FLORIDA INTERNATIONAL UNIVERSITY

COURSE SYLLABUS APPLICATION OF QUANTITATIVE METHODS IN BUSINESS QMB3200-RVAA-RPC-1125

GENERAL INFORMATION IMPORTANT INFORMATION COURSE DETAIL COURSE CALENDAR

GENERAL INFORMATION
PROFESSOR INFORMATION Instructor: Office: Office Hours: Prof. Stylianos Drakatos, Ph.D.,PMP N/A By appointment Phone: Fax: E-mail: (305) 348-2830 (305)348-4126 drakatos@fiu.edu 48 hour response time (Excluding weekends)

COURSE DESCRIPTION AND PURPOSE "Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write." -H. G. Wells Please read this syllabus in its entirety. It is important that you understand what is required in this course and the unique process of inquiry that you will undertake to learn Statistics this semester. First, why do you need to study statistics? This class is the second Statistics course in the Florida International University business curriculum. It is a prerequisite for other courses such as Operations Management (MAN4504). So, this course is between you and your diploma. That's one reason. But, there are other practical reasons too. Accounting uses statistical methods to select samples for auditing purposes and to understand the cost drivers in cost accounting. Finance uses statistical methods to choose between alternative portfolio investments and to track trends in financial measures overtime. Operations Management uses statistical methods to improve the quality of the products manufactured or the services delivered by an organization. Marketing uses statistical methods to estimate the proportion of customers who prefer one product to another and why they do and to draw conclusions about what advertising strategy might be most useful in increasing sales of a product. The ability to convert data into information and information into good decisions is a skill that will serve you long after you leave the University! This should be the real reason you are here.

COURSE OBJECTIVES Following this course, students will be able to:

1. Accurately describe various business processes and phenomena using numbers and statistical nomenclature.

2. 3. 4. 5. 6. 7.

We call this Descriptive Statistics. Determine the probability of something happening given certain information. Describe the various distributions that can be used to represent what happens around us in the world. Infer from empirical data the likelihood of something happening as well as stating how confident you are that it will happen. We call this Inferential Statistics. Demonstrate understanding of and the ability to discuss these statistical concepts in your in-class presentations. Think critically about data. Select and use graphical and numerical summaries. Apply standard statistical inference procedures. Draw conclusions from such analyses. Explain data variability and its impact on decision making.

MAJOR & CURRICULUM OBJECTIVES TARGETED At this time, the professor has not requested the insertion of any information into this section. Please contact the professor directly if you have any questions.

TEACHING METHODOLOGY Readings, lectures, discussion and homework assignments. Theories will be presented and illustrative examples will be reviewed and discussed in class. As most of our learning is accomplished by theory, experimentation, and illustrative examples, students will be given assignments continuously during the semester, having to dedicate a considerable amount of time to them.

ASSURANCE OF LEARNING The College of Business cares about the quality of your education. More on the College's commitment to Assurance of Learning can be found at the following link: http://businessonline.fiu.edu/course addons/Learning Commitment.pdf

IMPORTANT INFORMATION
POLICIES Please review the policies page as it contains essential information regarding guidelines relevant to all courses at FIU and additional information on the standards for acceptable netiquette important for online courses.

ADDITIONAL TECHNICAL REQUIREMENTS/SKILLS At this time, the professor has not requested the insertion of any information into this section. Please contact the professor directly if you have any questions.

ACCESSIBILITY AND ACCOMODATION For more information about Blackboard's Accessibility Commitment, click here

COURSE PREREQUISITES

STA 2023 or equivalent. For information about prerequisites, click here.

TEXTBOOK
Required Text: Essentials of Business Statistics, 4th Edition Bruce L. Bowerman, Miami University of Ohio Richard T. O'Connell, Miami University of Ohio Emily S. Murphree, Miami University of Ohio J. B. Orris, Butler University McGraw- Hill/Irwin (2011) ISBN: 9780073401829 ISBN: 007340182X Click here to buy your textbook online at the FIU Bookstore.

EXPECTATIONS OF THIS COURSE This is an online course, meaning that most of the course work will be conducted online. Expectations for performance in an online course are the same as for a traditional course; in fact, online courses require a degree of self-motivation, self-discipline, and technology skills that can make them more demanding for some students. Fully online courses are not independent study courses. You will be expected to interact online with the professor and your fellow students; to do assignments; to meet deadlines; and in many classes, to work in virtual groups. In some fully online courses, you may be required to come to campus to take midterms and exams, but in most, you will take your tests online.

