ECO 232 - Business Statistics

3 credit hours - Three hours weekly; one term.
Learn statistical analysis as an aid in business decision making through the use of descriptive statistics, probability, confidence intervals, hypothesis testing, chi square, analysis of variance, regression and correlation analysis.

Prerequisite(s): Eligibility for any general education math course.

Note: Credit will not be given for ECO 232 and also BPA 232. Typically offered at MC and OL; all terms.

Course Outcomes:
Upon successful completion of this course, the student will be able to:

a. Establish confidence intervals for predictions of mean and proportion population parameters.

b. Perform hypothesis tests for the equality of population means or proportions.

c. Apply the techniques of analysis of variance for one and two factor applications.

d. Demonstrate an ability to establish a relationship between two or more variables using regression and correlation techniques; and to incorporate time series analysis topics.

e. Recall the vocabulary and methods used for statistical quality control.

f. Understand the difference between the use of parametric and non-parametric designs.

g. Use the Chi-Square Distribution for its variety of applications.

h. Identify and apply tests used for the analysis of ranked data.

i. Identify and re-create common business index numbers.

j. Show mastery of a business statistical software program, to include importing external files and analysis.