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ACC 855 - Business Statistics C01

Academic Credit Value:
3 units
Course Delivery Mode:
Virtual Classroom
Hours of Study:
39 hours
Course Prerequisite(s):
N/A
Course Anti-requisite(s):
N/A
Instructor Name:
Mike McEleny
Course Dates:
09/15/2020 - 12/08/2020



Required Course Materials:
Weiers, Ronald, M. Introduction to Business Statistics. Seventh Edition, Thomson South-Western.
Optional Course Materials:
N/A
Course Description:

Students are advised to retain course outlines for future use in support of applications for employment or transfer of credits.
Refer to the Policy & Procedure section for further course and Centre for Continuing Education (CCE) information.
 

 This course will provide students with a general understanding of statistical techniques commonly used in solving business problems and undertaking market research.  Topics include frequency distributions, measures of central tendency, dispersion, probability theory, sampling distributions, hypothesis testing of means and proportions, simple linear regression, correlation analysis, and multiple regression.

Learning Outcomes:
Upon completion of this course, students will:
  1. Apply a working knowledge of the statistical tools used in business
  2. Gather, organize, present and interpret statistical data
  3. Carry out statistical hypothesis tests for means and proportions
  4. Make predictions using simple linear regression
  5. Complete statistical significance tests regarding the linear equation, the slope coefficient, and the correlation coefficient
  6. Make predictions using multiple regression techniques and carry out statistical tests on the equation and the parameters
  7. Interpret statistical outputs from Minitab computer programs.
Course Evaluation
The final grade is calculated based on the following components:

For this course, the only evaluation method is tests and a final exam.

Test 1 30%
Test 2 30%
Final Exam 40%
TOTAL 100%

 

The final examination for all accounting courses will be administered through Examity®, a live remote online proctoring service.  Refer to your course in Avenue to Learn for details.​​​

Course Format:
This course is designed to present the fundamental concepts and theories in Business Statistics and promote the application to the workplace and professional practice. Course activities will include instructor presentations, required readings and experiential learning activities (i.e. case studies, group discussions, projects, etc.).
Assignment Submission:
Course assignments are submitted to the appropriate A2L Assignment folder by the specified due date
Late Coursework:
Late assignments will be subject to a 2% per day late penalty (includes weekends and holidays) for up to seven (7) days. After this date, no assignments will be accepted and a grade of zero (0) will be applied. Extensions for course work must be approved by the instructor before the due date (see Academic Regulations below), and will be granted for illness or emergencies only. Students may be asked to submit supporting documentation for an extension request.  

Policy & Procedures:

Academic Regulations (Attendance, Coursework, Tests/Exams):
In accordance to McMaster University’s General Academic Regulations, “it is imperative that students make every effort to meet the originally scheduled course requirements and it is a student’s responsibility to write examinations as scheduled.” Therefore, all students are expected to attend and complete the specific course requirements (i.e. attendance, assignments, and tests/exams) listed in the course outline on or by the date specified. Students who need to arrange for coursework accommodation, as a result of medical, personal or family reasons, must contact the course instructor within 48 hours of the originally scheduled due date. It is the student’s responsibility to contact the Program Manager to discuss accommodations and procedures related to deferred tests and/or examinations within 48 hours of the originally scheduled test/exam, as per policy. Failure to contact the course instructor, in the case of missed coursework, or the Program Manager, in the case of a missed test/examination, within the specified 48-hour window will result in a grade of zero (0) on the coursework/exam and no further consideration will be granted.

*Note: Supporting documentation will be required but will not ensure approval of accommodation(s).
Academic Integrity
You are expected to exhibit honesty and use ethical behaviour in all aspects of the learning process. Academic credentials you earn are rooted in principles of honesty and academic integrity. Academic dishonesty is to knowingly act or fail to act in a way that results or could result in unearned academic credit or advantage. This behaviour can result in serious consequences, e.g. the grade of zero on an assignment, loss of credit with a notation on the transcript (notation reads: “Grade of F assigned for academic dishonesty”), and/or suspension or expulsion from the university.

