Master Syllabus: QM 2241 2

TROY UNIVERSITY MASTER SYLLABUS SORRELL COLLEGE OF BUSINESS

QM 2241 Business Statistics I

Prerequisites

MTH 1112.

Description

An introduction to descriptive and inferential statistical concepts and methods. Topics include grouping of data, measures of central tendency and dispersion, probability concepts and distributions, sampling, statistical estimation, and statistical hypothesis testing.

Objectives

On completion of the course, the student should be able to:

1. Summarize the types of statistics and categories of data and levels of data measurement. 2. Interpret tabular and graphical summaries of business data. 3. Compute and interpret summary measures of location of business data. 4. Compute and interpret summary measures of dispersion and apply the empirical rule. 5. Apply basic rules of probability. 6. Indentify and calculate probabilities and expected values for generic discrete probability distributions. 7. Identify and calculate probabilities for the continuous uniform and normal probability distributions. 8. Understand sampling methods and applicability of Central Limit Theorem. 9. Construct and interpret confidence intervals to estimate means and proportions and understand the relationship of sample size, confidence level and interval width. 10. Demonstrate an understanding of hypothesis testing procedures for population means and proportions for single populations.

Purpose

To develop statistical-analysis skills appropriate for entry-level employment in business fields. Core requirement for all undergraduate business programs.

Master Syllabi are developed by the senior faculty in each business discipline. This Master Syllabus must be used as the basis for developing the instructor syllabus for this course, which must also comply with the content specifications outlined in the Troy University Faculty Handbook. The objectives included on this Master Syllabus must be included among the objectives on the instructor’s syllabus, which may expand upon the same as the instructor sees fit. The statement of purpose seeks to position the course properly within the curriculum and should be consulted by faculty as a source of advisement guidance. Specific choice of text and other details are further subject to Discipline Coordinating Committee guidance. 1 August 2010 Master Syllabus: QM 2241 2

Approved Texts

Note: Beginning in Term 1, 2010 all sections of QM2241/3341 must use the following common textbook:

Lind, D. A., Marchal, W. G., & Wathen, S. A. (2011 or current). Statistical Techniques in Business and Economics [loose leaf, custom package] (15th ed.). Boston, MA: McGraw- Hill. [Includes: Student CD-ROM and access code to Connect Plus]

Supplements

As deemed appropriate.

Other Requirements

All students who take this course must take a timed, proctored, comprehensive, closed- book/closed notes formative exam which will be taken in Blackboard during the final examination period. The exam must comprise at least 25% of final grade for the course and the exam results may not be scaled. This exam will be administered online in Blackboard. All students, regardless of course format (online, in-class, or hybrid) will be registered in a separate course in Blackboard where this exam is accessed. Instructors will not have access to this course, nor will they be allowed to preview the questions. The exam will cover all of the learning objectives listed in this master syllabus. See the last two pages for a detailed list of subtopics included. At a minimum these topics must be covered by all instructors in their courses.

All instructors should read the following information to ensure they understand the requirements, grade reporting system, and the administration periods in which these exams are given: http://business.troy.edu/Portal/formative-assessments.aspx

Students are allowed to use a non-programmable calculator without statistical functions during the exam and will be provided with a standard formula sheet and tables that can be accessed in an electronic file during the test. See the link below for more specific information on the exam format, materials allowed, and information provided during the test: http://business.troy.edu/Portal/qm-2241.aspx

Topics covered on formative final examination:

The formative exam consists of questions selected at random from pools of questions developed for each of the learning objectives listed on page 1. Areas included include:

Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space): 1. Course title 8. Classroom 14. Grading methods, 16. General supports 18. ADA statement 23. Cheating policy 2. Course number + location criterion weights, (computer works, 19. Electronic device 24. Specialization make-up policy, writing center) statement requirements section 9. Office location + mid-term grade 17. Daily assignments, 20. Additional (certification, 3. Term e-mail address reports holidays, add/drop services, licensure, teacher 4. Instructor 10. Office telephone 15. Procedure, course & open dates, dead statements competencies) 5. Prerequisites 11. Course requirements day, final exam 21. Absence policy 6. Office hours description, 22. Incomplete-work 7. Class days, times objectives policy 12. Text(s) 13. Other materials Master Syllabus: QM 2241 3

