Elementary Business and Economic Statistics
Economics 225, Section 4, Fall 2009
TTh 10:00-11:15 AM; Rm. 459 Business and Economics
Professor: Brian Cushing
Office:
415 B&E Building
Phone:
304-293-7881
e-mail:
[email protected]
Office Hrs:
PM
Office Hrs: Mon. 2:00 – 4:00 PM
W 2:00 – 3:15 PM
Graduate Assistant:
Tuan Le
Office: 423 B&E Building
Phone: 304-293-7664
e-mail: [email protected]
TTh 11:15 AM – 12:30
TTh 1:00 – 2:00 PM
Description: In this course, I will illustrate the basis for and use of statistics. Statistics deals with
analysis of data: drawing out information from data, collecting and organizing data so that we can answer
questions, and reaching conclusions from data analysis. While "statistics" intimidates many people, in
reality it saves much time and energy (and headaches) once you learn how to use it properly. You can
think of statistics like a code or a television signal descrambler -- it unscrambles information that would
otherwise be incomprehensible.
Statistics runs from the very simple to the very complex. It would take many semesters to cover statistics
comprehensively. Relatively few people need to know it all, however, or even most of it. In this first
course, we will start with the basics and cover the most commonly used components of statistics. You
will use many of these components in upper-level coursework or jobs. Undoubtedly, many of you will
learn additional statistical methods in later courses. What you learn this semester should provide a good
basis for understanding these additional methods.
Course Objectives: You should leave this course with a basic understanding regarding the relevance and
usefulness of statistics (including its limitations), as well as a working knowledge of key tools used in
carrying out statistical analyses. We will integrate the Excel spreadsheet program so that you also have
hands-on experience applying statistics to real data.
Learning Outcomes: When you have finished this course, you should be able to
1. Organize, display, and summarize data in a meaningful way, either by hand or by means of a
spreadsheet or some other software;
2. Properly interpret and understand graphs, summary measures, and basic statistical analyses used by
businesses, government, researchers, and others;
3. Carry out and understand common methods of statistical inference used by business, government,
researchers, and others, such as confidence intervals, hypothesis tests, and regression analysis;
4. Understand the benefits and the limitations of statistical analysis.
Prerequisites: "C" or better in Math 124, 126, 129 or a higher-level math course (or evidence that you
have officially tested out of college algebra). If you do not meet this prerequisite, you must have
permission from the Division Director to continue in the course – this prerequisite is almost never
waived.
Required Textbook: David Levine, Timothy Krehbiel, and Mark Berenson, Business Statistics: A First
Course, 5th edition, Upper Saddle River, NJ: Prentice Hall, 2010, ISBN: 9780135077368. This is the
Student Value Edition Package for a one-semester course that includes an unbound, but hole-punched,
edition of the text (to fit in a 3-ring binder). It will also include the code card for the MyStatLab program
and access to a variety of online resources. Important: Even if you share a book, everyone must have
their own access code for the MyStatLab program. You will use MyStatLab for homework that will be
part of your course grade.
Attendance: I strongly encourage attendance. Assuming that the class remains orderly and abides by the
few rules listed in the next paragraph and in the section on classroom environment, I will not take role or
directly consider attendance in determining your grade. However, you are responsible for anything that I
present, assign, or announce in class – occasionally, I cover some material not directly from the text or
approach material a bit differently than the text. Also, on most days, I will likely collect in-class work
that will count for up to 25 points of your course grade. I will only bring handouts to class on the day I
pass them out. After that, you may get them from the bin on my office door (available for one week) or
download them from WVU ECampus. If you just do not want to come to class, don’t waste my time by
calling or sending an e-mail to ask what we covered, whether anything is due, what’s on the exam, etc.
I expect you to be in the classroom and ready to go on time. Late arrivals distract me as well as many of
your fellow students, making it difficult to concentrate on the class material. Also, I expect you to remain
in the classroom until I let you know that the class has ended. If you must leave early for some reason,
please let me know before class and choose a seat from which you can exit the room easily and
quietly. Showing this little bit of respect for others will make the course more enjoyable for all of us.
Homework Problems: You will have three components to your homework for this class.
A. We will make extensive use of the MyStatLab online software program that has been customized for
our course. The MyStatLab assignments will be a significant component of your overall course
grade. Each MyStatLab assignment must be completed by the due date in order to receive full credit.
B. I will provide a list of supplemental assignments from the textbook. These will not be collected or
graded. Detailed solutions for most of the even-numbered problems are in the back of the text. Your
focus should be on MyStatLab, unless I specifically emphasize some problems from the text –
typically for a topic that I do not think MyStatLab covers well enough).
