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The Normal Curve and Introduction to the Central Limit Theorem
- Define what is meant by sampling error.
- Develop an intuitive understanding of the Central Limit Theorem.
- Describe the characteristics of the normal curve.
- Use a normal table to compute basic probabilities.
- Explain that the random X variable is normal.
- Create and interpret confidence intervals for a population mean.
- Summarize the elements of hypothesis testing.
- Interpret data analysis results to reach conclusions.
Introduction to Statistics
- Explain the role of statistics in decision making.
- Identify the difference between population and sample.
- Explain the notion of sampling.
- Differentiate between quantitative and qualitative data and levels of data measurement.
- Evaluate tables and charts which organize and display quantitative and qualitative business data.
- Interpret numerical business data using measures of central tendency (mean, median, and mode) and variability.
- Define quartiles and box-and-whisker plots to summarize key characteristics of data.
Basic Probability and Random Variables
- Differentiate between discrete, continuous, and conditional probability.
- Apply probabilities to support business decision making.
- Describe a random variable and its characteristics.
- Create and interpret probability distributions.
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