QNM222  Business Statistics
Semester  
Schools offering this subject  
Last revision date  May 25, 2015 12:07:16 AM 
Last review date  Jul 9, 2015 11:29:15 AM 
Subject Title
Business Statistics
Subject Description
The statistical methods of collection, analysis, presentation and interpretation of quantitative data used for making generalizations, projections and decisions under uncertain conditions are introduced. Emphasis will be on the use of both descriptive and inferential statistical techniques within the workplace. Students may utilize spreadsheet software to present and analyse data.
Credit Status
QNM 222 is a one credit subject.
Learning Outcomes
Upon successful completion of this subject the student will be able to:
1. Demonstrate the ability to present, describe, and summarize data by:
 identifying the different types of data
 differentiating between a population and a sample
 reorganizing raw data into arrays and grouped distributions
 presenting data by means of various tables and graphing methods using computer software/manual techniques
 calculating various measures of location and dispersion, including the mean, median, mode, percentiles, quartiles, standard deviation, and variance Spreadsheet software may be used to assist in these calculations
 describing the shape of a distribution
 comparing and evaluating alternative methods of presenting data.
2. Evaluate with the use of probability, the likelihood that a statistical inference is correct by:
 defining probability
 differentiating between subjective, relative frequency and classical approaches
 determining when events are mutually exclusive and/or statistically independent
 calculating probabilities using the rules of addition and multiplication
3. Determine the characteristics of selected probability distributions and identify where each distribution can be applied by:
 differentiating between discrete and continuous random variables

determining the probability of events and calculating the means (expected value) and standard deviations of:
 the probability distribution of a discrete random variable
 the binomial probability distribution
4. Recognize normal distribution problems and know how to solve such problems by:
 calculating the zvalue corresponding to any observation on a normal distribution
 determining the probability a random observation is in a given interval on a normal distribution
 using the normal distribution to approximate the binomial distribution
5. Use the central limit theorem to:
 calculate the mean and standard error of a random variable
 calculate probabilities for a given sample mean
6. Use sample data to make statements about the value of the population mean or proportion by:
 differentiating between a point estimator and an interval estimator
 calculating the point estimate for the population mean or proportion
 determining the confidence intervals for the population mean using sample mean and population standard deviation for large or small sized samples
 determining the confidence interval for population proportion for large or small sized samples
 computing the required sample size to estimate the population mean and population proportion for large or small sized samples
7. Construct and evaluate hypothesis test of a mean or proportion by:
 stating the null hypothesis and the alternative hypothesis
 indicating the appropriate test statistic
 establishing the critical value(s) of the test statistic
 calculating the actual value of the test statistic and drawing appropriate conclusions
8. Perform simple regression and correlation analysis in business situations as indicated by:
 interpreting a scatter diagram
 determining and interpreting the correlation coefficient and the coefficient of determination
 differentiating between a dependent variable and an independent variable
 determining and interpreting the coefficients of the sample regression line
 using a regression equation to predict the value of the dependent variable for a selected value of the independent variable
 conduct a test of hypothesis for the coefficent of correlation and each coefficent of regression
 using spreadsheet software to perform the regression analysis
 interpret confidence intervals and prediction intervals for the dependent variable
Essential Employability Skills
Execute mathematical operations accurately.
Apply a systematic approach to solve problems.
Use a variety of thinking skills to anticipate and solve problems.
Take responsibility for one's own actions, decisions, and consequences.
Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.
To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.
Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.
Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.