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Probability Concepts and Probability Distributions
- Analyze different approaches to assigning probability.
- Identify the different probability distributions.
- Contrast the difference between discrete and continuous random variables.
- Evaluate the mean and variance of probability distributions.
- Summarize the role and application of the binomial distribution.
- Explain probability and why it is useful in making business decisions.
Sampling Distribution and Confidence Interval Estimation
- Apply normal distribution to calculate probabilities and expected values.
- Analyze normal distribution to find probabilities and determining values.
- Evaluate confidence interval estimation of means and proportions.
- Describe confidence interval estimation of means and proportions.
- Define a hypothesis.
- Apply the six-step process for testing a hypothesis.
- Understand the difference between a one-tailed and two-tailed test of significance.
- Interpret results using the p-value approach.
- Test hypotheses for means (sigma known and unknown).
Meaning of Statistics and Graphical Techniques
- Examine the role of statistics and how they are useful for making managerial decisions.
- Employ key research and statistical concepts â population versus sample, descriptive statistics versus inferential statistics, parameter versus sample statistic, categorical and continuous variables, levels of measurement, and qualitative versus quantitative data.
- Contrast the various probability and non-probability sampling methods.
- Evaluate tables and charts that organize and display quantitative versus qualitative business data.
Describing Data Using Numerical Techniques
- Discuss various measures of central tendency â mean, median, and mode.
- Employ various measures of variation â range, variance, and standard deviation.
- Examine skewness of a distribution.
- Interpret percentiles, quartiles, and the five-number summary.
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