MONTGOMERY COLLEGE DEPARTMENT OF BUSINESS AND ECONOMICS ROCKVILLE CAMPUS

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1 MONTGOMERY COLLEGE DEPARTMENT OF BUSINESS AND ECONOMICS ROCKVILLE CAMPUS I. COURSE: STATISTICS FOR BUSINESS AND ECONOMICS (BA-210) II. COURSE DESCRIPTION: AN INTRODUCTORY COURSE IN THE BUSINESS AND ECONOMIC APPLICATION OF DESCRIPTIVE AND INFERENTIAL STATISTICS. THE MEANING AND ROLE OF STATISTICS IN BUSINESS AND ECONOMICS, FREQUENCY DISTRIBUTIONS, GRAPHICAL PRESENTATIONS, MEASURES OF CENTRAL TENDENCY AND DISPERSION, PROBABILITY, DISCRETE AND CONTINUOUS PROBABILITY DISTRIBUTIONS, INFERENCES PERTAINING TO MEANS AND PROPORTIONS, REGRESSION AND CORRELATION, TIME SERIES ANALYSIS, AND DECISION THEORY WILL BE DISCUSSED. III. PREREQUISITE: A GRADE OF C OR BETTER IN MA-097 OR MA-099 (INTERMEDIATE ALGEBRA), APPROPRIATE SCORE ON MATHEMATICS ASSESSMENT TEST, OR CONSENT OF DEPARTMENT OF BUSINESS AND ECONOMICS IV. ASSESSMENT LEVELS: EN 101/101A, RD 120 V. REFERENCE TEXTBOOK: DOUGLAS A. LIND, WILLIAM G. MARCHAL, AND SAMUEL A. WATHEN, STATISTICAL TECHNIQUES IN BUSINESS AND ECONOMICS, FIFTEENTH EDITION VI. COURSE OUTCOMES: BY THE END OF THE COURSE, THE STUDENT WILL BE ABLE TO: 1. ASCERTAIN THE APPROPRIATE USE OF AND BE ABLE TO CALCULATE VARIOUS MEASURES OF CENTRAL TENDENCY AND DISPERSION. 2. ASCERTAIN THE APPROPRIATE USE OF VARIOUS DISCRETE AS WELL AS CONTINUOUS PROBABILITY DISTRIBUTIONS. 3. CALCULATE AND DISTINGUISH BETWEEN VARIOUS TYPES OF PROBABILITY FOR ONE OR MORE EVENTS. 4. DESCRIBE DATA USING MEASURES OF CENTRAL TENDENCY AND DISPERSION AS WELL AS COEFFICIENTS OF SKEWNESS AND/OR KURTOSIS. 5. DEVELOP AND APPLY A TIME SERIES MODEL FOR THE PURPOSE OF FORECASTING. 6. DEVELOP AND APPLY REGRESSION AND CORRELATION MODELS. 7. EVALUATE PROBABILISTIC STATEMENTS FOR DISCRETE AS WELL AS CONTINUOUS PROBABILITY DISTRIBUTIONS. 8. MAKE INFERENCES BASED UPON LARGE AS WELL AS SMALL SAMPLES THROUGH THE DEVELOPMENT OF ONE-TAILED AND TWO-TAILED TESTS OF HYPOTHESES PERTAINING TO POPULATION PARAMETERS. 9. ORGANIZE AND PRESENT DATA IN A TABULAR AS WELL AS A GRAPHICAL FORMAT. PAGE 1

