Chapter 1- Statistics for Business and Economics

Chapter 1- Statistics for Business and Economics - 1-1First...

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Unformatted text preview: 1-1First Exercisep(H|D) = p(H) x p(D|H) / (p(H) x p(D|H)) + (p(notH) x p(D|notH)1-2Some basicsBusiness StatisticsTom Oakley (toakley@luc.edu) ISOM - 241 Office: 1 E. Pearson, Room 378 Spring 2011 Telephone: TBD Office Hours: Tuesday/Thursday 11:30am 12:45pm and Thursday 2:30 4:pm Text: Basic Statistics for Business and Economics by Lind, Marchal, and Wathen, 7thEdition. McGraw-Hill 1-3Why are you here?The primary goal of the course is to help students understand how the methods of statistics can be applied successfully to decision-making processes under uncertainty. This is accomplished by introducing students to the subjects of data collection, data summary, basic probability concepts, normal distribution, sampling, and drawing conclusions about large populations based on information obtained from samples. The techniques of estimation, hypothesis testing and regression are used for making inferences.Students completing this course should be able to:Generate, modify and interpret qualitative and quantitative data graphically and numerically.Develop and understand statistical models used to make decisions under uncertainty.Understand how quantitative and qualitative analysis is used to help businesses make ethical and better decisions in the face of uncertainty.1-4The PlanTentative Course Outline:Chapter TopicWeek1Introduction 12Freq. Dist. & Graphing.13Numerical Measures2/34Exploratory Analysis3/45Survey of Probability 4** EXAM I ** February 15th . 6Discrete Probability Distributions...57Continuous Probability Distributions 6 8Sampling Methods & C. L. Theorem..79 Estimation and C.I8**EXAM II** March 17th .. 10One Sample Tests of Hypothesis10/1113Regression and Correlation11/12**EXAM III** April 14th 14 Multiple Regression & Correlation . 12/13**EXAM IV** w/o May 2nd 1-5LEARNING OBJECTIVESLO1. Understand why we study statistics.LO2. Explain what is meant by descriptive statisticsand inferential statistics.LO3. Distinguish between a qualitative variable and a quantitative variable....
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This note was uploaded on 04/14/2011 for the course ISOM 241 taught by Professor Jukic during the Spring '11 term at Loyola Chicago.

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Chapter 1- Statistics for Business and Economics - 1-1First...

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