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QBM 101
Business Statistics
Subject Lecturer:
Subject Tutor:
Consultation:
By appointment
PRE-REQUISITE(S)
No pre-requisite is required.
SYNOPSIS
Students will be introduced to the concepts involved in descriptive and inferential
statistics. Topics include the role of statistics in a scientific investigation, methods of
condensing, displaying, describing and presenting data, elementary descriptive
statistics, elementary probability, binomial, Poisson and normal distributions, singlesample inference, comparison of frequencies, regression and correlation.
LEARNING OUTCOME
Upon completion of this subject, students should be able to:
recognise the need for statistics and the steps involved in sound scientific procedure
for experiments and investigations in their discipline;
use statistics correctly in helping the results of their experiments and investigations
to withstand critical evaluation;
use appropriate pictorial representations and displays to help in interpretation and
presentation of data;
calculate and interpret measures of central tendency and dispersion, and use the
appropriate measure in a given situation;
compute probabilities for mutually exclusive events, dependent and independent
events and apply these techniques to commonly-occurring situations;
describe and be able to apply the properties of the binomial, poisson and normal
distributions in the appropriate circumstances;
make statistical inferences based on a single random sample;
evaluate and correctly interpret the correlation between two variables, and
fit a line of regression to a set of bivariate data and correctly interpret and use this
line.
TOPICS
Topic 1
What is Statistics?
Topic 2
Topic 3
Measures of location.
2
Topic 4
Measures of dispersion.
Topic 5
Topic 6
Topic 7
Topic 8
Sampling distributions.
Topic 9
Topic 10
Testing of hypothesis.
Topic 11
Topic 12
Multiple Regression
COMPUTER PACKAGE
SPSS and Microsoft Excel.
RECOMMENDED REFEFRENCES
McClave, JT, Benson, P.G & Sincich, T. (2012) Statistics for Business and Economics
12th Edn, Pearson
Selvanathan, A., Selvanathan, S., Keller, G. & Warrack, B. (2012) 5th Edn; Australian
Business Statistics. Nelson Thomson Learning
Berenson, ML, Levine, DM & Krehbiel, TC (2011) Basic Business Statistics 12th Edn,
Pearson Prentice Hall
: Business Studies
: Ms. Felicia Chong H.L.
Topics
References
What is Statistics?
Chapter 1
Chapters 2 & 3
Measures of location.
Chapter 4
Measures of dispersion.
Chapter 4
Probability concepts
Chapter 5
Chapter 7
Chapter 8
Sampling distributions
Chapter 10
10
Chapter 11
11
Testing of hypothesis.
Chapter 13
12
Testing of hypothesis.
Chapter 13
13
Chapter 21
Chapter 22
14 15
Final Examination
Textbook:
By:
Publisher:
Year:
Thomson
2012
ASSESSMENT
There are 3 assessment items for this subject.
Assessment Items
Value
Due Date
20%
**To be advised
20%
**To be advised
60%
NOTE: Should you fail to attend the midterm or quiz, please note that there will be no
replacement unless you have a valid reason and are able to provide documentary
evidence i.e. medical certificate etc. to the department.
REQUIREMENTS:
To gain a pass in this subject, students must:
Attempt ALL areas of assessment; and achieve a total result of 50% or better
overall.
** - Please check on the notice board and My Acel for the actual date. HELP
University reserves the right to make any changes to the above where appropriate.
ACADEMIC INTEGRITY
Honesty and Responsibility
Academic integrity is an important tenet for HELP University. In pursuit of the highest
standards of academic integrity, the Department of Business Studies holds it students to
the highest ethical standards defined by the Rules and Regulations section of the
Academic Handbook. All students at the Department of Business Studies are subjected
to and are bound by the Student Academic Misconduct Rule to assure academic
honesty. Students are required to sign a pledge on the assignment cover sheet before
submitting your assignments to the Administration Office of the Faculty of Business,
Economics & Accounting.
What is Plagiarism?
Plagiarism is academic dishonesty or academic theft, and it is a serious academic
offence. Plagiarism includes, but is not limited to, the followings:
1. quote, paraphrase or summarize someone elses ideas, theories or data, in whole
or in part, without appropriate acknowledgement
2. borrow ideas, opinion or words, in whole or in part, from other sources without
properly crediting the author(s)
3. use any facts, statistics, diagrams or graphs, in whole or in part, without
acknowledging the source clearly
4. claim or imply original authorship of someone elses ideas, theories or data, in
whole or in part, as your own
5. employ or allow someone to help to revise, amend or write your work and pass
off as your own original work
6. collaborate with or allow other students to copy your work
7. draw on sources more than what you have acknowledged by citations
While a student is not discouraged to discuss an assignment with his/her friends or
classmates, the work he/she submits must be done by the student alone. If a student
shares his/her assignment with other students and they plagiarize it, the student is as
guilty as those students who plagiarized his/her assignment. All parties to plagiarism
are considered equally guilty. Under no circumstances should a student be involved in
collusion with other students unless he/she is permitted to work on an assignment
jointly by the lecturer/tutor. If a student is unsure what constitutes plagiarism, he/she is
obliged to consult the lecturer/tutor on the matter before submission of his/her
assignment.