It is your responsibility to understand what constitutes academic dishonesty. For information on the various types of academic dishonesty please refer to the Academic Integrity Policy, located at http://www.mcmaster.ca/academicintegrity/

The following illustrates only three forms of academic dishonesty:

  1. Plagiarism, e.g. the submission of work that is not one’s own or for which other credit has been obtained.
  2. Improper collaboration in-group work.
  3. Copying or using unauthorized aids in tests and examinations.
Academic Accommodations:

ACADEMIC ACCOMMODATION OF STUDENTS WITH DISABILITIES

Students with disabilities who require academic accommodation must contact Student Accessibility Services (SAS) at 905-525-9140 ext. 28652 or sas@mcmaster.ca  to make arrangements with a Program Coordinator. For further information, consult McMaster University’s Academic Accommodation of Students with Disabilities policy.

 Academic Accommodation for Religious, Indigenous or Spiritual Observances (RISO)
Students requiring academic accommodation based on religious, indigenous or spiritual observances should follow the procedures set out in the RISO policy. Students will need to contact their instructors as soon as possible to make alternative arrangements for classes, assignments, and other coursework. It is the student’s responsibility to contact McMaster Continuing Education to discuss accommodations related to examinations.
On-line Elements:

Conduct Expectations:

As a McMaster student, you have the right to experience, and the responsibility to demonstrate, respectful and dignified interactions within all of our living, learning and working communities. These expectations are described in the Code of Student Rights & Responsibilities (the “Code”). All students share the responsibility of maintaining a positive environment for the academic and personal growth of all McMaster community members, whether in-person or online.

 It is essential that students be mindful of their interactions online, as the Code remains in effect in virtual learning environments. The Code applies to any interactions that adversely affect, disrupt, or interfere with reasonable participation in University activities. Student disruptions or behaviours that interfere with university functions on online platforms (e.g. use of Avenue 2 Learn, WebEx or Zoom for delivery), will be taken very seriously and will be investigated. Outcomes may include restriction or removal of the involved students’ access to these platforms.

 Copyright and Recording:

Students are advised that lectures, demonstrations, performances, and any other course material provided by an instructor include copyright protected works. The Copyright Act and copyright law protect every original literary, dramatic, musical and artistic work, including lectures by University instructors.

The recording of lectures, tutorials, or other methods of instruction may occur during a course. Recording may be done by either the instructor for the purpose of authorized distribution, or by a student for the purpose of personal study. Students who wish to record sessions need to acquire permission from the instructor. Students should be aware that their voice and/or image may be recorded by others during the class. Please speak with the instructor if this is a concern for you.

Turnitin.com:

In this course, we may be using a web-based service (Turnitin.com) to reveal plagiarism. Students will be expected to submit their work electronically to Turnitin.com and in hard copy so that it can be checked for academic dishonesty. Students who do not wish to submit their work to Turnitin.com must still submit a copy to the instructor. No penalty will be assigned to a student who does not submit work to Turnitin.com. All submitted work is subject to normal verification that standards of academic integrity have been upheld (e.g., on-line search, etc.). To see the Turnitin.com Policy, please go to McMaster Academic Integrity Policy.

Course Changes:

The instructor reserves the right to modify elements of the course and will notify students accordingly.

Extreme Circumstances:

The University reserves the right to change the dates and deadlines for any or all courses in extreme circumstances (e.g., severe weather, labour disruptions, etc.). Changes will be communicated through regular McMaster communication channels, such as McMaster Daily News, A2L and/or McMaster email.

