Statistics for Business and Industry OPMT 1197

Upon successful completion of this course, the student will be able to:

• Discuss the value of statistical information in a variety of business disciplines and work environments.
• Assess statistical information portrayed in the media, work and educational environments.
• Organize and analyze quantitative data.
• Calculate descriptive statistics measures such as the mean, weighted mean, median, mode, standard deviation, coefficient of variation and variance.
• Use graphical techniques to present data in such a manner that it is understood by and meaningful to colleagues and clients.
• Analyze data presented in frequency distributions, histograms and boxplots.
• Apply the common rules of probability to evaluate business alternatives.
• Analyze and calculate probabilities for Binomial, Poisson, Uniform and Exponential probability distributions.
• Calculate expected values and standard deviations for random variables.
• Construct and interpret a confidence interval estimate for a single population mean using both the standard normal and t distributions.
• Establish and interpret a confidence interval estimate for a single population proportion.
• Determine the required sample size for estimating a single population mean or proportion.
• Carry out an appropriate hypothesis test on a single population mean or proportion.
• Interpret the p-value of the test statistic.
• Carry out a hypothesis test comparing two population means or proportions.
• Construct a contingency table and perform a chi squared test of independence.
• Analyze simple two-variable problems using linear regression and correlation.
• Interpret the results of a computer generated regression model and ANOVA table.

Effective as of Winter 2020