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CHINHOYI UNIVERSITY OF TECHNOLOGY SCHOOL OF NATURAL SCIENCES AND MATHEMATICS DEPARTMENT OF MATHEMATICS AND STATISTICS Course Name: Course Code: Number of Credits: Introduction to Statistics B - Business CUMT105 10 Number of hours: 48 1. Aim The course aims to equip students with basic statistical concepts that are used in the business world. The main trust of the course will be on the application of the statistical tools in corporate decision making processes. 2. Course Objectives The course’s objectives are to introduce and equip students with: a) Concepts of descriptive statistics and probability. b) Data analysis and interpretation skills. c) Tools for inferential statistics. 3. Assessment The student will write at least two assignments, two tests and a three-hour final examination. The final mark will constitute 30% of continuous assessment and 70% of the examination mark. 4. Course Outline Week Chapter 1 1 2 2 3 3 5 4 Section Topic(s) Introduction to Statistics Data Collection No. of No. of Lectures Hours Statistics. 1 2 Definition. Uses of Population, Sample Sources of data, Direct observation, Interview methods, Surveys and questionnaire design. Sampling Techniques (Simple random, stratified, cluster, systematic). Data Variable types, presentation and Representation summarization techniques: Tables, charts, graphs, histogram, stem and leaf display, box and whisker plot. Measures of Mean median, mode, range, variance central and standard deviation, standard error tendency and of the mean for grouped and ungrouped Page 1 of 2 2 4 3 6 3 6 dispersion 6 7 5 8 6 9 7 10 8 11 9 12 5. data. Skewness and Kurtosis. Assignment 1 – Due on Test 1 and revision – Probability Possibility space, Events, Outcomes, Probability laws, conditional probability, tree diagram. Probability Random variables. Discrete Distributions distributions – Binomial and Poisson distributions. Continuous distributions - Normal distribution Regression Scatter plot, estimation and and interpretation of regression parameters, Correlation calculation and interpretation of Analysis correlation coefficient and determination. Index Simple index numbers, Weighted Numbers average of relatives, Laspeyres and Paasches indices, Retail and Price indices Confidence Mean, difference of means, proportion, Internal and variance and standard deviation. Hypothesis Testing concerning mean, proportion testing and two samples. Z, T and Chi-square tests. Assignment 2 – Due on Test 2 and revision – 2 2 4 4 3 6 2 4 2 4 3 6 2 4 Reading Material Groebner, Shanoon, Fry and Smith. Business Statistics, 5th Ed. Prentice Hall, 2001 Ross S. M. Introduction to Probability Theory. Wegner, T. Applied Business Statistics – Methods and Applications, Juta & Co. Ltd, 1999. The Internet. Page 2 of 2