Business Statistics introduces students to elements of statistical concepts, techniques, and tools for collecting, analyzing, and drawing conclusions from data as applied in business and economics. The course focuses on the student as a user and producer of statistics to inform and support decision making in business with emphasis on the use of business-oriented computer statistical instruments.
Students are exposed to four broad conceptual themes:
- Exploring Data: Describing patterns and departures from patterns
- Sampling and Experimentation: Planning and conducting a study
- Anticipating Patterns: Exploring random phenomena using probability and Simulation.
- Statistical Inference: Estimating population parameters and testing Hypotheses.
Mathematics is an integral part of students in business, economics and the social sciences because of the advancement in quantitative tools and the computer. This course will provide an informal, non-intimidating presentation of the mathematical principles, techniques and applications which are very useful for students. This course will focus on issues, problems and situations frequently faced by firms and small businesses, which involves mathematical techniques. For example, a wide variety of problems from business, economics and the social sciences may be solved using linear and quadratic equations. Linear and quadratic functions are used to model many business and economic activities like cost, revenue, profit, supply and demand. Linear programming provides the best possible solution to the problems involving allocation of limited resources among various activities. The course also helps to develop the general education skill of critical/creative thinking; communication; cultural literacy; information and technical literacy.
Review of basic arithmetic skills and vocabulary, which are required for the study of higher level of courses related with mathematics and statistics in Business administration. Topics include ; Algebraic Expressions, Factoring, Matrices, Presentation of Data, Measures of central Tendency, ratios, rates, and proportions; percent; scientific notation; evaluating and simplifying variable expressions; and solving linear equations. Functions, Graphs, inequalities.
This course enables the students to know the scientific approach to decision making when solving business and management problems. A manager has to be always involved with decision making and has to involve with decision models in two ways: either as implementers or as consumers. Several methods are introduced in applying mathematics to solve management problems quantitatively. The determination of the most efficient use of limited resources in maximizing some measure of benefits could be solved using the graphical method or algebraic method. Determining the most profitable distribution pattern for transporting products from factories to markets, and determining the best way to assign a number of objects to a number of other objects are other major problems handled in this course. Models are presented for making decisions when the payoff to the decision maker depends on the decision made and an event occurs after the decision is made. This course will also enable students to learn modelling tools for Linear and integer programming, graphical sensitivity analysis, hypothesis Testing, network analysis (CPM/PERT), transportation and assignment models, decision analysis, forecasting. Students use computer software QM for Windows in their analysis