M ondays & Wednesdays : 1 0 : 00 a .m. – 1 1 : 2 0 a .m.
H arriman Hall Room 10 8
M . Shane Higuera , Ed.D.
E - Mail: s hane@ sbawebsite.net
T elephone & T ext : (631) 8 07 - 7904
Goals of the Course
This course is an introduction to data analysis and decision making in business. In your career, you will often face situations in which a clear understanding of statistical thinking and decisionmaking methodology will be essential. I have designed the course to: 1. Introduce the basic concepts and methods of statistics and decision making; 2. Demonstrate the applications of statistics and analytical decision making in business;
3. Enable you to perform statistical and decision analyses using appropriate software; and
4. Help you to become a wise consumer of statistical and decision analyses performed by others.
Why Business Students Need Business Statistics
If you are interested in finance, you know that investment strategy is all about return and risk. How will a portfolio fare in an uncertain world? Why do well-informed investors include funds that perform well in certain circumstances and others that perform poorly under the same circumstances? How can you measure the volatility of a stock relative to the market? Understanding uncertainty, expected value, variance, regression analysis, and correlation will provide you with a strong competitive advantage over those who do not. If you are interested in marketing, you know that successful marketers have a good understanding of the markets they target. How do they obtain such knowledge? How do marketers design surveys and other data collection devices that will give them a clear and unbiased look at their markets? What traps must they avoid so as not to make serious mistakes? How many people must they survey, and how must they select those people, to obtain the precision that they need without incurring undue cost? Understanding the principles of random sampling, types of nonrandom errors that can destroy a data set, and some simple ways to judge the size of the sampling error present in any data set will provide you with a strong competitive advantage over those who do not.
If you are interested in operations, you know that keeping a business running smoothly requires that you keep in touch with current operations. How do you know when a production line is 1
producing too many defective items and needs adjustment, repair, or recalibration? How can you tell which suppliers are the most dependable links in your supply chain? What inventory levels should you maintain to keep customers happy and costs low? Will a proposed new computer information system speed customer orders or will it simply be a large expense with little significant impact on the company’s bottom line? Understanding the principles of sampling distributions, estimation, confidence intervals, and hypothesis testing, will provide you with a strong competitive advantage over those who do not.
Whether you are interested in human resource management, information systems management, health care management, or any other business discipline you will need to understand how to deal with problems like these. Whether you work in energy, transportation, retailing, businessto-business, real estate, or any other industry you will find yourself making decisions in an uncertain environment in which your ability to analyze data (and understand analyses performed by others) will be a key to your success. That is why business students need business statistics.
Course Learning Objectives
When you have successfully completed this course, you will:
COURSE LEARNING OBJECTIVES
Recognize the many types and sources of business-related data
Recognize the many acceptable and unacceptable ways to collect data Be able to summarize data through the use of summary statistics and statistical charts to support...