If you do well in this course, you will be able to:

The student, with the aid of text, computer, Internet connection, World Wide Web links and sites, calculator, quizzes, assignments, and research projects, should meet the following objectives:

1. Be familiar with basic statistical terms such as discrete variable, continuous variable, statistical inference, population, sample, and sample distribution.
2. Be able to round numbers to appropriate number of significant digits when performing calculations.
3. Determine the mean, median, mode, and type of skewness for ungrouped data.
4. Identify the modal class and median class of a frequency distribution; compute relative frequencies and percentiles.
5. Compute measures of dispersion, including the range, variance, standard deviation, and the coefficient of variation.
6. Know the basic probability concepts and apply the multiplication and addition rules of probability to business applications.
7. Use the Normal, Poisson, and Binomial tables to solve business problems.
8. Know how to use Chebyshev's Theorem for determining probabilities for any set of data.
9. Compute and interpret coefficients of correlation (both Pearson and Spearman) and the coefficient of determination (R squared).
10. Compute and interpret link and chain index numbers based on economic and business time-series data. Use price index numbers to determine real wages and constant-dollar balance sheets.
11. Know the various types of acceptable sampling methods and the concept of sampling distributions and Central Limit Theorem. Compute interval estimates (confidence intervals) for the population mean and proportion.
12. Determine the required minimum sample sizes for interval estimates, given the acceptable accuracy and degree of confidence.
13. Familiarize with the usage of computers and statistical packages to solve business problems.