2 VII. COURSE OUTLINE: TOPIC: #1 THE MEANING AND ROLE OF STATISTICS IN BUSINESS AND ECONOMICS READING ASSIGNMENT: CHAPTER #1 I. THE MEANING OF STATISTICS A. STATISTICS B. POPULATION C. SAMPLE D. INFERENTIAL STATISTICS E. DESCRIPTIVE STATISTICS II. THE ROLE OF STATISTICS IN BUSINESS AND ECONOMICS #2 ORGANIZING AND PRESENTING DATA READING ASSIGNMENT: CHAPTER #2 I. TYPES OF FREQUENCY DISTRIBUTIONS A. DEFINITION OF A FREQUENCY DISTRIBUTION B. RULES FOR CONSTRUCTING A FREQUENCY DISTRIBUTION C. CLASS FREQUENCIES, CLASS LIMITS, CLASS BOUNDARIES, CLASS MARKS, AND A CLASS INTERVAL D. EXAMPLE OF A FREQUENCY DISTRIBUTION 1. RULE FOR DETERMINING THE NUMBER OF CLASSES 2. RULE FOR DETERMINING THE WIDTH OF EACH CLASS 3. RULE FOR DETERMINING THE CLASS FORMAT E. RELATIVE FREQUENCY DISTRIBUTION F. CUMULATIVE FREQUENCY DISTRIBUTION 1. CUMULATIVE LESS THAN FREQUENCY DISTRIBUTION 2. CUMULATIVE MORE THAN FREQUENCY DISTRIBUTION II. GRAPHICAL PRESENTATIONS A. BAR CHART B. HISTOGRAM C. FREQUENCY POLYGON D. PIE CHART E. OGIVE 1. LESS THAN OGIVE 2. MORE THAN OGIVE III. INTERPOLATION #3 MEASURES OF CENTRAL TENDENCY READING ASSIGNMENT: CHAPTER #3 I. THE ARITHMETIC MEAN II. THE MEDIAN III. THE MODE IV. THE WEIGHTED MEAN V. THE GEOMETRIC MEAN PAGE 2

3 #4 MEASURES OF DISPERSION DISCUSSION: WEEK OF FEBRUARY 5, 2012 READING ASSIGNMENT: CHAPTER #3 AND #4 I. THE RANGE II. THE STANDARD DEVIATION III. STANDARD DEVIATION UNITS IV. RELATIVE DISPERSION V. THE COEFFICIENT OF SKEWNESS VI. KURTOSIS #5 PROBABILITY READING ASSIGNMENT: CHAPTER #5 I. FUNDAMENTAL PRINCIPLE II. PERMUTATIONS III. COMBINATIONS IV. DEFINITION OF PROBABILITY V. CONDITIONAL PROBABILITY VI. JOINT PROBABILITY VII. INDEPENDENT AND DEPENDENT EVENTS VIII. MUTUALLY EXCLUSIVE EVENTS IX. RELATIONSHIP OF PROBABILITY TO SET THEORY (VENN DIAGRAMS) #6 DISCRETE PROBABILITY DISTRIBUTIONS READING ASSIGNMENT: CHAPTER #6 I. DEFINITION OF A RANDOM VARIABLE II. EXPECTED VALUE AND STANDARD DEVIATION OF DISCRETE PROBABILITY DISTRIBUTIONS III. BINOMIAL DISTRIBUTION IV. POISSON DISTRIBUTION V. MULTINOMIAL DISTRIBUTION VI. HYPERGEOMETRIC DISTRIBUTION #7 CONTINUOUS PROBABILITY DISTRIBUTIONS DISCUSSION: WEEK OF FEBRUARY 26, 2012 AND WEEK OF MARCH 4, 2012 READING ASSIGNMENT: CHAPTER #7 I. NORMAL DISTRIBUTION II. EXPONENTIAL DISTRIBUTION #8 SAMPLING AND SAMPLING DISTRIBUTIONS READING ASSIGNMENT: CHAPTER #8 I. SAMPLING THEORY II. RANDOM SAMPLES III. SAMPLING WITH OR WITHOUT REPLACEMENT IV. SAMPLING DISTRIBUTION V. SAMPLING DISTRIBUTION OF MEANS VI. SAMPLING DISTRIBUTION OF DIFFERENCES BETWEEN ARITHMETIC MEANS VII. SAMPLING DISTRIBUTION OF PROPORTIONS PAGE 3

