Business Stats

WILMINGTON UNIVERSITY

METHOD OF CONTACT: [email protected]

Technical Requirements that may be required to utilize technology in this course:

· A headset or microphone

· A webcam

· The latest version of Java

COURSE DESCRIPTION:

Utilizing statistical tools and techniques for quantitative business analysis helps managers analyze and interpret complex business data and make better decisions that meet expectations of an organization. Topics include probability models, Normal distribution, sampling distributions, confidence intervals, testing hypotheses, simple and multiple linear regression and Chi-square test.

COURSE OBJECTIVES:

Goal A: Students will be able to collect business data and summarize business data.

Learning Outcomes: The student will be able to:

A-1. Identify techniques for collecting data and possible uses of business data.

A-2. Identify required data formats for selected business situations.

A-3. Summarize data into required formats using graphs.

A-4. Calculate and interpret descriptive statistics, quartiles and percentiles.

Goal B: Students will understand the concepts of probability and compute

basic probabilities.

Learning Outcomes: The student will be able to:

B-1. Apply joint probability, conditional probability, and probability based

on Bayes’ Theorem to solve business problems.

B-2. Distinguish the differences between discrete and continuous random

variables.

B-3. State the uses and parameters of discrete and continuous

distributions.

B-4. Calculate probabilities for discrete and continuous distributions.

B-5. Calculate sample size, p-value, confidence interval for means and

proportions.

Goal C: Student will utilize a variety of statistical techniques and become proficient in solving business problems.

Learning Outcomes: The student will be able to:

C-1. Perform a hypothesis test and interpret the test results.

C-2. Understand Type I error, Type II error and power.

C-3. Recognize the difference between a one-tailed or two-tailed test.

C-4. Develop simple and multiple linear regression equations from sample data and use them for prediction purposes.

C-5. Interpret the R-squared value and perform an F-test for a regression model.

Goal D: Students will demonstrate proficiency in the use of spreadsheet software (Microsoft Excel) in deriving quantitative solutions to applied business analysis problems.

Learning Outcomes: The student will be able to:

D-1. Use Excel to compute mean, standard deviation and variance.

D-2. Use Excel’s functions to find probabilities for discrete and continuous distribution.

D-3. Use Excel to find the critical values of t-test or F-test.

D-4. Use Excel’s regression tool in Data Analysis to generate a simple or multiple linear regression model.

D-5. Use Excel to conduct a test of independence and a chi-square

goodness-of-fit test.

Goal E: Students will develop an understanding of how to interpret the results of quantitative analysis of a business problem.

Learning Outcomes: The student will be able to:

E-1. Interpret the meanings of the coefficient of determination, the

coefficients of independent variables, and all values in ANOVA in a

linear regression model.

E-2. Provide appropriate recommendations to business problems based

on the results of quantitative analysis.

E-3. Develop alternative solutions based on the statistical criteria to

achieve the desired business outcomes.

Goal F: Students will exercise critical thinking strategies including problem solving, analysis, and evaluating possible alternatives in decision making.

Learning Outcomes: The student will be able to:

F-1. Make a logical decision based on the evidence.

F-2. Recognize why analytical thinking is important for business decision

making.

F-3. Recognize and identify possible alternatives to solve a business

problem.

INSTRUCTOR INFORMATION:

Dr. Meader is an adjunct faculty member of Wilmington University’s College of Business and is Senior Director in the Finance & Business Operations division at Pfizer, Inc. The best way to contact Dr. Meader is by email at [email protected]. You can expect a response within 24-48 hours. Office hours are available by appointment.

LETTER TO THE STUDENT:

Welcome to MBA 6300! As described above in the Course Description and Course Objectives sections, this course will provide you with fundamental knowledge and skills that you will utilize throughout a career in business. The quantitative analysis of data has become critical in today’s business organizations, driven largely by the availability and amount of data via technology in the Information Age era. Concepts such as Big Data, Predictive Analytics, and Cognitive Computing are only increasing our need for quantitative analytical skills and capabilities.

METHODOLOGY:

A. Teaching Methods: Distance learning course Announcements and instructor guidance; assigned readings; homework problems, chapter information, textbook power point files. Supporting resources include statistics-related websites and other instructor-provided materials. This course requires:

a. stable and regular access to the internet

b. students’ ability to work independently and

c. Possess functional computer skills including proficiency with Microsoft Excel. This course requires assignments completed on a weekly basis.

This course is an accelerated 3-credit graduate course, covering a semester (14 weeks) of business statistics in 7 weeks.

B. Pre-requisites

a. 3-cr undergraduate College Algebra or Statistics (WU MAT 110 or higher).

b. Basic proficiency with Microsoft Excel software is required. Refer to the case study section below. Tutorials for Excel are available in the online course for students who are unfamiliar with this application and/or need practice in building Excel skills.

