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Business Statistics – Spring 2006
Chapter Overviews and Objectives |
Chapter 1
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Understand why
we study statistics |
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Explain what is
meant by descriptive statistics and inferential
statistics. |
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Distinguish
between a qualitative variable and a
quantitative variable. |
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Distinguish
between a discrete variable and a continuous
variable. |
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Distinguish
among nominal, ordinal, interval,
and ratio levels of measurement. |
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Define the
terms mutually exclusive and exhaustive.
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Chapter 2
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Organize raw
data into a frequency distribution. |
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Portray a
frequency distribution as a histogram, a frequency polygon, and a
cumulative frequency distribution. |
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Develop and
interpret a stem-and-leaf display. |
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Present data
using such graphic techniques as line charts, bar charts, and pie
charts. |
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Chapter 3
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Calculate the
arithmetic mean, weighted mean, median, mode, and the geometric
mean. |
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Explain the
characteristics, use, advantages, and disadvantages of each measure. |
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Identify the
position of the arithmetic mean, median, and mode for both symmetric
and skewed distributions. |
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Chapter 4
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Compute and
interpret the range, the mean deviation, the variance, and the
standard deviation of ungrouped data. |
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Compute and
interpret the range, the variance, and the standard deviation of
grouped data. |
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Explain the
characteristics, uses, advantages, and disadvantages of each
measure. |
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Understand
Chebyshev's Theorem and the Normal, or Empirical Rule, as they
relate to a set of observations. |
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Compute and
interpret quartiles and the interquartile range. |
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Construct and
interpret box plots. |
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Compute and
understand the coefficient of skewness and the coefficient of
variation. |
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Chapter 5
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Define
probability. |
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Describe the
classical, the empirical, and the subjective approaches to
probability. |
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Understand the
terms: experiment, event, outcome, permutations and combinations. |
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Define the
terms: conditional probability and joint probability. |
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Calculate
probabilities, using the rules of addition and the rules of
multiplication. |
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Use a tree
diagram to organize and compute probabilities. |
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Calculate a
probability using Bayes' Theorem. |
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Chapter 6
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Define the
terms probability distribution and random variable. |
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Distinguish
between discrete and continuous probability distributions. |
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Calculate the
mean, variance, and standard deviation of a discrete probability
distribution. |
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Describe the
characteristics and compute probabilities using the binomial
probability distribution. |
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Describe the
characteristics and compute probabilities using the hypergeometric
distribution. |
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Describe the
characteristics and compute probabilities using the Poisson
distribution. |
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Chapter 7
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List the
characteristics of a normal probability distribution. |
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Define and
calculate z values. Determine the probability an observation
is between two points on a normal distribution using the standard
normal distribution. |
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Determine the
probability that an observation is above (or below) a point on a
normal distribution using the standard normal distribution. |
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Compare two or
more observations that are on different probability distributions.
Use the normal probability distribution to approximate the binomial
probability distribution. |
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Chapter 8
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Explain why a
sample is often the only feasible way to learn something about a
population. |
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Describe
methods to select a sample. |
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Define and
construct a sampling distribution of the sample means. |
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Explain the
Central Limit Theorem |
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Use the Central
Limit Theorem to find probabilities of selecting possible sample
means from a specified population. |
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