SLO 1: Summarize the types of statistics and categories of data and levels of data measurement.  Know the difference between descriptive and inferential statistics.  Know the difference between and be able to identify qualitative vs. quantitative data.  Know the difference between and be able to identify discrete vs. continuous data.  Differentiate between the levels of measurement

SLO 2: Interpret tabular and graphical summaries of business data.  Understand and interpret bar, pie, line, stem-and-leaf charts, and understand when to use each.  Understand and interpret scatter diagrams and know when they are used.  Understand how box plots are constructed and how to interpret them.  Be able to construct and interpret histograms.  Interpret frequency distributions, including relative and cumulative frequencies

SLO 3: Compute and interpret summary measures of location of business data  Compute and interpret the mean given a set of data.  Be able to compute and interpret medians and percentiles from a data set.  Understand how to compute and interpret the mode.  Be able to calculate the mean for grouped data.  Know how to calculate a weighted average.

SLO 4: Compute and interpret summary measures of dispersion and apply the empirical rule.  Compute and interpret the range given a set of data.  Compute and interpret the standard deviation and variance given a set of data.  Apply the empirical rule to determine probabilities.

SLO 5: Apply basic rules of probability.  What is the range of probability?  Differentiate between mutually exclusive, independent, collectively exhaustive and complementary events.  Calculate the probability of a union, given a frequency distribution.  Calculate the probability of an intersection, given a frequency distribution.  Calculate the probability of a union, given probabilities.

 Calculate the probability of an intersection, given probabilities.  Calculate conditional probabilities from a joint frequency distribution.

SLO 6: Indentify and calculate probabilities and expected values for generic discrete probability distributions.  For a given discrete probability distribution table, calculate event probabilities.  For a given discrete probability distribution table, calculate the expected value.  Determine which discrete distribution (uniform, binomial, Poisson, hypergeometric) applies in a given problem.  Perform a probability calculation using the Binomial formula.  Perform a probability calculation using the Binomial table.  Calculate the mean of a Binomial distribution.  Calculate the variance/standard deviation of a Binomial distribution.  Calculate probability based on the discrete uniform distribution.

SLO 7: Identify and calculate probabilities for the continuous uniform and normal probability distributions.  Calculate probability based on the continuous uniform distribution.  Calculate probability based on the normal distribution.  Interpret a percentile.

SLO 8: Understand sampling methods and applicability of Central Limit Theorem.  Identify the sampling technique that was/should be used for a given situation.  Interpret the Central Limit Theorem.

SLO 9: Construct and interpret confidence intervals to estimate means and proportions and understand the relationship of sample size, confidence level and interval width.  Understand the impact of the confidence level and sample size on interval width.  Calculate and interpret a confidence interval for the population mean using z.  Calculate and interpret a confidence interval for the population mean using t.  Determine the sample size required for a confidence interval for the population mean or a proportion  Calculate a confidence interval for the population proportion.

SLO 10: Demonstrate an understanding of hypothesis testing procedures for population means and proportions for single populations.  Given a situation, determine null and alternative hypotheses for mean.  Given a situation, determine null and alternative hypotheses for proportion.  Identify type I and type II error.  Apply the p-value approach given alpha and a p-value.  Apply the critical value approach given alpha and a test statistic.  Given a scenario, calculate a test statistic.  Given a test statistic (z sample) determine the p-value.  Given a scenario or hypotheses, determine whether a hypothesis should be lower, upper or two-tailed.

Troy University Faculty Handbook (2010): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space): 1. Course title 8. Classroom 14. Grading methods, 16. General supports 18. ADA statement 23. Cheating policy 2. Course number + location criterion weights, (computer works, 19. Electronic device 24. Specialization make-up policy, writing center) statement requirements section 9. Office location + mid-term grade 17. Daily assignments, 20. Additional (certification, 3. Term e-mail address reports holidays, add/drop services, licensure, teacher 4. Instructor 10. Office telephone 15. Procedure, course & open dates, dead statements competencies) 5. Prerequisites 11. Course requirements day, final exam 21. Absence policy 6. Office hours description, 22. Incomplete-work 7. Class days, times objectives policy 12. Text(s) 13. Other materials