Course Withdrawal Policy:
Policies related to dropping a course and course withdrawals are posted to the McMaster Continuing Education’s program webpage, FAQs & Policies (https://www.mcmastercce.ca/cce-policies#Dropping).
Storm Closure Policy:
In the event of inclement weather, the Centre for Continuing Education will abide by the University’s Storm Closure Policy: https://www.mcmaster.ca/policy/Employee/storm_emergency_policy.pdf, and will only close if the University is closed. All in-class courses, exams and room bookings by internal and external clients will be cancelled if the Centre for Continuing Education is closed. On-line courses will take place as scheduled.
Grading Scale:
 Grade Equivalent
Grade Point
Equivalent Percentages
A+ 12 90-100
A 11 85-89
A- 10 80-84
B+ 9 77-79
B 8 73-76
B- 7 70-72
C+ 6 67-69
C 5 63-66
C- 4 60-62
D+ 3 57-59
D 2 53-56
D- 1 50-52
F 0 0-49
Course Schedule:
 Week Theme

Learning Outcomes
(Students will be able to...)

 Readings Assigned Questions
1 A Preview of Business Statistics
  • Demonstrate understanding of key statistical terms-population, parameter, sample, statistic, descriptive statistics, inferential statistics
  • Construct histograms, polygons, and frequency distributions
  • Construct relative histograms and frequency distributions

Chapter 1: pp.1-14

Chapter 2: pp.15-24

Text problems: 1.3, 1.4, 1.5, 1.15, 1.21

Text problems: 2.1, 2.2, 2.3, 2.4, 2.5,  2.9, 2.10

Two additional courseware problems.

2 Statistical Description of Data
  • Construct  measures of central tendency – arithmetic mean, median, and mode using ungrouped data
  • Classify and interpret skewed right, skewed left, and normal distribution
  • Construct measures of dispersion – range, quartiles, standard deviation, and variance using ungrouped data
  • Construct the arithmetic mean, standard deviation and variance of grouped data

Chapter 3: pp.57-76, 82-86, 91-95

Omit mean absolute deviation

Text problems: 3.3, 3.4, 3.5, 3.11, 3.19 (a and c), 3.20 (a and c), 3.21(a and c), 3.22(a and c),3.40, 3.41 (assume population data), 3.53, 3.56 (a and c), 3.57 (a and c)

Courseware problems: 1, 2

3 Probability
  • Compare classical, relative, and subjective approaches to probability
  • Use contingency tables and Venn diagrams to problem solve
  • Explain addition rule and multiplication rule of probability
  • Contrast mutually exclusive, not mutually exclusive, dependent, and independent events
  • Assess Binomial probability of events using Excel
  • Calculate expected outcome from Discrete Probability Distribution

Chapter 5: pp.133-165.

Omit pp 150-159

Chapter 6: pp. 175-182

Text problems: 5.12, 5.13, 5.15, 5.16, 5.24, 5.25, 5.31, 5.33, 5.38

Text problems: 6.18, 6.19(omit part e), 6.20, 6.21,  6.23,  6.24, 6.25

4 Continuous Probability Distributions
  • Summarize the nature and application of normal distributions
  • Use the standard normal distribution and z-scores to determine probabilities associated with normal distribution

Chapter 7:  pp. 205-223, pp. 237-239

Text problems: 7.1, 7.3, 7.4, 7.19, 7.20, 7.21, 7.22, 7.24, 7.25, 7.27, 7.29, 7.30, 7.32, 7.33, 7.66, 7.68, 7.70  

5 Sampling Distributions
  • Show the basics of sampling distributions

Chapter 8: pp. 244-253.

Test One – This first test will run for 1.5 hours and is worth 25% of the final grade. After a brief break a lecture will take place.

Text problems: 8.7, 8.8, 8.9

6 Sampling Distributions (cont’d)
  • Determine the sampling distribution of the mean
  • Demonstrate how to calculate the sampling distribution of a proportion
  • Explain the central limit theorem and sampling distributions when the population is finite

 Chapter 8: pp. 254-265

Text problems:  8.10, 8.11, 8.14, 8.18, 8.19 ,8.23, 8.25, 8.26, 8.27, 8.35, 8.37, 8.45, 8.47