When and How to Reference?
Knowing when and how to cite is a students responsibility. If he/she is in doubt or
need more help on this matter, the student may consult the lecturer/tutor. The following
list comprises some of the sources a student will need to reference. The list is by no
means exhaustive, but simply consists of the most common sources used by students to
complete their work.
1. Books
6
2.
3.
4.
5.
6.
7.
8.
Chapters in books
Journal articles
Conference papers
Newspaper articles
Magazines
Websites
Study guide
1st offence
QBM 101
Subject Name
BUSINESS STATISTICS
This examination carries 60% of the total assessment for this subject
Examiner(s): MR. ABC
Day
Date
Time allowed :
Time :
Writing 3 Hours
INSTRUCTION(S):
Students are required to answer ALL questions in the answer booklet provided.
Materials permitted in Examination: Non-programmable scientific calculator
Students are NOT permitted to retain this examination paper.
(This question paper consists of 4 questions in XX printed pages, including cover page)
10
(4 marks)
c. With the aid of diagram briefly explain the Five Number Summary.
(12 marks)
d. How can skewness be determined using the box-plot and using the central tendency
measures? Explain with the aid of diagrams
(5 marks)
Question 2
Are whites more likely to claim bias? It was found that 60% of the workers were white,
30% were black and 10% are other races. Given that a worker was white, the
probability that the worker had claimed bias was 30%. Given that a worker was black,
the probability that the worker had claimed bias was 40%. Given that a worker was
other race, the probability that the worker had claimed bias was 0%.
a. What is the probability that a randomly selected worker had not claimed bias?
(5 marks)
b. What is the probability that a randomly selected worker is white and had claimed
bias?
(5 marks)
c. What is the probability that a randomly selected worker is black and had not
claimed bias?
(5 marks)
d. What is the probability that a randomly selected worker is black and had not
claimed bias or is white and has claimed bias?
(5 marks)
e. What is the probability that a randomly selected worker is not black and had not
claimed bias?
(3 marks)
f. When a randomly selected worker was not white, what is the probability that the
worker had not claimed bias?
(5 marks)
Question 3
A drug company is considering marketing a new local anesthetic. The effective time of
the anesthetic the drug company is currently producing has a normal distribution with
an average of 7.4 minutes with a standard deviation of 1.2 minutes. The chemistry of
the new anesthetic is such that the effective time should be normal with the same
standard deviation, but the mean effective time may be lower. If it is lower, the drug
company will market the new anesthetic; otherwise, they will continue to produce the
older one. A sample of size 36 results in a sample mean of 7.1. A hypothesis test will
be done to help make the decision.
11
(5 marks)
b. What is the critical value for a test with a level of significance of 0.10? Draw
diagram.
(5 marks)
c. What is the value of the test statistic?
(5 marks)
(5 marks)
e. Test the claim if the level of significance had been chosen as 0.05. What is the
conclusion?
(5 marks)
Question 4
Abby Kratz, a market specialist at the market research firm of Saez, Sikes, and Spitz, is
analysing household budget data collected by her firm. Abbys dependent variable is
monthly household expenditures on groceries (in $s) and her independent variable is
annual household income (in $1,000s). Regression analysis of the data yielded the
following tables.
Coefficient Standard Error t Statistic p-value
Intercept 39.14942
22.30182
1.755436 0.109712
x
1.792312
0.407507
4.398234 0.001339
Source
Regression
Residual
Total
df
1
9
10
SS
16850.99
7839.915
24690.91
MS
16850.99
871.1017
F
19.34446
Se = 29.51443
r2 = 0.682478
(2 marks)
b. Under what conditions do you reject H0? Discuss both the traditional and the pvalue approach?
(3 marks)
c. Abbys sample size (n) is?
(2 mark)
(3marks)
e. For a household with $50,000 annual income, Abbys model predicts monthly
grocery expenditures of ____.
(3 marks)
f. Interpret the correlation coefficient value?
(4marks)
(5 marks)
(3 marks)