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Business Statistics
MAT150 | 3 Credits
Business Statistics will help you become familiar with business statistics concepts while gaining a comprehensive overview of its scope and limitations. You’ll cover how to construct a hypothesis on one and two samples.
Professor: Ms. Amita Sane
About Business Statistics
What You’ll Learn
This course familiarizes you with the basic concepts of business statistics while providing a comprehensive overview of its scope and limitations.
- Define statistics and identify its scope and limitations.
- Describe and apply the basic concepts in statistics.
- Apply the sampling methods and the Central Limit Theorem to perform statistical analyses of samples and to predict population behavior.
- Compute and interpret measures of location and dispersion.
- Represent the statistical data in different forms and interpret the different representations.
- Perform linear regression and correlation analysis.
- Perform multiple regression and correlation analysis.
- Describe the basic concepts of probability.
- Describe and apply the discrete and continuous distributions of probability.
- Conduct hypothesis tests based on one or two samples.
- Perform one-way and two-way analyses of variance (ANOVA).
- Apply nonparametric methods of statistical analysis.
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WANT US TO CHECK?Course Details
Throughout the course, you will perform statistical analyses of samples, compute the measures of location and dispersion, and interpret these measures for descriptive statistics. Business Statistics also reviews linear regression, multiple regression, and correlation analysis along with model building, diagnosis, and time series regression.
ACE-Recommended
ACE Code:
OOSL-0011
Flexible Schedule
29-day Average Course Completion
Business Courses Have Transferred 24,900 times
$1,900,000 Saved on Tuition
Prerequisites
Successful completion of an Introductory and/or Intermediate Algebra course is recommended before taking Business Statistics.
Course Text
The required eTextbook for this course is included with your course purchase at no additional cost.
- Lind, Douglas A., William G. Marchal, and Samuel A. Wathen. Basic Statistics for Business & Economics. 2024 Release, McGraw-Hill Education.
Course Checkpoints
Checkpoint 1: Statistics: An Introduction and Basic Concepts
- Why Study Statistics?
- What is Meant by Statistics?
- Types of Statistics
- Types of Variables
- Levels of Measurement
Checkpoint 2: Descriptive Statistics: Numerical Measures
- Measures of Location
- Why Study Dispersion?
- Interpretation and Uses of the Standard Deviation
Checkpoint 3: Descriptive Statistics: Graphical Representations
- Graphic Representation of Qualitative Data
- Graphic Presentation of a Distribution
- Dot Plots
- Measures of Position
- Box Plots
- Skewness
- Describing the Relationship between Two Variables
- Contingency Tables
Checkpoint 4: Probability
- What is a Probability
- Approaches to Assigning Probabilities
- Rules of Addition for Computing Probabilities
- Rules of Multiplication to Calculate Probabilities
Checkpoint 5: Discrete and Continuous Probability Distributions
- What is a Probability Distribution
- Random Variables
- Binomial Probability Distribution
- Poisson Probability Distribution
- The Family of Normal Probability Distributions
- The Standard Normal Probability Distribution
Checkpoint 6: Sampling, Sampling Methods, and Central Limit Theorem
- Research and Sampling
- Sampling Methods
- Sample Mean As a Random Variable
- Sampling Distribution of the Sample Mean
- The Central Limit Theorem
- Standard Error of the Mean
- Using the Sampling Distribution of the Sample Mean
- The Sampling Distribution of the Sample Proportion
Checkpoint 7: Confidence Intervals
- Point Estimate for a Population Mean
- Confidence Intervals for a Population Mean
- A Confidence Interval for a Population Proportion
- Choosing an Appropriate Sample Size
Checkpoint 8: Tests of Hypothesis
- What is Hypothesis Testing?
- Six-Step Procedure for Testing a Hypothesis
- One-Tailed and Two-Tailed Hypothesis Tests
- Hypothesis Testing for a Population Mean: Known Population Standard Deviation
- p-Value in Hypothesis Testing
- Hypothesis Testing for a Population Mean: Population Standard Deviation Unknown
- Test a Hypothesis of a Population Proportion
- Two-Sample Tests of Hypothesis: Independent Samples
- Comparing Population Means with Estimated Population Standard Deviations
- Two-Sample Tests of Hypothesis: Dependent Samples
- Comparing Dependent and Independent Samples
- Two-Sample Tests about Proportions
Checkpoint 9: Analysis of Variance
- ANOVA: Analysis of Variance
- Inferences about Pairs of Treatment Means
- Two-Way Analysis of Variance
- Two-Way ANOVA with Interaction
Checkpoint 10: Correlation and Linear Regression
- What is Correlation Analysis?
- The Correlation Coefficient
- Regression Analysis
- Testing the Significance of the Slope
- Evaluating a Regression Equation's Ability to Predict
Checkpoint 11: Multiple Regression Analysis
- Multiple Regression Analysis
- Evaluating a Multiple Regression Equation
- Inferences in Multiple Linear Regression
- Evaluating the Assumptions of Multiple Regression
- Qualitative Independent Variables
Checkpoint 12: Nonparametric Methods: Nominal-Level Hypothesis Tests
- Goodness-of-Fit Tests: Comparing Observed and Expected Frequency Distributions
- Limitation of Chi-Square
- Testing the Hypothesis That a Distribution is Normal
- Contingency Table Analysis
Assignments & Grading
Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.
Assignments for this course include:
- 12 Checkpoints
- 6 Benchmarks
This course has an open-book Final Exam. Scientific and/or graphing calculators are allowed throughout the course.
What You’ll Need
- A reliable computer or laptop
- Stable internet connection
- Web browser
- Basic computer skills
- Scientific or graphing calculator
- Any required course materials
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Course Professor
Ms. Amita Sane
MStat
Ms. Sane has a Master’s in Statistics with practical experience in statistical tools and teaching introductory statistics across diverse learning environments.
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Begin Your Career in Business
Business is everywhere. When you learn it, you’ll find job opportunities everywhere. Business Statistics will challenge you to understand business concepts and make data-driven decisions. Show your future employers in any field you can think strategically and analyze problems with a foundation in business.
Why it matters:
- Nearly 1 in 4 employed professionals with a university degree studied business.
- Looking for a versatile major? Business is one of the most flexible and in-demand fields.
In-demand careers in this field include:
Financial Analyst, Management Consultant, Marketing Manager, Human Resources Specialist, Account Manager, Business Intelligence Analyst, Operations Manager, Investment Analyst, Risk Manager, Supply Chain Coordinator
How this course sets you up for success:
Business Statistics prepares you with practical skills to analyze data and make better business decisions. These skills are valued by employers across industries but especially provide a strong foundation for careers in finance, marketing, or management.
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