COURSE DETAILS
COURSE COMMUNICATION Communication in this course will take place via messages. The message feature is a private, internal Blackboard only communication system. Users must log on to the blackboard system to send/receive/read messages. The messages tool is located on the course menu on the left side of the page. There are no notifications in Blackboard to inform users when a new message has been received; therefore, it is recommended that students check their messages routinely to ensure up-to-date communication.

DISCUSSION FORUMS There will be a discussion question posted periodically by the instructor for course modules on the course Discussion Forum. Participation in the discussions is encouraged and will be factored into your score. Keep in mind that forum discussions are public, and care should be taken when determining what to post.

QUIZZES In ordor to mitigate any issues with your computor and online assesments, it is very important that you take the

"Practice Quiz" from each computer you will be using to take your graded quizzes and exams. It is your responsibility to make sure your computer meets the minimum hardware requirements. Internet Resources on Statistical Education: http://www.amstat.org/publications/jse/ http://www.dartmouth.edu/~chance/ChanceLecture/AudioVideo.html Exam instructions: 25 Questions (A combinations of T/F and Multiple choice) Please be sure to mark only one answer for each question. Multiple answers will be considered wrong, as will answers left blank. You should choose the best answer for each question. The questions are both based on the class theoretical topics and a number of them are mathematical calculations, a very simple calculator is required.

TIPS Professor's special tips came across in earlier semesters Statistics -Don't fool yourself into thinking that you can get by without working at it and by just knowing the Greek alphabet; you will only get yourself into more trouble than you can climb out of. Tip 1: Must do the homework exercises and the on-line quizzes. You can't learn to play the piano without practicing scales. You can't make the football team without running wind-sprints. You can't learn to paint without painting stilllives. Statistics is no different. The homework exercises will train your mind and sharpen your intuition. So do the work; it will pay off in the end. Tip 2: Statistics books are meant to be read slowly. The technique of speed reading should never be used when readings a statistics text. Read slowly and when you encounter a new concept, do not expect to understand it on the first reading, no matter how carefully you read it. You should go over each difficult paragraph several times. If you are still uncomfortable with it, read ahead a page or so, then come back to the difficult passage. Remember that statistics books are meant to be read with paper and pencil in hand. Use the paper and pencil to work through any steps that the book doesn't include. Tip 3: Always use a pencil to do statistics homework (and exams). Never try to do statistics in ink since you will make mistakes. Everybody does so be equipped to clean them up. If you like mechanical pencils, great. If you prefer the old wooden kind, then sharpen several of them before you start your homework. Make sure you have a clean, usable eraser as well. Although neatness might not get you extra points, it does help keep you from confusion. Keep your work organized. Skip a line (or even two) between each row of written calculations. You'll surprise yourself at how much easier it is to follow your own work when it's not so densely packed onto the page. Also, you must become familiar with yourTI-83 calculator. It is essential. Tip 4: Your greatest assets are in the class with you. Your classmates are all in the same boat. Organize a study group of three to five and try to coax at least a top student in the class into your group. Try to meet at least once per week so you can work together on homework and compare lecture notes. You do not want to be in the group that works on statistics between beers and Monday Night Football. Choose as your group-mates those who have a serious attitude. When you form the group, it might be a good idea to inform me that you have done so and who the members are since that will explain why all of you turn in the same wrong answer on a particular assignment. Tip 5: In your group activity, take turns. See if you can find a room with a chalkboard. Have one person get up and do a problem on the board, explaining what he or she is doing as the problem unfolds. If the person on the board gets stuck,

the others in the group should try to provide hints or ask the person at the board leading questions. If the person at the board is doing fine, the others in the group should challenge him or her. Make the problem-doer justify each step orally. If anybody in the group does not understand a step, the person at the board must explain it to his or her satisfaction. When one person is done with a problem, somebody else gets up and does the next one on the board. Everyone should participate. Tip 6: You will be tested as an individual. Despite the helpfulness of your group activities, in the end your ability to solve problems will determine your grade. So, following your group get-togethers, you should solve a few exercises by yourself don't just sit there looking at your team members. Tip 7: Try to see more than just procedures. Learn the concepts in each chapter and the definitions, and then the procedures will seem obvious. Try to have some fun with it. Humanity invented statistics largely because it is fascinating. Be fascinated. Tip 8: Make this course a priority. If you follow the above tips, you will be successful. Remember, you need to pass this class. Tip 9: The professor's chapter special notes posted on the class content should be your study guide. Always read and practice first with these notes since they also include exam questions and hints.

