Fundamentals of Business Statistics - Summer 2007 - Online Course


Table of Contents

  1. Start Here
  2. Communication
  3. Syllabus
  4. Lecture Notes
  5. Multimedia Lectures
  6. Quizzes and Examinations
  7. Glossary
  8. Additional Problems

Start Here

Communication

E-mail: mshanker@kent.edu (preferred)
IM: mis24056
Phone: 2-1165
Office: A401 BSA
Web: http://www.personal.kent.edu/~mshanker

Lecture Notes

Slides for all lectures in powerpoint format, or pdf format. 

Multimedia Lectures

The lectures under the Audio/Video section were recorded in class during the Fall 2006 semester. As such, you will hear both my lecture, and sometimes, students' questions and responses during the lecture.
Lecture Notes Audio/Video Notes

First Day

Chapter 1

 (pdf)
Introduction An introduction to Statistical Concepts, and how we test theories. Specifically, we introduce the concepts of Null and Alternative hypothesis, and discuss under what circumstances we choose one over the other.
Type I and II Today, we discussed errors in decision making. We saw the difference between Type I (α) and Type II (β) errors. An example was used to illustrate how the decision rule affects these errors. We concluded by examining the concept of p-values. We will continue this discussion in the next lecture. 
P-Values In today's lecture, we discussed p-values. We saw that once p-values were calculated, we could decide on which hypothesis to conclude by comparing it to the type I error. This lecture concludes the overview on the decision making process. That is, we discussed how to set up the hypothesis, collect data, analyze the results, and come to a conclusion. We will continue our discussion with sampling.
Sampling Today, we discussed sampling, and the importance of collecting good data. We discussed four different probability sampling methods: Simple random sampling, stratified sampling, cluster sampling, and systematic sampling. We also discussed Qualitative and Quantitative data. 

Chapter 3

 (pdf)
Measures of Location Today, we saw different measures of summarizing data. We discussed measures of location like mean, median, and mode. We saw the need to define and look at data in different ways. 
Measures of Variation Today, we continued our discussion on measures of location, percentiles, and started measures of variation. Specifically, we saw Range, Interquartile Range (IQR), Variance and Standard Deviation. We discussed limiations of the range, and IQR, and started discussing Variance.
Standardization Today, we completed chapter 3 by talking about Standard Deviation, and Coefficient of Variation. We also discussed linear transformations, and a special case, standardization.

Exam 1 Review

Review

Exam 1

Chapter 4

 (pdf)
Probability Distributions Today, we discussed random variables, and probability distributions. We saw examples of discrete distributions, and started discussing the Normal distribution.
Normal Distribution Today, we continued our discussion on random variables, and specifically, continuous random variables. We started our discussion on Normal Distribution. Specifically, we saw the properties of the Normal distribution, and how to convert to Standard Normal, and then use the tables to determine probabilities.
Normal Distributions (Cont.) We continued our discussion on the Normal Distribution. 

Chaper 6 

(pdf)
Sampling Distributions Today's lecture, or at least I tried to, was on Sampling Distributions. The idea behind sampling distributions is to understand the behavior of the sample mean. By doing that, we can then be able to predict the population mean more accurately. As an exercise, I asked each group to calculate the population mean (N=8). I then asked each group to take samples of size n=7, and for each sample, calculate the sample mean. You should have observed the following results:

The average of the sample means, i.e., E(Xbar) = μ, the population mean. In the next class, we will talk about other properties of the sampling distribution of the sample mean.
Sampling Distributions (Cont.)

We continued our discussion on sampling distributions. We saw four important points:

  1. The average of all the sample means is equal to the population mean μ. That is, E(Xbar) = μ
  2. The variance of the sample mean is equal to the variance of the population divided by the sample size. That is, σ2xbar= σ2/n.
  3. When the population is normally distributed, the sample mean distribution is also normal. That is, if X ~ N, Xbar ~ N.
  4. When we don't know the distribution of the population, the distribution of the sample mean is approximately normally distributed for large sample sizes. This is called the central limit theorem.
Estimators

We finished our discussion of sampling discussions by discussing properties of estimators.

  • An estimator is unbiased if on average the value of the estimator is equal to the parameter it is estimating.
  • An estimator is consistent if the larger the sample size, the closer is the value of the estimator to the parameter it is estimating.
  • An estimator is efficient, if it has the smallest variance among other unbiased estimators.

Exam 2 Review

Review

Exam 2

Chapter 7

 (pdf)
Interval Estimation Today's topic was on interval estimation. Specifically, we talked about confidence intervals. We made assumptions on the distributional form, and that we knew σ. In the next class, we will relax some of these assumptions.
Confidence Intervals We continued our discussion on confidence intervals, and introduced the t distribution. The t distribution is used when we don't have the population standard deviation, and instead use the sample standard deviation s. All other assumptions remain in calculating the confidence intervals. 
Confidence Intervals (Cont.) We finished our discussion of confidence intervals by talking about one-sided intervals. We saw examples using both the T and the standard-normal tables.

Chapter 8

 (pdf)
Hypothesis Testing Today, we started our discussion on Hypothesis Testing. We saw the three types of hypothesis, and definition of rejection region, critical values, and p-values.
Hypothesis Testing (Cont.) We complete our discussion on hypothesis testing here.

Exam 3 Review

Review: Hypothesis Testing
Review: Confidence Intervals

Exam 3

Chapter 13

 (pdf)
Linear Regression We started our discussion on Linear Regression and Correlation. We saw examples of scatter plots, and correlation coefficients.
Linear Regression (Cont.) We continued our discussion on Linear Regression  and Correlation. We saw that the linear regression models are generally valid only for the range of data observed.
Linear Regression (Cont.) We conclude Linear Regression and Correlation in this chapter

Final Review

Final Review The Lecture here refers to Sample Exam 4, which is available on Vista.

Exam 4

Exam 5


Quizzes and Examinations

Test Chapters 
Quiz 1 1
Quiz 2 3
Exam 1 1, 3
Quiz 3 4
Quiz 4 5
Quiz 5 6
Exam 2 1, 3-6
Quiz 6 7
Quiz 7 8
Exam 3 1, 3-8
Quiz 8 13
Quiz 9 14
Exam 4 1, 3-8, 13-14
Exam 5 1, 3-8, 13-14

Additional Problems

Here are some additional problems with their answers. As these problems were taken from a different book, chapter headings don't correspond to your book. Just use the content to guide you.