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Faculty of Management

Course No.: STAT 1001 Pass Marks: 45

Nature of the Course: Theory/Practical Time per Period: 1 hour

Year: First Total Periods: 120

Level: BBS

1. Course Description

This course deals with the application of statistical tools in business decision making and covers

data collection, tabulation and presentation, techniques of summarizing and describing numerical

data, basic concepts of probability, correlation & regression, time series & forecasting.

Moreover, it provides knowledge of system of linear equations, matrices, determinant and their

applications in the business and economics.

2. Course Objectives

The general objectives of the course are as follows:

To familiarize the students with descriptive statistical tools.

To familiarize the students with the concept of probability, establishment of relationship

between variables and forecasting.

To provide students with a sound understanding of matrix algebra for business decisions.

To provide the basic knowledge of differentiation and integration.

To provide the sound knowledge of excel program to handle various problems of

statistics

3. Specific Objectives and Contents

Describe the applications of statistics Unit 1: Introduction (5 hrs.)

in business 1.1 An Overview of Statistics

Explain the various terminologies of 1.2 Statistics for Managers

statistics 1.3 Basic Vocabulary of Statistics

Distinguish between quantitative and 1.4 Types of Variables

categorical variables

1.5 Scales of Measurement

Explain with measurement scales

1.6 Microsoft Excel Worksheets

Demonstrate with excel and excel

graphical and statistical functions

After completing this unit, students will Unit 2: Data Collection, Presenting Data in Tables 2.7

be able to: and Charts (14 hrs.)

Explain the difference between 2.1 Tables and Charts for Categorical Data

primary and secondary data 2.1.1 The Summary Table

Develop tables and charts for 2.1.2 The Bar Chart

categorical data 2.1.3 The Pie Chart

Develop tables and charts for 2.1.4 The Pareto Diagram

numerical data 2.2 Organizing Numerical Data

Construct a frequency distribution and 2.2.1 The Ordered Array

a histogram 2.2.2 The Stem-and-Leaf Display

Construct relative and cumulative 2.3 Tables and Charts for Numerical

frequency distributions

Data

Construct a stem-and-leaf display to

represent data 2.3.1 The Frequency Distribution

2.3.2 The Relative Frequency Distribution and

Visually represent data by using graphs the Percentage Distribution

and charts 2.3.3 The Cumulative Distribution

Construct a scatter diagram 2.3.4 The Histogram

2.3.5 The Polygon

2.3.6 The Cumulative Frequency Curve (Ogive)

2.4 Cross Tabulations

2.4.1 The Contingency Table

2.4.2 The Side-by-Side Bar Chart

2.5 Scatter Plots and Time-Series Plots

2.5.1 The Scatter Plot

2.5.2 The Time-Series Plot

2.6 Microsoft Excel Graphs

After completing this unit, students will Unit 3: Numerical Descriptive Measures (17 hrs.) 3

be able to: 3.1 Measures of Central Tendency

Describe the applications and uses of 3.1.1 The Mean

central tendency, variation, and shape 3.1.2 The Median

in numerical data 3.1.3 The Mode

Identify descriptive summary measures 3.1.4 Partition values( Quartiles, Deciles and

for a population Percentiles)

3.1.5 The Geometric Mean

Construct and interpret a box-and-

3.2 Variation and Shape (Measurement of Dispersion

whisker plot and shape of the

and Shape)

distribution

3.2.1 The Range

3.2.2 The Inter quartile Range

3.2.3 The Variance and the Standard Deviation

3.2.4 The Coefficient of Variation

3.2.5 Shape

3.2.6 Visual Explorations: Exploring

Descriptive Statistics

3.2.7 Microsoft Excel Descriptive Statistics

Results

3.3 Numerical Descriptive Measures for a Population

3.3.1 The Population Mean

3.3.2 The Population Variance and Standard

Deviation

3.4 Exploratory Data Analysis

3.4.1 The Five-Number Summary

3.4.2 The Box-and-Whisker Plot

After completing this unit, students will Unit 4: Basic Probability (12 hrs.) 4

be able to: 4.1 Sets & Set Operations

Understand basic probability concepts 4.2 Introduction to Permutation & Combination

Understand conditional probability 4.3 Basic Probability Concepts

use Bayes’ theorem to revise 4.3.1 Events and Sample Spaces

probabilities 4.3.2 Contingency Tables

Determine the number of 4.3.3 Simple (Marginal) Probability

combinations and the number of 4.3.4 Joint Probability

possible permutations of n objects r at 4.4 Conditional Probability

a time.

4.4.1 Computing Conditional Probabilities

Use concept of probability in business

decision environment 4.4.2 Decision Trees

4.4.3 Statistical Independence

4.4.4 Multiplication Rules

4.4.5 Marginal Probability Using the General

Multiplication Rule

4.5 Bayes’ Theorem

After completing this unit, students will Unit 5: Correlation and Linear Regression 5.1

be able to: (11 hrs.)

