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Chapter 1- Statistics for Business and Economics

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

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1-1 First Exercise… p(H|D) = p(H) x p(D|H) / (p(H) x p(D|H)) + (p(notH) x p(D|notH)

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1-2 Some basics… Business Statistics Tom Oakley 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, 7 th Edition. McGraw-Hill
1-3 Why 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.

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1-4 The Plan… Tentative Course Outline: Chapter Topic Week 1 Introduction 1 2 Freq. Dist. & Graphing…………….1 3 Numerical Measures 2/3 4 Exploratory Analysis 3/4 5 Survey of Probability 4 ** EXAM I ** February 15th …. 6 Discrete Probability Distributions ……...5 7 Continuous Probability Distributions …6 8 Sampling Methods & C. L. Theorem …..7 9 Estimation and C.I………………………8 **EXAM II** March 17th ….. 10 One Sample Tests of Hypothesis ………10/11 13 Regression and Correlation ……………11/12 **EXAM III** April 14th 14 Multiple Regression & Correlation …. 12/13 **EXAM IV** w/o May 2 nd
1-5 LEARNING OBJECTIVES LO1. Understand why we study statistics. LO2. Explain what is meant by descriptive statistics and inferential statistics .

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

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