This course aims at exposing students to business statistics. The statistics techniques and models are intended to help them solve business problems in other disciplines of their study. The course seeks to increase students’ rigor in quantitative approaches to solving business problems in theory and in practice. The course weight is 3 units, and there shall be 3hours lecture in a week(45hours lecture in a semester) and 2hours tutorial in a week(30hours tutorial in a semester) as mode of course delivery. Students shall continuously be assessed there level of understanding through provision of two(2) closed tests and two Assignments, one being individual and the other as group assignment.
Course Objectives: At the end of the course students are expected to demonstrate their competence by being able to:
i Understand various mathematical and statistical techniques and models.
ii Applying mathematical and statistical techniques and models in solving managerial and busi- ness problems.
1 Course Content Introduction to Statistics (5 hours)
Definition of statistics, The use and misuse of statistics, Sources of statistics data in Tanzania
Data collection methods and tools: Data collection methods, Primary methods, Survey meth- ods, Secondary methods, Data collection tools, Interview guides/schedules, Questionnaires
Presentation of statistical data: Tables, Frequency Distribution, Cumulative Frequency Distri-
butions, Graphs; Histograms, Bar-Charts, pie-Charts, Cumulative Frequency Diagrams (ogives), Stem and leaf diagrams
Measures of Central Tendency and Dispersion (5 hours)
Measures of Central Tendency: (i)The arithmetic mean: (ii)The median, (iii)The mode (iv)The Geometric and harmonic mean
Measures of dispersion (or variation): (i)Range (ii)Quartile deviation (iii)Mean deviation (iv)Variance (v)Standard deviation, (vi)Coefficient of variation
Regression Analysis: Simple regression analysis, Estimation of regression Coefficients and Fore- casting with simple regression.
Relationship between regression and correlation, coefficients in simple regression.
Introduction to multiple regression analysis, Business applications of regression and correlation
analysis.
Probability Theory and Random Variables (5 hours)
The concept of probability
The basic laws of probability: Addition rule, Complementation, Multiplication rule, Condi- tional probability rules, Total/Marginal Probability, Baye’s Theorem
The concept of statistical random variable.
2 Types of random variables; Discrete, continuous.
Probability distribution of a random variable, Joint probability distribution of random vari-
ables, Mathematical expectations of random variables.
Special Probability Distributions (5 hours)
The binomial Distribution
The Normal Distribution
The Poison Distribution
Other probability distributions; the Uniform distribution, the exponential distribution, etc.
Statistical Estimation Theory (8 hours)
The need of statistical estimates - Estimation of population, parameters
The need for sampling in estimation theory.
Sampling methods; random sampling, proportional allocation, optimal allocation.
Statistical estimators and estimates: Estimator of population mean, Estimation of population
variance.
Empirical sampling distributions; the central Limit Theorem.
Calculation and interpretation of confidence intervals of population mean for both large and small samples.
Statistical Hypothesis Testing(8 hours)
Formulation of statistical hypothesis
Steps in testing a statistical hypothesis
Related concepts, Type I, type II errors/risks, one-sided test and two-sided test, and the Operating Characteristic (OC) curve.
Statistical hypothesis testing for both large and small samples - business and management applications.
3 Application of Statistical Packages of Software(4 hours)
Using practically statistical packages such as SPSS for data analysis (preparation of question- naire ready for data entry (coding)
Preparation of SPSS template ready for data entry, data entry, data analysis such as analysis of frequency including cross tabulations
Correlations and regression analysis together with interpretations.
Using SPSS output in report writing.
COURSE EVALUATION The student’s evaluation shall be carried out as it is stipulated in the table hereunder:
Type of assessment Weight Due date
Assignment 1(Individual) 10% 5th week Test 1 15% 7th week Assignment 2(Group) 10% 10th week Test 2 15% 12th week The university exams 50% To be notified
Reading Books Weiers, R. M (1994). Introduction to Business Statistics.2nded. Forth Worth, Dryden Press Sharpe, N. R. Richard, D.D and Paul, F. V (2011). Business statistics: a first course. Boston: Addison Wesley Groebner, D. F., Shannon, P. W., Fry, P. C., & Smith, K. D. (2011). Business statistics: A decision making approach. Prentice Hall/Pearson Ndunguru, P.C. (2001). Basic concept of probability theory Lipschutz, S. (1968). Theory and Problems of Probability, Schaum’s outline series. McGraw-Hill Book Company James, T. M., George, P, B and Terry, S (2005).Statistics for Business and Economics. New Jersey: Pearson Prentice Hall Berenson, M. L, David, M.L and Timoth, C.K (2001). Basic Business statistics concepts and appli- cations, 8th ed. Upper Sandle: River Prentice Hall
4 Aczel, A.D. and Sounderpandian, J (2009). Complete Business Statistics. 7th ed. Boston:McGrwa- Hill Irwin Kitchens, L.J.(2003). Basic Statistics and data analysis. South Melbourne Thomson Learning Kvanli, H. A.(2006). Consice managerial statistics,Southbank. South-Western Thomson Learning
