Term: Spring 2008 Course Number: ECO 3411 Course Title: Business and Economic Statistics Instructor: Prof. Harriet Stranahan Office: 42/3115 Office Hours: M,W 3-4:30pm, 5:45-6:45pm, or by Appt. E-Mail: [email protected]
Prerequisites
STA 2023 Introductory Statistics or equivalent. You are expected to be familiar with the material contained in Chapters 1-10 of Groebner, Fry, Shannon and Smith’s Business Statistics A decision Making Approach although I will provide a review of hypothesis testing the first week.
Catalog Description
Statistical techniques developed through the use of business and economic problems. Time-series and index number analysis, simple and multiple regression and correlation, analysis of variance, and quality control. This course should be taken as early as possible in the student's upper level curriculum.
Required Materials
Statistics for Management and Economics 7th Edition by Gerald Keller
Student Version of Minitab Addison Wesley, 2007 from e-academy http://estore.e-academy.com/index.cfm? loc=minitabstatisticalsoftware15/main&parentID=3&CFID=2201936&CFTOKEN=45 318735
Student Version of Minitab can also be accessed in the COBA Skills Lab, and Computer Lab Bldg 15.
Regular access to the Internet.
Course Objectives and Overview
The student will be introduced to a variety of statistical techniques which are useful for solving problems in the context of business and economics. By course end, the student should be familiar with how and why statistical analysis is utilized for decision making, be able to use the statistical software for data analysis and hypothesis testing, and be able to prepare statistical reports which communicate the results and implications of the statistical tests.
Considerable emphasis is placed on how to properly implement each statistical test and what can be learned from each test. There is less emphasis on how each test statistic is derived or the theoretical basis for the test statistics. The computer is utilized intensively for statistical analysis in this class. The student will become very familiar with the statistical software and its application for statistical problem solving.
The majority of classes will be lecture-apply-review format. I will lecture on the topic during the first class period, students apply the general principles to new situations in homework problems (assigned after EVERY CLASS from my review questions). The following class period (for about 20 minutes) the class discusses and reviews these concepts as we cover in class, several of the homework problems assigned. All answers will be put on the internet after the assignment has been completed in class. Part of your course grade will depend upon your participation in these class discussions. Frequently during the semester we will have in-class group assignments. You must be IN CLASS to get credit for these assignments. There are no excused absences. If you need to travel or have other responsibilities that take you out of class, be aware that MISSING CLASS WILL AFFECT YOUR GRADE. The entire process is designed to engage students actively in learning, while enabling coverage of a significant amount of course content.
On a regular basis, I will send homework or other information by e-mail to your UNF address. If this is not your primary account be sure to have email forwarded to your active email address. To do this, follow the link below. You are responsible for all the information I send by email. Check it every 24 hours or at least once each 48 hours on weekends. To forward your email follow the directions from this site http://www.unf.edu/compserv/info/osp- acct.html See me if you have any problems. If your UNF account is full (of SPAM or other emails) it may not forward your mail, so be sure to clean it out regularly.
Course Grades
There will be two mid-terms and one final exam each worth 25% of your grade. Most of the exams and quizzes will be closed book, in class exams, which require use of the in-desk computer. Fifteen percent of your grade will be based on a group research project (3-5 persons per group). The project requires collecting data, performing a series of statistical analyses and writing a formal report. More details will be forthcoming.
The remaining 10% of the course grade is based on in-class participation, in-class assignments and homework. YOU MUST BE PRESENT IN CLASS TO GET CREDIT FOR THIS PORTION OF YOUR GRADE. THERE ARE NO EXCUSED ABSENSES FOR THIS PORTION OF YOUR GRADE. Because the material covered in the course is complex and builds upon previously covered material, there will be homework on a regular basis graded on a complete/not complete basis. It is very important that you complete your homework each and every class period! Students are expected to prepare all homework assignments in writing prior to the class in which they are discussed.
If you have a problem with any project or exam date, it is your responsibility to contact me as soon as you can. I will be as flexible as possible about meeting your schedule, as long as I am given enough notice. If you miss an exam you must provide documentation that shows why it is an excused absence (e.g. medical emergency). Remember: Late work is not given credit!
Assignments and other class material will be put on the Internet and can be reached via my homepage. The address is http://www.unf.edu/~hstranah
Grading is as follows: 90 - 100 = A 87 - 89.9 = B+ 80 - 86.9 = B 77 - 79.9 = C+ 70 - 76.9 = C 60 - 69.9 = D Less than 60 = F
Class Schedule
An APPROXIMATE class schedule is as follows.
Overview of Statistical Analysis, Introduction to Minitab
Review: Hypothesis Testing, P values Chapters 8
Bivariate Regression, Hypothesis Tests, Rsquared, Outliers, Prediction, Correlation Chapter 17
Exam #1 February 11th
Multiple Regression , Model Building Non linearity, Dummy Variables, Analysis of Assumptions Chapter 18,19
Time Series Data Analysis and Index Numbers Chapter 20
Exam #2 March 24th
One-Way ANOVA Two-Way ANOVA, Tukey's Chapter 15
Test Chi Square Distribution, Goodness of Fit and Tests of Chapter 16 Independence Quality Management and Tools for Process Improvement Chapter 22
Exam #3 12 pm Class: 11am Wednesday April 30th 4:30 Class: 3pm Wednesday, April 30th
Last Day to Drop Classes: March 28th PLEASE see me about your grades prior to this drop date if you have any questions.
Library Assignments
Students unable to access data from work or other venues are expected to search library and Internet sources for data as needed in order to complete the research projects.
Written Communication Requirements
This course requires one research paper emphasizing both technical and non technical writing styles. Exams, homework and in class assignments include mathematical computations, however, students are expected to explain the meaning behind the equations.
Oral Communication Requirements
Oral communication skills will be demonstrated through class participation and student work in groups.
Computer Applications
Extensive use of the Internet, word processing, and statistical software packages is required. Students must install software, as well as download and manipulate data between different software packages.
International Coverage
None required
Environmental Issues
None required
Ethical Issues
Ethical issues related to statistical modeling techniques and reporting of the statistical results. Other authors have pointed out how easy it is to lie with statistics. Some of these dimensions will be explored. Academic Integrity
Students are expected to adhere to the code of conduct as outlined in the UNF catalog.
If you have a disability, as defined by the Americans with Disabilities Act (ADA), which requires a classroom accommodation or auxiliary aid, please inform the instructor of your needs during the first week of class so that appropriate action can be taken. You should also notify the Office of Disabled Services at 620-2769 concerning any need you may have.