Econ 207: Business Statistics



Econ 207: Business Statistics Dr. Saleheen Khan

Department of Economics Office: 121 Morris Hall

Minnesota State University Phone: 389 2711

Fall 2005 E-mail: saleheen.khan@mnsu.edu

COURSE OBJECTIVES

This course provides an introduction to theoretical and applied statistics for business and economics. The main objective is to stress the importance of applying statistical analysis to the solution of common business problems. Every opportunity is utilized to demonstrate the manner in which statistics can effectively facilitate the many decisions that business managers face on an almost daily basis.

The general objective of this course is to prepare the students with skills to:

i) Develop proper understanding of conceptual framework needed for statistical analysis,

ii) Develop sound quantitative foundation for statistical analysis,

iii) Solve business related problems using appropriate statistical tools, and

iv) Use regression technique for modeling and forecasting.

Upon completion of this course, you should be able to:

• Understand the vocabulary and methodological issues associated with presentation and analysis of data.

• Understand single number summary for data sets, e.g., measure of central tendency/dispersion and their use.

• Understand probability theory and probability distribution.

• Learn the properties of sampling distribution

• Make point and interval estimates for population means and proportion; and determine the sample size

• Perform tests of hypothesis about population means and proportions.

• Develop a model of your own using simple linear correlation and regression techniques.

PREREQUISITE: Math 112

TEXTBOOK

- Statistics for Business and Economics (ninth edition), Anderson, Sweeney, and Williams (required)

- Workbook ( optional, but recommended)

HOMEWORK

Homework will be assigned regularly. Students are recommended to make a study group (each consists of 3 to 4 students) and are strongly encouraged to study together to solve homework problems. Practice is the key to be successful in taking a statistics course. Solution to the selected homework problems will be discussed in the class. You will also learn and use statistical software, SPSS, to compute statistical measures.

EXAMINATION AND QUIZZES

Five quizzes, two mid-term exams and a comprehensive final exam will be given in class during the semester. Exams and quizzes will consist primarily of statistical problems. A calculator will be necessary for computations.

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REVIEW WORKSHEETS

A review worksheet will be assigned before every major exam. You should attempt to solve all the problems in the review worksheet. It will prepare you for the exam.

GRADING POLICY

The total number of possible points in the course is 460.

First mid-term : 100 pts

Second mid-term : 100 pts

Final Exam : 150 pts

Homework : 20 pts

Quizzes : 60 pts

Class participation and attendance : 10 pts

Computer Assignments : 20 pts

MAKE-UP POLICY

There will be no make-ups for missed quizzes regardless of reason. Please do not request me for such. Late assignments will not be accepted. Make-up exam may be given under extreme circumstances. You need to show an official, written university excuse to get that opportunity. For those with an official excuse, a single comprehensive make-up will be given during the last week of the scheduled class. Any student fail to follow this policy will receive an automatic zero for the missed exam(s).

OFFICE HOURS

My office hours are T – R: 12 - 4 or by appointment. I strongly encourage you to stop by my office to discuss your progress.

COURSE WEBPAGE

A course website has been built. I have posted review for the exams and practice exams. I plan to post more material related to the course. The website has the following URL:



CLASS ATTENDANCE

Regular Class attendance is essential to be successful in this class. You will be held responsible for all material presented in class, whether you are present or absent. In the event of an absence, you will need to obtain class notes/assignments for the material missed from another student before the next class.

CLASSROOM POLICY

I expect you to conduct yourself with professional courtesy in the classroom. You should not talk to other students during lectures unless directed to do so by the professor. Please turn off Cell Phones, Beepers, or Pagers.

SPECIAL NOTE

“Every attempt will be made to accommodate qualified students with disabilities. If

you are a student with a documented disability, please see me as early in the

semester as possible to discuss the necessary accommodations, and or contact the Disabilities Services Office at (507)-389-2825 or 1-800-627-3529(MRS/TTY”

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COURSE OUTLINE

Chapter 1: Data and Statistics

Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations

Chapter 3: Descriptive Statistics: Numerical Measures

• Quiz 1 ( Ch 1 - 3 ), Computer Assignment ( Ch 2 & 3 )

Chapter 4: Introduction to Probability

• Quiz 2 ( Ch 4 ), Review for Exam I, Exam I ( Ch 1 - 4 )

Chapter 5: Discrete Probability distributions

Chapter 6: Continuous Probability Distributions

• Quiz 3 ( Ch 5 & 6 )

Chapter 7: Sampling and Sampling Distributions

Chapter 8: Interval Estimation

• Quiz 4 ( Ch 7 & 8 ), Review for Exam II, Exam II ( Ch 5 - 8 )

Chapter 9: Hypothesis Testing

Chapter 10: Statistical Inference about Means and Proportions with Two Populations.

• Quiz 5 ( Ch 9 & 10 )

Chapter 12: Tests of Goodness of Fit and Independence

Chapter 13: Analysis of Variance and Experimental Design

Chapter 14: Simple Linear Regression

• Final Exam Review

Comprehensive Final ( Emphasis Ch 4 –14 )

Check Calendar for Final’s Date

Make up Exam ( Comprehensive; covering Ch 4-10 ): May 4

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ASSIGNED PROBLEMS

1. Introduction

Chapter 1: 5, 6, 8, 13, 22

2. Descriptive Statistics

Chapter 2: 4, 15, 20, 25, 30, 41

Chapter 3: 6, 7, 15, 17, 21, 27, 29, 31, 33, 34, 54, 56

3. Introduction to Probability

Chapter 4: 2, 4, 10, 16, 19, 23, 26, 29, 30, 33, 36, 53

4. Probability Distribution

Chapter 5: 8, 11, 16, 21, 26, 29, 30, 33, 38, 40, 43, 48, 51, 53, 57, 58, 64, 65

Chapter 6: 2, 6, 9, 10, 15, 19, 21, 23, 40, 45

5. Sampling Distribution

Chapter 7: 1, 11, 14, 18, 19, 20, 25, 26, 27, 31, 32, 38, 39, 54

6. Interval Estimation

Chapter 8: 2, 6, 13, 16, 20, 27, 30, 31, 33, 34, 35, 60

7. Hypothesis Testing

Chapter 9: 16, 17, 27, 34, 37, 42, 44, 57, 68

Chapter 10: 2, 3, 4, 18, 19, 30, 31, 36, 37, 47

8. Tests of Goodness of Fit

Chapter 12: 3, 5, 9, 12, 27, 31

9. Analysis of Variance

Chapter 13: 1, 2, 8, 11, 15, 26

10. Regression Analysis

Chapter 14: 1, 2, 4, 9, 15, 16, 18, 23, 24, 26, 45

** Please read the lecture notes, textbook chapters, and other supplementary materials regularly as we proceed through the semester.

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