4 #9 ESTIMATION READING ASSIGNMENT: CHAPTER #9 I. UNBIASED ESTIMATES II. POINT ESTIMATES AND INTERVAL ESTIMATES III. T DISTRIBUTION IV. CONFIDENCE INTERVAL ESTIMATES OF POPULATION PARAMETERS V. CONFIDENCE INTERVAL ESTIMATES FOR A MEAN VI. CONFIDENCE INTERVAL ESTIMATES FOR DIFFERENCES BETWEEN ARITHMETIC MEANS VII. CONFIDENCE INTERVAL ESTIMATES FOR PROPORTIONS #10 HYPOTHESIS TESTING READING ASSIGNMENT: CHAPTER #10 AND #11 I. STATISTICAL HYPOTHESES II. TESTS OF HYPOTHESES III. TYPE I AND TYPE II ERRORS #11 SIMPLE REGRESSION AND CORRELATION ANALYSIS READING ASSIGNMENT: CHAPTER #13 I. SCATTER DIAGRAM II. THE SIMPLE REGRESSION EQUATION III. DETERMINATION OF THE SLOPE AND THE Y INTERCEPT IV. THE STANDARD ERROR OF ESTIMATE V. THE COEFFICIENT OF DETERMINATION VI. THE COEFFICIENT OF CORRELATION #12 MULTIPLE REGRESSION AND CORRELATION ANALYSIS READING ASSIGNMENT: CHAPTER #14 I. THE MULTIPLE REGRESSION EQUATION II. DETERMINATION OF THE REGRESSION COEFFICIENTS AND THE Y INTERCEPT III. SCATTER DIAGRAM IV. THE MULTIPLE STANDARD ERROR OF ESTIMATE V. THE MULTIPLE COEFFICIENT OF DETERMINATION VI. THE MULTIPLE COEFFICIENT OF CORRELATION #13 TIME SERIES ANALYSIS READING ASSIGNMENT: CHAPTER #16 I. THE TIME SERIES MODEL II. THE COMPOSITION OF A TIME SERIES A. SECULAR TREND B. CYCLICAL FLUCTUATIONS C. SEASONAL FLUCTUATIONS D. RANDOM FLUCTUATIONS III. THE DECOMPOSITION OF A TIME SERIES IV. FORECASTING PAGE 4

5 #14 DECISION THEORY READING ASSIGNMENT: CHAPTER #20 I. THE PAYOFF TABLE II. DECISION RULES UNDER COMPLETE UNCERTAINTY A. MAXIMIN RULE (PESSIMIST) B. MAXIMAX RULE (OPTIMIST) C. MINIMAX REGRET RULE (ECONOMIST) III. BAYESIAN STRATEGY UNDER PARTIAL UNCERTAINTY IV. THE EXPECTED MONETARY VALUE OF THE OPTIMAL ACTION V. THE EXPECTED MONETARY VALUE UNDER CERTAINTY VI. THE EXPECTED VALUE OF PERFECT INFORMATION VII. THE EXPECTED OPPORTUNITY LOSS OF THE OPTIMAL ACTION VIII. EXAMINATION SCHEDULE, FORMAT, COVERAGE, TIME LIMIT, AND VALUE: IX. EXAMINATION #1: FORMAT: 25 MULTIPLE CHOICE QUESTIONS COVERAGE: TOPIC #1, #2, #3, AND #4 EXAMINATION #2: FORMAT: 25 MULTIPLE CHOICE QUESTIONS COVERAGE: TOPIC #5, #6, AND #7 EXAMINATION #3: FORMAT: 25 MULTIPLE CHOICE QUESTIONS COVERAGE: TOPIC #8, #9, AND #10 EXAMINATION #4: FORMAT: 25 MULTIPLE CHOICE QUESTIONS COVERAGE: TOPIC #11, #12, #13, AND #14 