MA 201 - Business Statistics

Decisions such as those involving new product introductions, market identification, desired inventory levels, production volume, and financial investment strategy can be improved by using statistics.

As the competitive nature of business increases, it is becoming apparent that to make good decisions, the business graduate must be able to carefully analyze all alternatives in light of all available information. The primary role of statistics is to provide decision makers with methods for obtaining data and converting this data into useful information pertaining to pertinent alternatives.

Prerequisites: MA 101  
Corequisites: None

Course Learning Outcomes:
A student who successfully completes the course will have reliably demonstrated the ability to

1.demonstrate the process of data collection.

2.perform different methods of organizing, graphing, and presenting data from raw into usable form.

3.analyze and explain how to use different techniques for central measures and for measures of spread.

4.explain the fundamentals of probability used in statistical inference.

5.explain the rules and concepts associated with probability theory.

6.identify and analyze several discrete probability distributions.

7.identify and analyze the characteristics of a continuous probability distribution.

8.identify the difference between statistical and non-statistical sampling.

9.explain the process of estimating population values based on samples from the population.

10.explain statistical hypothesis testing for large-sample applications and demonstrate how to use sample information to test.

11.perform a statistical estimation based on small samples using the T distribution and confidence levels for the intervals.

12.test hypothesis involving a single population variance using the distribution, the difference between two population variances using the F distribution.

13.perform linear regression and correlation techniques and test whether a significant linear relationship exists between two variables.

14.develop a multiple regression model demonstrating how to add qualitative and/or quantitative variables.

Required Resource Materials:
Camm, J.D., Cochran, J.J., Fry, M.J., Ohlmann, J.W., Anderson, D.R., Sweeney, D.J., Williams,

T.A. (2022). Statistics for Business and Economics (15th ed.). Cengage. 

Optional Resource Materials:
None

Conduct of Course:
This course is conducted as follows; when students read a chapter, problems listed at the end of the chapter in the text and accompanying study guide must be worked out to develop skills and understanding of important statistical techniques. It is critical each student read the assigned materials for each class and keeps up to date with all lectures and assigned homework problems.

Classroom participation concerning class material is expected and is beneficial to all students. Practice classroom courtesy so that class discussion period can be conducted in an orderly manner. If you must enter the classroom after class has begun, please do so quietly. The method of teaching focuses on lectures, questioning techniques, working sample assignments and problems and discussion.

The method of teaching focuses on lectures, questioning techniques, working sample assignments and problems and discussion. 

Students who are experiencing difficulty with the course should immediately consult the instructor during office hours or by appointment because each new topic builds on your previous knowledge. 

Finally, any student observed cheating on exams and written assignments will be dealt with according to the procedure stipulated in the student handbook.

Regular attendance is essential for success in any course. Absence for any reason does not relieve a student of the responsibility of completing course work and assignments to the satisfaction of the instructor. Poor attendance may result in the termination of a student from a course(s).

The instructor will recommend that the Registrar withdraw any student who does not meet the established attendance requirements. A failing grade of RW (Required to Withdraw) will appear on the student’s transcript.

In cases of repeated absences due to illness, the student may be requested to submit a medical certificate. Instructors have the authority to require attendance at classes.

Content of Course:

1. Data and Data Collection
2. Organizing and Presenting Data
3. Measures of Location and Spread
4. Introduction to Probability Concepts
5. Discrete Probability Distribution
6. Continuous Probability Distribution
7. Sampling Techniques and the Sampling Distribution
8. Interval Estimation - Large Samples
9. Hypothesis Testing
10. Statistical Inference about Mean and Proportion
11. Inferences about Population Variances
12. Simple Linear Regression and Correlation

Assignment Format

• All assignments must be submitted at the start of the class on submission date. Late assignments will be accepted with a 25% deduction per day late up to 4 days late. Assignments submitted after this date will receive a grade of zero.
• Plagiarism is a serious offense and will be met with disciplinary action. Penalties may include a reduction in marks, a student suspension or student withdrawal from class.

• Official final grades will be available on My Lakeland. Grades posted in D2L should be considered interim grades.  
• “Lakeland College is committed to the highest academic standards. Students are expected to be familiar with Lakeland College policies and to abide by these policies. Violations of these policies are considered to be serious and may result in suspension or expulsion from the College.”  

Students must maintain a cumulative grade of C (GPA - Grade Point Average of 2.00) in order to qualify to graduate.

Every effort has been made to ensure that information in this course outline is accurate at the time of publication. Lakeland College reserves the right to change courses if it becomes necessary so that course content remains relevant.

In such cases, the instructor will give students clear and timely notice of changes.

No part of this course outline may be reproduced in any form or resold without written permission from Lakeland College.

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