QNM222 - Business Statistics

Outline info
Semester
School
Last revision date 2017-07-26 10:29:31.132
Last review date 2017-07-26 10:29:31.133


Subject Title
Business Statistics

Subject Description
The statistical methods of collection, analysis, presentation and interpretation of quantitative data used for making generalizations, projections and decisions under uncertain conditions are introduced. Emphasis will be on the use of both descriptive and inferential statistical techniques within the workplace. Students may utilize spreadsheet software to present and analyse data.

Credit Status
QNM 222 is a one credit subject.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Demonstrate the ability to present, describe, and summarize data by:

  • identifying the different types of data
  • differentiating between a population and a sample
  • re-organizing raw data into arrays and grouped distributions
  • presenting data by means of various tables and graphing methods using computer software/manual techniques
  • calculating various measures of location and dispersion, including the mean, median, mode, percentiles, quartiles, standard deviation, and variance Spreadsheet software may be used to assist in these calculations
  • describing the shape of a distribution
  • comparing and evaluating alternative methods of presenting data.

2. Evaluate with the use of probability, the likelihood that a statistical inference is correct by:
  • defining probability
  • differentiating between subjective, relative frequency and classical approaches
  • determining when events are mutually exclusive and/or statistically independent
  • calculating probabilities using the rules of addition and multiplication

3. Determine the characteristics of selected probability distributions and identify where each distribution can be applied by:
  • differentiating between discrete and continuous random variables
  • determining the probability of events and calculating the means (expected value) and standard deviations of:
    • the probability distribution of a discrete random variable
    • the binomial probability distribution

4. Recognize normal distribution problems and know how to solve such problems by:
  • calculating the z-value corresponding to any observation on a normal distribution
  • determining the probability a random observation is in a given interval on a normal distribution
  • using the normal distribution to approximate the binomial distribution

5. Use the central limit theorem to:
  • calculate the mean and standard error of a random variable
  • calculate probabilities for a given sample mean

6. Use sample data to make statements about the value of the population mean or proportion by:
  • differentiating between a point estimator and an interval estimator
  • calculating the point estimate for the population mean or proportion
  • determining the confidence intervals for the population mean using sample mean and population standard deviation for large or small sized samples
  • determining the confidence interval for population proportion for large or small sized samples
  • computing the required sample size to estimate the population mean and population proportion for large or small sized samples

7. Construct and evaluate hypothesis test of a mean or proportion by:
  • stating the null hypothesis and the alternative hypothesis
  • indicating the appropriate test statistic
  • establishing the critical value(s) of the test statistic
  • calculating the actual value of the test statistic and drawing appropriate conclusions

8. Perform simple regression and correlation analysis in business situations as indicated by:
  • interpreting a scatter diagram
  • determining and interpreting the correlation coefficient and the coefficient of determination
  • differentiating between a dependent variable and an independent variable
  • determining and interpreting the coefficients of the sample regression line
  • using a regression equation to predict the value of the dependent variable for a selected value of the independent variable
  • conduct a test of hypothesis for the coefficent of correlation and each coefficent of regression
  • using spreadsheet software to perform the regression analysis
  • interpret confidence intervals and prediction intervals for the dependent variable

Essential Employability Skills
Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Take responsibility for one's own actions, decisions, and consequences.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Prerequisite(s)
QNM106

Topic Outline

  •     Summarizing Data - Types of data, tables, graphs, frequency distribution, and ogives.
  •     Measures of Location and Dispersion - mean, median, mode, range, variance, standard deviation, and quantiles.
  •     Probability Theory - Defining probability: joint, marginal and conditional probablility: probability rules; mutually exclusive events, and   independent events.
  •     Probability Distributions - Expected values, binomial distribution and the normal distribution.
  •     Sampling Distributions - Central Limit Theorem, and sampling distribution of the sample mean and proportion.
  •     Estimation - Point and interval estimates, for population mean/proportion, and sample size determination.
  •     Hypothesis testing - Concepts of hypothesis, testing the population mean and proportion.
  •     Simple Linear Regression and Correlation  - Scatter diagram, coefficient of correlation, coefficient of determination, covariance, and simple linear regression.

Mode of Instruction
In-Class
A combination of teaching methods will be utilized which may include lectures, case studies, discussions, group and individual work. 

Blended / Hybrid
Delivery is mixed, blending face-to-face instructions and facilitating out of classroom experiences, group and/or online instructions.

Online
This course is delivered online.  This may involve the use of digital materials and/or a text, group discussions, interaction with your instructor and online activities.

Prescribed Texts
In-Class and Blended (Hybrid) delivery:
Title:          Basic Statistics for Business & Economics (w/Connect Plus Card)
Edition:      5th Canadian Edition
Author:       Lind, Marchal, Wathen, Waite
Publisher:  McGraw Ryerson Ltd.
ISBN:         9781259067532
(new edition for fall 2015 - revised ISBN to include connect plus)

Online Delivery through Centre for Flexible Learning (cFlex)
Title:         BSTAT w/ Aplia
Edition:     1st
Author:     Keller / MacKay
Publisher: Nelson
ISBN:        9780176622046

Reference Material
None

Required Supplies
All students require a non-programmable calculator.

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
OR
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online (http://www.senecacollege.ca/academic-policy) or at Seneca's Registrar's Offices.


Modes of Evaluation
Assignments are due on the dates specified. Should extenuating circumstances arise, please contact your instructor prior to the assignment due date so that an appropriate course of action can be established. Late assignments may be subject to a penalty of up to 10% per week and will not generally be accepted beyond two weeks from the due date.

In cases of cheating or plagiarism, the College Academic Policy will prevail. Please ensure that all assignments and reports are properly documented.

Students are referred to the following website for Seneca College Library style guides, Academic Honesty Policy and Copyright guidelines:   http:/senecacollege.ca/library

Dates for evaluations are specified in the weekly schedule addendum to this outline. The evaluation process may include, but is not limited to, tests, exams, assignments or presentations. Any absences or missed submissions due to medical or other reasons must be supported by medical or other appropriate documentation within one (1) week of the due date. The faculty and program area must be notified immediately in the event of a missed evaluation. Upon acceptance of the documentation, the weighting of the missed deliverable will normally be applied to the final exam.

English Competency
The ability to communicate effectively is essential for success in business. Therefore, you must demonstrate English competency in this course in both oral and written work. Ensure your written work includes correct sentence structure, spelling and punctuation. Always spell check, edit and proofread your work.

Grading is based on the following marking scheme:
In-class Delivery:

Assignments/Quizzes 15%
Term Test 40%
Final Exam 45%





Blended (Hybrid) delivery
5 Quizzes @ 3% each 15%
Term Tests - 2 @ 20% each 40%
Final Exam 45%





Online delivery through Centre for Flexible Learning (cFlex)
Term Tests - 4 @ 25% each 100%



Please retain this course outline document for future educational and/or employment use.

Academic Program Manager:
Emiliano Introcaso

Approved by: Chair - Business Studies Danielle Mercier