EXAMINATION #5: FORMAT: 50 MULTIPLE CHOICE QUESTIONS COVERAGE: TOPIC #1 THROUGH #14 TIME LIMIT: 100 MINUTES; VALUE: 200 POINTS COMPUTER PROJECT: YOU WILL BE GIVEN A COMPUTER PROJECT INVOLVING 25 TASKS THAT IS TO BE COMPLETED USING MICROSOFT EXCEL. PRINT THE INPUT AND THE OUTPUT FOR EACH TASK. THE COMPUTER PROJECT IS DUE WHEN YOU TAKE EXAMINATION #5. THE VALUE OF THE COMPUTER PROJECT IS 100 POINTS. PAGE 5

6 X. DETERMINATION OF YOUR GRADE FOR THE COURSE: GRADE POINTS XI. XII. A 630 TO 700 B 560 TO 629 C 490 TO 559 D 420 TO 489 F 0 TO 419 MAKE-UP EXAMINATIONS: NO MAKE-UP EXAMINATION WILL BE GIVEN UNLESS THE STUDENT CAN ESTABLISH THROUGH DOCUMENTATION THAT HE/SHE IS UNABLE TO TAKE THE EXAMINATION AT THE SCHEDULED TIME. ANY STUDENT UNABLE TO FULFILL THE AFOREMENTIONED CONDITION WILL RECEIVE A GRADE OF ZERO FOR THE APPLICABLE EXAMINATION(S). COMMUNICATION: STUDENT USING THE MONTGOMERYCOLLEGE.EDU SERVER IS AN OFFICIAL MEANS OF COMMUNICATION FOR THE COLLEGE. IT IS EXPECTED THAT YOU CHECK YOUR STUDENT FREQUENTLY, AS YOU ARE RESPONSIBLE FOR INFORMATION AND ANNOUNCEMENTS THAT WILL BE SENT TO YOU FROM THE COLLEGE. IF YOU CONTACT ME THROUGH , YOU MUST USE YOUR MC ACCOUNT (RATHER THAN A PERSONAL ACCOUNT) SO THAT I CAN RECOGNIZE YOU AS A STUDENT. XIII. DISABILITY SUPPORT SERVICES: PLEASE MAKE AN APPOINTMENT TO SEE ME DURING MY OFFICE HOURS IF YOU ARE A STUDENT WHO MAY NEED AN ACCOMMODATION DUE TO A DISABILITY. A LETTER FROM DISABILITY SUPPORT SERVICES AUTHORIZING YOUR ACCOMMODATION WILL BE NEEDED. XIV. VETERAN S SERVICES: XV. XVI. IF YOU ARE A VETERAN OR ON ACTIVE OR RESERVE STATUS AND YOU ARE INTERESTED IN INFORMATION REGARDING OPPORTUNITIES, PROGRAMS AND/OR SERVICES, PLEASE VISIT THE COMBAT2COLLEGE WEB SITE AT STUDENT CODE OF CONDUCT: STUDENTS ARE EXPECTED TO COMPLY WITH THE STUDENT CODE OF CONDUCT. ALL MONTGOMERY COLLEGE ACADEMIC RULES AND REGULATIONS APPLY IN THIS COURSE. ATTENDANCE: YOU ARE EXPECTED TO ATTEND ALL CLASS SESSIONS. AFTER A STUDENT S ABSENCES EXCEED THE NUMBER OF CLASS SESSIONS PER WEEK, THE INSTRUCTOR MAY DROP YOU FROM THE CLASS FOLLOWING AN ADDITIONAL ABSENCE. PAGE 6

