Loyola University Chicago

John Felice Rome Center

ISOM 241 Business Statistics

Fall 2016

Instructor: Massimo Molinari, Ph.D. Office: 116                     Email: mmolinari@luc.edu Office Hours: by appointment.

 

BUSINESS STATISTICS – ISOM 241 – A01

Fall Semester 2016, T 6:30 PM - Room TBD

 

Course Objectives and Learning Outcomes

 

Learning Objectives:

The primary goal of the course is to help students understand how the methods of statistics can be applied

successfully to decision-making processes under uncertainty. This is accomplished by introducing students to the subjects of data collection, data summary, basic probability concepts, normal distribution, sampling, and drawing conclusions about large populations based on information obtained from samples. The techniques of estimation, hypothesis testing and regression are used for making inferences.

 

Students completing this course should be able to:

 

  •  Generate, modify and interpret qualitative and quantitative data graphically and numerically.
  •  Develop and understand statistical models used to make decisions under uncertainty.
    •  Understand how quantitative and qualitative analysis is used to help businesses make ethical and better decisions in the face of uncertainty.

 

Skills Objectives:

 

Students completing ISOM 241 should be able to:

 

 

Qualitative Quantitative and Qualitative Analysis:

 

  •  Represent and interpret quantitative information symbolically, graphically, numerically, verbally, and in written form.
  •  Recognize the limitations of mathematical and statistical models.
    •  Develop an understanding of the rudiments of statistics, including sampling and hypothesis testing, and the uses of statistical reasoning in everyday life.

 

 

 

Critical Thinking Skills and Dispositions

 

  •  Analyze relationships among statements, questions, concepts, descriptions, or other forms of representation intended to express beliefs, judgments, experience, reasons, information, or opinions.
  •  Generate new ideas, hypotheses, opinions, theories, questions, and proposals; and develop strategies for seeking and synthesizing information to support an argument, make a decision, or resolve a problem.

 

Required Materials

 

Required Text

 

Lind, D.A., W.G. Marchal and S.A. Wathen, Basic Statistics for Business and Economics, 8th Edition, McGraw-Hill/Irwin

 

 

 

 

Course Requirements and Grading Criteria

 

 

 

1. Exams


Percentages     Points

 

First Midterm Exam                                       30%              30

Second Midterm Exam                                  30%             30

Final Exam                                                    35%             35

 

2. Homework*                                                  5%              5*

100%            100

 

Your final course grade will be determined by adding together the points you earn from each of the course requirements.

 

Two exams and a Final exam will be given during the semester. These exams will be in-class and closed book exams.  You are required to take exams during the time specified for this section. Mark your calendar today to make sure that you do not have any conflicts with any of the exams! There are no makeup exams.  Exception will be made under unusual circumstances only if the student has obtained prior permission from the instructor.

 

Homework assignments will be collected at the beginning of class on their due date. No late homework assignments will be accepted.  *The overall homework points will be translated to a 5 point scale after all homework has been graded.

 

 

 

Course Grading Scale

 

A          100.00-92.50% A-       92.49-90.00

B+         89.99-87.50

B           87.49-82.50

B-          82.49-80.00

C+         79.99-77.50

C           77.49-72.50

C-          72.49-70.00

D+         69.99-67.50

D           67.49-60.00

F            59.99 and below

 

BUSINESS STATISTICS - Weekly Course Outline

 

Cla

 

T

ss & Date

 

Week 1

Topic & Assignment/Readings

 

Introduction: What is Statistics? Describing Data:

 

 

Frequency Distributions and Graphic Presentation

CH1

 

T

 

Week 2

 

Describing Data: Numerical Measures

CH2 + CH3

 

T

 

Week 3

 

Describing Data: Displaying and Exploring Data

CH4

 

T

 

Week 4

 

A Survey of Probability Concepts + Discrete Probability Distributions

CH5 + CH6

 

T

 

Week 5

 

Continuous Probability Distributions

CH7

 

T

 

Week 6

 

FIRST MIDTERM EXAM

 

Fall Semester Break

 

T

Week 7

Sampling Methods and the Central Limit Theorem

CH8

 

T

 

Week 8

 

Estimation and Confidence Intervals

CH9

 

T

 

Week 9

 

One-Sample Tests of Hypothesis

CH10

 

T

 

Week 10

 

Two-sample Tests of Hypothesis

CH11 + CH 12

 

T

 

Week 11

 

SECOND MIDTERM EXAM

 

T

 

Week 12

 

Linear Regression and Correlation

CH 13

 

T

 

Week 13

 

Multiple Regression Analysis

CH14

 

T

 

Week 14

 

FINAL EXAM

Please note that this is a tentative schedule. This class may occasionally deviate from the course outline above.

The instructor reserves the right to make changes as needed to the course syllabus.

Attendance

Class attendance and participation are fundamental components of learning, so punctual attendance at all

 classes, for the full class meeting period, is expected of students.