PARTICIPATION By registering for a web-based course, you have made a commitment to participate in your course online activities regularly. Participation in this course is defined as proactive discussion in weekly conferences and discussion questions. This requires you to actively reflect on weekly readings and to develop original ideas in your responses. You are expected to demonstrate critical thinking and your understanding of the content in the assigned readings as they relate to the issues identified in the discussion. You are expected to make your own contributions in the main topic as well as respond with value-added comments to at least two of your classmates. You are encouraged to respond to other students as well as to your instructor. You will note in the grading policy that your online participation counts significantly toward your final grade. Setting up a work team is highly recommended. All students are required to participate in a class team. The selection of the team members is their choice, no instructor involvement.

GRADING

COURSE REQUIREMENTS Homework assignments are not collected due to the size of the class. The homework solutions are provided in the course content. But you MUST do them if you want to pass the class Midterm Exam Second Exam (Final)
Class participation defined by: The frequency and quality of posting on the discussion forum. The number of presented questions by the student and the number of answered questions posted by other students

WEIGHT 0% 45% 45%

10%

Team members- all students are required to participate in a class team. The selection of the team members is their choice, no professor involvement. Must form a team as soon as possible so that we can set up private (team) discussion forums. Team should be formed within the first week. Total Some of the ways to get the full participation points: 1. Significantly improve one of the professor's chapter special notes 2. Assist the whole class by posting solutions (or explanations) to other students questions 3. Active participation

100%

LETTER GRADE A AB+ B

RANGE 95-100 90-94 87-89 84-86

LETTER GRADE BC+

RANGE 80- 83 77-79 74-76 70-73

LETTER GRADE D+ D DF

RANGE 67-69 64-66 60-63 0-59

c
c-

COURSE CALENDAR
SESSION 1 Monday, May 7th Class Introduction and general remarks Review of basic statistical concepts Module Learning Objectives: Understand the class teaching methodology and study guide Know the three rules to get an "A" in this class Know the probability distribution models used for the discrete events Distinguish between Descriptive and Inferential Statistics Be able to explain the basics regarding experiments, samples and populations Know how to calculate the Central Tendency and Standard Deviation

Topics & Reading: Primary text: Review chapters 1,2,3,4 and 5 which are the prerequisites chapters for this class. Assignments: Studies the car mileage case example 1.3 and use the data given to practice calculating both the average and standard deviation we will be using this case throughout the class.

SESSION 2 Wednesday, May 9th Review the discrete random variables Module Learning Objectives:

Understand what a discrete random variable and discrete random event is Be able to present and explain a discrete event Know the probability distribution models used for the discrete events Understand and know how to use the binary systems and the Binomial distribution. Be able to describe and know when the Poisson distribution is used (i.e., Finance industry, airplanes landing frequency)

Topics & Reading: -Primary text: Chapter 5: Review Discrete Random Variables -Focus on the Binomial Distribution section and just know when the Poisson distribution is used. Skip the Hypergeometric Distribution. Make sure first you read very well the special class lectures for this chapter, namely the discrete variables lectures Assignments: Exercises to practice with: 5.20, 5.21, 5.22, 5.23, 5.24, and 5.25 Homework assignment is not to be collected and is only for your practicing with the learning objectives. Notice that the solutions are provided in the course content.

SESSION 3 Monday, May 14th

Continuous variables -The Normal Distribution Module Learning Objectives: Fully understand the difference between discrete and continuous variables Know how to use the normal distribution to calculate probabilities without the use of mathematical formulas Practice and appreciate the geometry of the Normal Distribution (also named Bell Shaped, Gaussian) as this is the most important of all other probability distributions and it will be used for all remaining chapters Be familiar with the exponential distribution and its relationship with the Poisson distribution. * Understand how we can approximate the binomial distribution by using the Normal distribution Topics & Reading: Primary text: Chapter 6 - Continuous Random Variables -Focus on the Binomial Distribution section and lightly on the Uniform Distribution -Do make sure you know how to use the tables shown in this chapter. -Practice with all examples shown in this chapter (i.e., The Car Mileage Case) -Read and understand the section for the Exponential Distribution -Binomial distribution approximation by using the Normal distribution Make sure first you read very well the special class lectures for this chapter, namely the continuous variables lectures Assignments: Exercises to practice with by key sections: 6.1 -6.5, and 6.6

6.18-6.27
6.29-6.37 6.42,6.43,6.45a, and 6.47 * All homework assignment is not to be collected and is only for your practicing with the learning objectives. Notice that the solutions are provided in the course content. * Always try to solve as many homework exercises as possible and the best ways to do this is by teaming up with your peers.