7 Estimation From Sample Data
  • Differentiate between point estimates and interval estimates
  • Show how to use standard normal distribution in constructing a confidence interval for a mean and a proportion when sigma is known.
  • Analyze when and how to use a “t distribution” in constructing a confidence interval for a population mean
  • Choose how large a sample should be taken in order to estimate a population mean or proportion
  • Examine computer outputs​

Chapter 9: pp.270-299, pp. 301-307

Text problems: 9.1, 9.2, 9.10,  9.13, 9.14, 9.15,9.16, 9.19, 9.20, 9.21, 9.30, 9.31,
9.32, 9.43, 9.46, 9.60, 9.61,
9.62, 9.63, 9.64

Additional problem to be discussed in class.

8 Hypothesis Tests Involving a Sample Mean or Proportion
  • Explain the nature of hypothesis testing
  • Interpret results of hypothesis tests and determine  appropriate business decision
  • Identify errors in hypothesis testing
  • Develop the basic procedures in hypothesis testing
  • Construct one-tailed and two-tailed hypothesis test for the mean when sigma is known and when sigma is unknown
  • Construct and interpret a one-tailed or two-tailed hypothesis test for a proportion
  • Assess the p-value  
  • Evaluate minitab outputs

Chapter 10: 309-326, 328-345, 351-353

Text problems: 10.4, 10.14, 10.18,10.19, 10.20, 10.21, 10.22, 10.23, 10.24, 10.25, 10.26, 10.27, 10.30, 10.31, 10.39, 10.40, 10.41, 10.60, 10.61,10.66, 10.67, 10.68, 10.69

9 Simple Linear Regression
  • Summarize Simple Linear Regression
  • Construct a scatter diagram and plot the least-squares regression line on the diagram
  • Determine the least-squares regression line (the slope and the y-intercept)   

Chapter 15: pp.551-560, pp. 37-42

 

Test Two – This second test will run for 1.5 hours and is worth 25% of final grade. After a brief break a lecture will take place.

Text problems: 15.3, 15.4 15.6, 15.8, 5.9   The instructor will briefly comment on the minitab output shown in the solution to question 9 (method 2).

The instructor will discuss 15.6

10 Simple Linear Regression (continued)
  • Determine and interpret the coefficient of correlation and the coefficient of determination
  • Carry out statistical hypothesis tests involving the slope and the regression line
  • Conduct a statistical hypothesis test involving the correlation coefficient
  • Examine and interpret statistical Minitab outputs
  • Identify and understand Multicollinearity through correlation matrix and Homoscedasticity through residuals 

Chapter 15: pp.558-575

Text problems:   15.10, 15.21 (a and b only), 15.33, 15.37, 15.38, 15.39, 15.50 (a and b only), 15.49 ( a and b only)

Minitab outputs have been provided in the courseware for problems 15.10, 15.37, 15.38, and 15.39.  You are to use the provided outputs to solve these problems.  The Minitab outputs should have been provided in the questions given in the text.

Additional  problem—see courseware.  Minitab output has been provided for this problem.

The instructor will be discussing the outputs.

11 Multiple Regression and Correlation  
  • Interpret the multiple regression equation from statistical outputs
  • Validate the significance of the regression equation using a F statistic
  • Test the partial regression coefficients using t tests
  • Understand and use p-values to draw statistical conclusions
  • Understand  multiple regression computer outputs

Chapter 16: pp.600-609, pp.615-620,
pp. 621-624, pp.635-637

 

Text problems:
16.8,  16.11 , 16.12 , 16.13, 16.15,  16.29 (a, b and c),  16.30(a, b ,c) , 16.32, 16.38, 16.44(a, b ,c)

Note:  Minitab outputs have been provided in the courseware for problems   

16.11,16.12,16.13, 16.15 16.29, 16.30, 16.32, 16.38, 16.44 ,16.32, and 16.44

Minitab outputs will be provided for exam purposes.

12 Multiple Regression(continued)
  • Complete multiple regression
  • Review material for comprehensive final exam
   
 13

 
  • Comprehensive final exam (40% of final grade).