C. Course details

a. Chapter homework, quizzes, and practice problems are completed weekly, using MyStatLab (required).

b. The online week starts Monday and ends Sunday night, 11:59 pm EST.

c. All homework and exam preparation is required to be individual work. There are no group projects in this course.

d. Questions about homework and other course-related items are to be posted on the discussion board so that all students have an opportunity to read them. Often many students may have the same question. With the exception of items posted on Saturday or Sunday, expect replies in the form of a discussion post or Blackboard announcement within 48 hours. Therefore, it is recommended that homework questions are posted early rather than in the last two days of the week.

e. Students may comment on homework questions posted on the discussion board providing general guidance but are not allowed to post answers to selected problems.

Evaluation Procedures:

1. MyStatLab activities:

a. For each chapter, there is an assigned homework problem set worth 50 points and quiz worth 50 points for a total of 100 earnable points per chapter.

b. Students will utilize the Pearson MyStatLab textbook support site attached to the required textbook.

c. Purchase of a new copy of the textbook from the bookstore includes a MyStatLab access code that gives students full access to the support site.

d. Students who purchase a used text may purchase a MyStatLab license directly from the publisher. Students who purchase a used text are responsible for completing the MyStatLab activities.

e. The instructor will provide students with the MyStatLab course web address for this course prior to the start of the course.

f. Each week students will complete a number of problems, learning activities, and practice quizzes that support the learning objectives for that week. Grading for the MyStatLab activities is based on effort and the degree of accuracy and completion to which each student completes the weekly activities. Students are to use the site as a learning resource to practice and master the concepts of the course.

For earned credit, students must complete the MyStatLab activities within the week in which it is assigned and by Day 7 (Sunday night, 11:59pm EST) of each week.

2. Midterm and final exams: there will be a midterm due the weekend of Week 4 and final exam weekend of Week 7.

Both midterm and final exams are completed in Blackboard. Details regarding the exams will be provided in advance of the exams. The exams will include both concept questions and quantitative questions requiring some calculations.

Note: both the midterm and final exams will be timed assessments. Students will have a window of time within which to decide when to complete the exam. The exams will be given the 4th and 7th weekend of the course. Students should plan in advance to allow some time during these two weekends to complete the exam.

3. Rubric for Excel case studies:

There will be two case studies that require students to use Microsoft Excel. Student will need the Regression tool in Excel’s Data Analysis to analyze case study data and answer all the questions for each case.

Proficiency in Excel is an expected skill of all MBA business students.

COURSE SCHEDULE AND CHECKLIST:

*For this online course the week starts on Monday and ends on Sunday. **Reading week is the week before class starts.

SUPPLEMENTAL MATERIALS:

Some useful links to help your Statistics:

· Stat Trek - Teach yourself Statistics

· Dr. Arsham’s Statistics Site

· Excel Easy

· Using the Analysis ToolPak

· Statistical Tool in Excel

Instructor’s Policies

As an addendum to the University policy:

Contact the instructor in advance in the event of a work- or illness-related event that will impact your ability to complete each week’s assignment.

As a fully online course, attendance is indicated by regular log-in, participation and completion of all required course activities. Students who are marked as absent in excess of one week (two or more absences) will be awarded a grade of FA due to excessive absence.

University Academic Integrity Policy:

Plagiarism and other forms of academic dishonesty are unacceptable. It is your responsibility to read, understand, and adhere to the University’s Academic Integrity Policy.

Please review the University academic integrity policy.

Evaluation Procedure and Grading Policy:

Wilmington University utilizes a plus/minus grading system in assessing student achievement. The grading system is available at http://www.wilmu.edu/academics/grades.aspx . Students are awarded a grade and corresponding quality points for each credit hour they are enrolled. Selected programs require a minimum grade for passing. An "incomplete" may be granted with prior approval of the course instructor. If granted, the student must complete course work within the time limitation determined by the instructor up to a maximum of 60 days following the end of the course. After 60 days, incomplete ("I") grades are converted to a grade of "F" unless the student arranges for an additional extension and the instructor notifies the Office of the Registrar before the initial 60-day period ends.

Late Assignment Policy (*** VERY IMPORTANT ***):

Unless the student has contacted the instructor in advance in the event of a verifiable work- or illness-related event that will impact the student’s ability to complete an assignment on time and received permission from the instructor to submit an assignment after its due date, the late submission of assignments will not be accepted. Unless prior arrangements are made with the instructor, all assignments are due by the due dates provided by the instructor. Late assignments will not be accepted and will be given a grade of zero points.

Subject to Change Policy:

Wilmington University reserves the right to change or adjust its academic policies, tuition, fees, payment plan procedures, academic calendar, and to cancel or add courses at any time.