QBUS 200 Business Statistics I Course Guide
As we enter the 21st century, the issue facing managers is not a shortage of information but how to use the available information to make better decisions. It is from this perspective of informed decision making that we study statistics.
Statistical thinking can be defined as thought processes that focus on ways to understand, manage, and reduce variation. Statistical thinking includes the recognition that data are inherently variable and that the identification measurement, control, and reduction of variation provide opportunities for quality improvement.
Statistical methods are applied in all functional areas of business: accounting, finance, management, and marketing. Accounting uses statistical methods to select samples for auditing purposes and to understand the cost drivers in cost accounting. Finance uses statistical methods to choose between alternative portfolio investments and to track trends in financial measures over time. Management uses statistical methods to improve the quality of the products manufactured or the services delivered by an organization. Marketing uses statistical methods to estimate the proportion of customers who prefer one product to another and why they do and draw conclusions about what advertising strategy might be more useful in increasing the sales of a product.
This course will focus on data collection, data presentation, summarizing and describing data, basic probability, and statistical inference. Students will use computer algebra systems and spreadsheets as tools for performing statistical calculations, creating tables, and generating graphical representations of information.
Specific, Assessable Learning Outcomes
The student will be able to:
Recommended Teaching Methodology
This course will be structured in such a way as to facilitate the use of different methods of instruction. Readings, lectures, multimedia presentations, group discussions, and spreadsheet assignments will be used throughout the course. Work will be done individually and/or in small groups.
The primary focus of the teaching methodologies used will be to prepare the student to understand and apply the statistical tools learned to business situations. Thus ample time will be devoted to interactive learning and student “hands-on” problem solving.
The readings will come from the required text as well as additional material to be provided by the instructor. Lectures and group discussions will enable the instructor and students to expand on the material presented in the readings.
Recommended Assessment Measures
The following assessment measures will be used.
Statement of Expectations
This course is one of the core courses in the business curriculum. It is normally taken during the student’s second year of full-time studies.
To attain the desired levels of proficiency, it is required that students attend class prepared to participate in interactive learning using tools such as the graphical calculator and textbook. Students should remain actively engaged in the material covered during class.
Of course this is not all that is needed, as classroom success is also influenced by student preparation outside the class. It is therefore imperative that students complete out-of-class assignments and textbook reading in a timely fashion. Students will develop and retain the knowledge and skill set described above by continual practice, thereby slowly building and adding onto their knowledge base. “Cramming” in the days before a test not only is not an effective way to learn the skills necessary to employ statistical reasoning in the business environment.
Lastly, it is expected that if you have a question about any course material you will ask those questions so that they may be answered. There are a variety of sources from which answers will come, including (but by no means limited to) the textbook, the QBA Help Lab, a tutor, classmates and MOST IMPORTANTLY the professor, either in-class or during their office hours. Remember that an unasked question is an answer never given.
The most important prerequisites are an interest in the subject, the willingness to commit the necessary resources in terms of time and intellectual effort, and the willingness to actively participate in the learning process.
Institutional Mechanism for Providing Feedback for Continuous Quality Improvement
The Quantitative Business Analysis department will annually review assessment results for this course. Specifically, assessment results in each of the eight learning outcome areas will be analyzed to determine the level of success in achieving these learning outcomes. Any deficiencies in achieving learning outcomes will be addressed and appropriate changes designed to improve the success in achieving these learned outcomes.