7 XVII. XVIII. XIX. XX. WITHDRAWAL AND REFUND DATES: IT IS THE STUDENT S RESPONSIBILITY TO DROP A COURSE. NON-ATTENDANCE OF CLASSES OR FAILURE TO PAY DOES NOT CONSTITUTE OFFICIAL WITHDRAWAL. TO VIEW SPECIFIC DROP DEADLINES, LOG INTO YOUR MYMC ACCOUNT: CLICK ON MY CLASS SCHEDULE UNDER STUDENT QUICK LINKS SELECT THE CURRENT TERM CLICK ON VIEW DROP DEADLINE DATES AT THE BOTTOM OF THE PAGE AUDIT POLICY: ALL STUDENTS REGISTERED FOR AUDIT ARE REQUIRED TO CONSULT WITH THE INSTRUCTOR BEFORE OR DURING THE FIRST CLASS SESSION IN WHICH THEY ARE IN AUDIT STATUS, AND STUDENTS ARE REQUIRED TO PARTICIPATE IN ALL COURSE ACTIVITIES UNLESS OTHERWISE AGREED UPON BY THE STUDENT AND INSTRUCTOR AT THE TIME OF CONSULTATION. INCLEMENT WEATHER: IF INCLEMENT WEATHER FORCES THE COLLEGE OR ANY CAMPUS OR COLLEGE FACILITY TO SUSPEND CLASSES OR CLOSE, PUBLIC SERVICE ANNOUNCEMENTS WILL BE PROVIDED TO LOCAL RADIO AND TELEVISION STATIONS AS EARLY AS POSSIBLE. YOU CAN ALSO CALL THE NUMBER LISTED BELOW OR VISIT OUR WEB SITE AT MONTGOMERY COLLEGE INFORMATION LINE: IF A CLASS CAN MEET FOR 50% OR MORE OF ITS REGULARLY SCHEDULED MEETING TIME OR IF THE CLASS CAN MEET FOR 50 MINUTES OR MORE, IT WILL MEET. EMERGENCY PREPAREDNESS: IN THE EVENT OF EMERGENCY SITUATIONS INVOLVING MONTGOMERY COLLEGE DIRECTLY OR OF AN EMERGENCY AT THE LOCAL, REGIONAL, OR NATIONAL LEVEL WHICH COULD IMPACT THE COLLEGE COMMUNITY MONTGOMERY COLLEGE S SAFETY AND SECURITY PERSONNEL AND OTHER COLLEGE OFFICIALS UTILIZE IN-HOUSE EMERGENCY RESPONSE PLANS AND COORDINATE THEIR RESPONSE ACTIVITIES WITH LOCAL, COUNTY, STATE, AND FEDERAL AUTHORITIES, AS APPROPRIATE. THE COLLEGE WORKS DIRECTLY IN CONJUNCTION WITH MONTGOMERY COUNTY S EMERGENCY OPERATIONS CENTER IN THE EVENT OF ANY LOCAL ACTIVATION OF THE CENTER. DETAILED EMERGENCY RESPONSE PLANS ARE IN PLACE FOR EACH OF MONTGOMERY COLLEGE S THREE PRIMARY CAMPUSES AT GERMANTOWN, ROCKVILLE, AND TAKOMA PARK, AS WELL AS FOR OFF-SITE FACILITIES, INCLUDING ITS WORKFORCE DEVELOPMENT AND CONTINUING EDUCATION CENTERS AT GAITHERSBURG AND WHEATON. THE COLLEGE HAS PUBLISHED A QUICK REFERENCE GUIDE WITH BASIC INFORMATION ON THESE EMERGENCY PROCEDURES. IT INCLUDES AN EXPLANATION OF THE COMMUNICATION ALERT CODES UTILIZED BY THE COLLEGE, KEY PHONE NUMBERS, TIPS ON WHAT TO DO IN THE EVENT OF VARIOUS TYPES OF EMERGENCIES, AND SPECIFIC EVACUATION PLANS FOR INDIVIDUAL COLLEGE FACILITIES. MEMBERS OF THE COLLEGE COMMUNITY ARE URGED TO FAMILIARIZE THEMSELVES WITH THIS INFORMATION AND TO KEEP A COPY OF THE GUIDE HANDY. PAGE 7

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