MGMT 30500

Business Statistics
Gary Evans - Online - Summer 2019

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About the Course
This course is designed to introduce students to basic data analysis techniques. Topics covered will include the application of probability distributions such as the normal and binomial; sampling distributions, basic statistical inference methods, analysis of variance,and applied linear regression techniques.
Course Goals/Learning Objectives
Our main goal is to instill the basic quantitative and data analysis skills needed by managers in modern business. These skills will help managers to understand and carry out data-based decision making, risk assessments, and policy making and to work effectively with data analysts to improve all aspects of business performance.Modern data analysis is done using computers and various types of sophisticated software.Therefore, to most effectively introduce management candidates to its techniques, we will emphasize software applications (with Minitab) in this course.
Sample Assignment
1. In random sample of 105 shoppers at the Lafayette Best Buy taken over a one week period, 59 said they were there “showrooming;” that is, using the Best Buy to check out products that they intended to buy online. We wish to use a 1-sided Test to test at α = 0.1 the hypothesis whether 50% of Lafayette Best Buy shoppers are showroomers.
 
a. Write the null and alternative hypotheses of this test.
b. Compute the p-value of this test. (Use Minitab.)
c. State the conclusion of the test in the terms of the sampling problem.
 
2. A farmer is considering a new variety of wheat. Heʼll plant it if it has higher yield. He conducts an experiment with the null hypothesis that the new variety has the same yield as his old variety, and the alternative hypothesis that the new variety has higher yield. Heʼll plant the new variety if the null is rejected; otherwise, heʼll keep planting the old.
 
a. A Type I error has what consequences?
b. A Type II error has what consequences?

MGMT 30500

Course Catalog
MGMT 30500 Business Statistics

Description
Credit Hours: 3.00. Introduction to business statistics as related to facilitating managerial decision making. Topics include descriptive statistics, probability models, estimation, hypothesis testing, and regression analysis. Students use software to do their own analyses. Typically offered Fall Spring Summer.
3.000 Credit hours
Levels:  Graduate, Professional, Undergraduate
Schedule Types:  Distance Learning, Lecture
Offered By:  School of Management
Department:  School of Business Admin
Course Attributes
Upper Division
May be offered at any of the following campuses:  West Lafayette
Learning Objectives
1. Students will learn about business statistics as they relate to facilitating managerial decision making, through topics such as descriptive statistics, probability models, estimation, hypothesis testing, and regression analysis.
Prerequisites
Undergraduate level STAT 22500 Minimum Grade of C- or Undergraduate level STAT 31100 Minimum Grade of C- or Undergraduate level STAT 41600 Minimum Grade of C- or Undergraduate level MA 41600 Minimum Grade of C- or Undergraduate level STAT 51600 Minimum Grade of C-
Other Information
All Sections for this Course
Restrictions:  Must be enrolled in one of the following Majors: Accounting Actuarial Science Advanced Accountancy Actuarial Science Honors Economics Honors Economics Finance General Management IM/Analytical Consulting IM/Computer Science IM/Data Analytics IM/Economics IM/Economics Honors IM/Engineering IM/Financial Engineering IM/Mgmt Info Systems IM/Manufac & Svc Operations IM/Operations Management IM/Quantitative Methods IM/Science IM/Sci, Tech, Engr & Math Management Marketing IM/Oper & Supply Chain Mgmt Supply Chain Info & Analytics Strategy & Organiz Mgmt