SESSION 4 Wednesday, May 16th

Continuous variables -The Normal Distribution (Continued) Just continue working on this topic of the normal distribution which is the most important (core) topic for all statistics

SESSION 5 Monday, May 21st

Sampling and Sampling Distributions Module Learning Objectives: Understand the signals characteristics Become knowledgeable about the mathematical analysis for time and frequency domains Signal analysis Fourier transforms Mobile radio propagation Modulation techniques

Topics & Reading: Primary text: Chapter 07- Sampling and Sampling Distributions -Random sampling -The sampling distribution of the sample Mean -Read and understand example 7.2, 7.3 the car mileage case -The Central Limit Theorem - must understand it and apply it -Skip the section 7.3 which refers to sample proportion -Skip section 7.4 on Stratified random, cluster and systematic sampling -Skip section 7.5 on Surveys and Errors in Survey - Practice with the Total Quality Management (TQM) file in the course content Make sure first you read very well the special class lectures for this chapter, namely the sampling distributions lecture notes Assignments: Exercises to practice with by key sections: 7.1 7.9,7.18 6.29-6.37 6.42, 6.43, 6.45a, 6.47

SESSION 6 Wednesday, May 23rd

Sampling and Sampling Distributions (Continued)

SESSION 7 Monday, May 28th

Memorial Day Holiday No classes

SESSION 8 Wednesday, May 30th

Midterm exam Chapters 05, 06, and 07 The exam will be open from Wednesday 8:00 am to Friday 11:45pm It lasts 2 hours and contains 25 randomly selected questions Thequestions are a combination of T/Fand Multiple choice types

Hints: Never finish the exam too soon- even if you are very confident that you did great, take a small break and go back and take another look. Answer first the questions you do know the answers Multiple choice questions doesn't mean that you check multiple answers (only one) When you are not sure about the correct answer use the method of the elimination

SESSION 9 Monday, June 4th

Confidence Intervals Module Learning Objectives: Learn how to calculate the confidence interval Know how this range of values changes based on the values of n, u, a, and a Skip all sections referring to proportions Distinguish between the t-based and the Z-based confidence interval Learn to determine the appropriate sample size for a given margin of error

Topics & Reading: Primary text: Chapter 08- Confidence Intervals -Z based Confidence Intervals -t based Confidence Intervals -Sample Size Determination -Practice with the Car mileage case example 8.4 -Skip the section for Confidence Intervals for Population Proportions - Practice with the Confidence Intervals great presentation pdf file in the course content Make sure first you read very well the special class lectures for this chapter, namely the confidence intervals lecture notes Assignments: Exercises to practice with by key sections: 8.1 - 8 . 1 2 8.13-8.16 8.22-8.24 8.25-8.32

SESSION 10 Wednesday, June 6th

Confidence Intervals (Continued)

SESSION 11 Monday, June 11th

Hypothesis testing * Attention- This is the most challenging topic for students throughout this course so you need to spend extra time here. Module Learning Objectives: Understand the definition of the hypothesis and the three hypothesis scenarios Be able to describe a hypothesis scenario using a real life example Clearly understand when confidence interval is used and when hypothesis testing is used, what is the common scenario between the two Understand the difference between point-estimations and interval-estimation of the population parameters (u,

a ) using the sample statistics. Topics & Reading: Primary text: Chapter 09- Hypothesis Testing - The Null and Alternative Hypothesis and error testing - Practice with the example 9.1, 9.2 And 9.3 describing the three hypothesis scenarios - Practice with the algorithm for hypothesis testing described in my class notes - Tests about a population Mean when a is known and when a is unknown - Skip any section related to population proportion testing - Skip the p-value since we will be using the test statistic method - Skip the Chi-square distribution and statistical inference for a population variance - Practice with the three Hypothesis Testing Scenarios Example pdf file in the course content Make sure first you read very well the special class lectures for this chapter, namely the Hypothesis testing lecture notes Assignments: Exercises to practice with by key sections: 9.1 -9.7 9.10-9.15 9.21-9.25 (skip the p-value calculations)

SESSION 12 Wednesday, June 13th

Hypothesis Testing (Continued)

SESSION 13 Monday, June 18th

Statistical Inference based on Two Samples (for summer terms A and B most likely there won't be time to cover this chapter)

SESSION 14 Wednesday, June 20th

Final exam Chapters 08 and 09

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