordinator: Chelsea Romito

Catalog Course Description:
To introduce statistical concepts and methods useful in analyzing problems in all areas of business and economics.  In addition to learning the concepts, applications will be addressed in: Descriptive Statistics, Discrete and Continuous Probability Distributions, Sampling Distributions, Confidence Intervals, Hypothesis Testing, and Regression Analysis.

Objectives:
The purpose of this course is to provide the students with a sound conceptual and practical introduction to statistics and its applications in the business and economic fields.  Upon completion of the course, a student will be able:

  • To recognize business situations that require the use of statistical tools of analysis.
  • To select and execute the appropriate statistical tool for a specific business situation.
  • To develop critical judgment and decision-making ability through the use of quantitative tools and statistical software.
  • To address ethical issues when presenting and interpreting statistical information.

Topical Coverage:
       I.   Numerical and Graphical Summaries
       II.  Probability Distributions
       III. Methods of Inferential Statistics
       IV.  Regression and Correlation Analysis

Content

Descriptive Statistics

  • Types of Variables (levels of measurement)
  • Data Collection and Presentation
    • Types of Sampling Methods
    • Tables and Charts for Categorical Data (summary, bar, pie)
    • Tables and Charts for Numerical Data
      • Ordered Array
      • Steam-and-Leaf
      • Frequency Distributions (histogram)
    • Cross Tabulations
      • Contingency Tables
      • Side-by-side bar charts
    • Scatter Plots and Time Series Plots
  • Numerical Descriptive Measures
    • Measures of central tendency (mean, median, mode)
    • Measures of dispersion (range, quartiles, interquartile range, variance, standard deviation)
  • Shape of a distribution (skewness, box-and-whisker)
  • Covariance between two variables
  • Applications of mean with standard deviation
    • Standardized (Z) scores
    • Empirical Rule
 

Probability and Probability Distributions

  • Basic Probability Concepts - classical, relative frequency and subjective probabilities
  • Discrete Probability Distributions
    • Probability Distribution for a Discrete Random Variable
    • Expected value of a probability distribution
    • Standard deviation of a probability distribution
    • Binomial Distribution
  • Continuous Probability Distributions
    • Normal Distribution
 

Sampling Distributions

  • Random Sampling
  • Sampling Distributions of the Mean and Proportions
  • Central Limit Theorem
 

Confidence Interval Estimation

  • Confidence Interval Estimation for one Mean (z and t distribution)
  • Confidence Interval Estimation for one Proportion
  • Sample size estimation
 

Hypothesis Testing

  • Hypothesis tests involving one mean or proportion
  • Introduction to Type I Error, Type II Error, p-value
 

Simple Linear Regression and Correlation Analysis

  • Interpretation of slope and intercept
  • The least-squares method
  • Standard error of the estimate
  • Coefficient of determination and correlation
  • Estimation and testing of regression parameters
  • Residual analysis
 

Multiple Regression and Model Building

  • Multiple regression model
    • Significance tests in multiple regression
      • Test of the overall significance of the model
      • Test of the net regression coefficients
    • Categorical explanatory variables (dummy variables) and interaction terms
    • Multicollinearity
 

Hypothesis Testing II

  • Chi-Square Test
    • Test for Difference of two proportions
    • Test for differences among more than two proportions
    • Test of Independence
    • Test of Goodness-of-Fit
  • Hypothesis tests involving two sample means, proportions or variances
  • Analysis of Variance(optional)

Contact Information

Department of Mathematics & Statistics
SAC Room 305
Villanova University
800 Lancaster Avenue
Villanova, PA 19085 
Tel: 610.519.4850
Fax: 610.519.6928
Email: math@villanova.edu

Chair:
Dr. Jesse Frey

Staff:
Christine Gadonas 610.519.4809
Maria W. Barrett  610.519.4850  

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