Identify independent and dependent 5.1 Simple correlation coefficient Method of

variables measurement of simple correlation coefficient

Understand types of relationships 5.2 Scatter Diagram method and Karl Parsons

Use regression analysis to predict the coefficient of correlation method

value of a dependent variable based on 5.3 Determining the Simple Linear Regression

an independent variable Equation

The meaning of the regression 5.3.1 Using Least-Squares Method

coefficients b0 and b1 5.3.2 Using of Excel

Compute correlation coefficient 5.4 Coefficient of Determination

Use excel to identify correlation 5.5 Correlation and Causation

coefficient and regression equation 5.6 Determining the Multiple Linear Regression

Equation using Excel

After completing this unit, students will Unit 6: Models for Time Series and Forecasting 6.1

be able to: (8 hrs.)

Describe the trend, cyclical, seasonal, 6.1 Time Series

and irregular components of the time 6.1.1 Components of a Time Series

series model 6.1.2 Fitting a Linear Trend Equation

Fit a linear or a polynomial trend

6.1.3 Fitting a Quadratic Trend Equation

equation to a time series

6.2 Smoothing Techniques

Smooth a time series with the centered

moving average and exponential 6.2.1 The Moving Average

smoothing techniques 6.2.2 Exponential Smoothing

Determine seasonal indexes and use 6.3 Seasonal Indexes

them to compensate for the seasonal 6.3.1 The Ratio to Moving Average Method

effects in a time series 6.3.2 Deseasonalizing the Time Series

Use the trend extrapolation and the 6.4 Forecasting

exponential smoothing forecast

methods to estimate a future value 6.4.1 Forecasts Using the Trend Equation

Use the mean absolute deviation 6.4.2 Forecasting with Exponential Smoothing

(MAD) and mean squared error (MSE) 6.4.3 Seasonal Indexes in Forecasting

criteria to compare how well fitted 6.5 Evaluating the forecast accuracy: MAD and MSE

equations or curves fit a time series

After completing this unit, students will Unit 7: Index Numbers (8 hrs)

be able to: 7.1 Types of index number

Use index numbers to compare 7.2 Notation and terminology

business or economic 7.3 Method of constructing index number

measurements from one period

to the next 7.4 Un-weighted method

a. Simple average of price relative

b. Simple aggregative method

7.5 Weighted Method

a. Laspeyre's Index number

b. Paasches's Index number

c. Fisher’s index number

7.6 Cost of living index

7.6.1 Method of constructing cost of living

index numbers:

a. Aggregative expenditure method

b. Family Budget method

After completing this unit, students will Unit 8: Linear Programming (10 hrs.)

be able to: 8.1 Introduction

Identify independent and dependent 8.2 system of linear inequalities

variables 8.3 Construction of LP models

Understand types of relationships

8.4 Graphical LP Solution

Use regression analysis to predict the

8.5 Solution using LINDO program

value of a dependent variable based on

an independent variable 8.6 Special cases

The meaning of the regression 8.5.1 Unbounded Solution

coefficients b0 and b1 8.5.2 Infeasible Solution

Compute correlation coefficient 8.5.3 Alternative optima

Use excel to identify correlation

coefficient and regression equation

After completing this unit, students will Unit 9: Systems of Linear Equations and Matrices 9.8

be able to: (13 hrs.)

Understand the concept of matrix 9.1 Basic Matrix Operations, Matrix Products

Apply matrix operations in business 9.2 Systems of Two Linear Equations in Two

problem solving Variables

Represent system of linear equations 9.3 Larger Systems of Linear Equations

in matrix form 9.4 Applications of Systems of Linear Equations

Compute the value of determinant 9.5 Determinant

Identify inverse of a matrix 9.6 Matrix Inverses

Solve Systems of Linear Equations by 9.7 Applications of Matrices in Business and

using Crammer’s rule Economics

After completing this unit, students will Unit 10: Differentiation and Integration (22 hrs.)

be able to: 10.1 Functions

10.1.1 Introduction

Gain familiarity with various functions 10.1.2 Polynomial Functions (Linear and Quadratic

Functions)

Understand the meaning of derivative 10.1.3 Exponential and Logarithmic Functions

10.2 Limit and continuity

Identify derivative of various functions 10.3 Derivatives

10.3.1 Introduction

Understand the concept of integration 10.3.2 Rules of Differentiation

10.3.3 Derivative as rate of change

10.3.4 Higher order derivative

Use different rules and techniques of

10.4Application of derivative on business

integration

10.5 Integration

10.5.1 Introduction

10.5.2 Techniques of integration

10.5.3 Definite Integral

10.6 Application of Integration

Text Book

Levine, D. M., Stephan, D. F., Krehbiel, T. C. & Berenson, M. L. (2008). STATISTICS FOR

MANAGERS USING Microsoft Excel. United States of America: Prentice-Hall

Reference Books

Weiers, R. M. (2008). Introduction to Business Statistics. United States of America:

Thomson South-Western

Larson, R. & Farber, B. (2012). ELEMENTARY STATISTICS picturing the world. United

States of America: Prentice-Hall

Levin, R. I., Rubin, D. S., Stinson. J.P. & Gardner, E. S. (Jr): Quantitative Approaches to

Management, McGraw-Hill.

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