Introduction to Statistical Theory in Economics and Business

COURSE DESCRIPTION:
The course is designed to provide students with a background in basic statistics with a focus on business applications. Students are introduced to probability theory and probability distributions, sampling, hypothesis testing, analysis of variance, regression and decision theory. Despite the application-oriented learning that is emphasized in this course, students have sometimes questioned the extent to which the concepts they learn would be useful. Incorporating service learning into this course would enable students to effectively relate the concepts they learn to the world around them. This would increase their understanding of statistical concepts and sharpen their problem-solving skills.

The community has expressed a need for statistical analysis of data. Agencies such as the Richmond Chamber of Commerce, the Small Business Development Corporation, and the Economic Development Corporation of Wayne County undertake projects for the community which involve research design, sampling and data analysis. They conduct wage and employment surveys, as well as general attitude/opinion surveys designed to provide feedback to decision makers regarding location of business or other facilities, and spending priorities for the community, etc. They need volunteer support especially with regard to data analysis. Student involvement in such community projects would be mutually beneficial to both the agencies and the students.

Students may work individually, or in teams, for 8 hours during the semester on a project for one of these agencies. They will be involved in one of the following: research methods, sampling design and data analysis . Assignments used to facilitate and assess the learning process include: 1) a brief summary or outline of the project undertaken and its objectives, 2) a proposed action plan; this may include research design, sampling method chosen or a prepared questionnaire, along with the justification for the chosen method or design, 3) a critical reflection paper on the service-learning component to be prepared by each student, 4) a written document summarizing the results of the project and 5) a presentation of the results and implications of the study to be presented to the class and the agency involved.

COURSE OBJECTIVES:

Specific:
a) To give an introduction to descriptive statistics, probability, probability distributions and sampling.
b) To enable students to use tests of hypotheses, analysis of variance, regression and correlation in business applications.
c) To provide practical experience in applying statistical concepts to solve problems in the real world through individual and group projects designed to benefit both students and the local community.

General:
a) To improve learning skills through regular study habits,
b) To improve business communication skills through computer assignments, writing assignments, and oral presentations,
c) To improve conceptual, analytical and computational abilities
d) To improve problem-solving abilities in all areas of life, using a team approach,
e) To motivate students to learn more effectively and enjoy learning.