C. I will distribute, collect answers for, and grade approximately five Excel homework
assignments. You must turn in these assignments on time in order to receive any points.
Homework, especially the work you do in MyStatlab, is the most critical part of the course. If you do
not keep up with the homework, you should not be surprised to get a "D" or an "F". Cramming does not
work very well in this course.
Please be cautious about working with others on your assignments. It is ok and sometimes helpful to
have someone in the class with whom you can work at times. However, this can also be a great
hazard. You should always make a significant effort to complete your assignments on your own before
seeking help from others. If you rely too much on others and do not make the effort to learn material
yourself, exam results are likely to be disappointing at best, and perhaps downright dreadful. Even if you
get assistance from someone to help you understand material or some problems, in the end, any work you
submit for a grade on MyStatLab must be your own work.
CD-ROM and Online Resources: If you purchase a new book, the text will come with a CD-Rom,
which contains datasets and problems from the text, data for some case studies, and some software add-in
files that we may make use of. All of the material that you need from the CD-Rom is also available
through MyStatLab. MyStatLab is more than just an online homework program. It also provides some
tutorial help as you attempt questions, PowerPoint slides, an e-book, and many other resources that will
benefit you as you progress through the course.
The computer lab on the first floor of the B&E Building is available to Economics 225 students. At
times, the lab fills up, sometimes because one side of the lab can be reserved for a class, so don’t wait
until the last minute if you need to do some work in the lab.
Graduate Assistant and Office Hours: We assign a graduate assistant to this course to assist you with
homework, test preparation, and general questions regarding the material. Please make use of this
valuable resource, especially since I cannot always be available, due to other job responsibilities. Unless
you are told otherwise, the teaching assistant and I should always be in our offices during office
hours. You may make appointments for other times. Please feel free to talk to either of us regarding any
aspect of the course. If you need to contact one of us and we are not available, leave a message on voice
mail or send an e-mail message. One of us will contact you as soon as possible. If it is urgent to reach
me, contact the economics office at 293-7859 or stop by Room 419 B&E Building.
Calculator: You must know how to work your calculator and ensure that it is in working condition for
exams. Failure of a calculator is not sufficient to justify a make-up exam. I do not permit sharing of
calculators during exams. Nor do I permit use of computers or any device that saves and recalls
text. The minimum requirements for a pocket calculator for this course include: addition, subtraction,
multiplication, division, squares, and square roots. Chain calculations and memory are useful
features. (Note: If you do not know how to use the memory on your calculator, do yourself a big favor
and take the time to learn about it – it saves time and improves accuracy.) Under no conditions will
results of statistical functions on calculators without accompanying problem setup and intermediate
calculations receive full credit on exam problems.
Exams: The tests ask for more than just regurgitating answers from the book and homework. Exams
will be a mix of multiple-choice/true-false questions and various types of problems. Some questions will
be similar to assigned homework problems, including computer problems. However, you should expect to
encounter some problems that are different from the homework. These problems test for a deeper
understanding of topics and for an ability to apply your statistical knowledge to new situations. Most
students find the multiple-choice questions to be the toughest part of the exams. The multiple choice
questions often test for understanding of concepts, which can be more difficult than mechanically
following steps to solve a numerical problem.
There are three keys to success on the exams:
1. Attend class regularly, take thorough notes during class, and use the notes to help learn material
and prepare for the exam (especially for the multiple choice questions).
2. Do all assigned homework problems, especially the MyStatLab assignments, and as many other
problems as you can.
3. If you do not understand something, and especially if you are continually struggling to get correct
answers on homework, come in for help right away – delaying too long is often a fatal mistake in
this course.
You must have your picture I.D. on exam days. You must sit in your assigned seat for exams or receive a
zero. As long as the class remains reasonably orderly, you will not have assigned seats for other class
days. If you have a question regarding the grade you receive on an exam, submit it to me in writing within
one week after I make exam scores available to the class.
Missed Exams: If you miss a scheduled exam, you must contact me directly within 24 hours and must
provide an acceptable written, signed excuse to avoid a grade of zero. (Leaving a message with a
secretary or leaving a note on my door will not suffice.) Given an approved absence, I reserve the option
to either give a make-up exam on a day/time of my choice or to simply base your grade on the remaining
exams and assignments. Given past performance on make-up exams, it is to your advantage to be present
for the regularly scheduled exams.
There are no make-ups or exceptions to the university-scheduled final exam. Do not enroll in this class if
you cannot attend the final exam as scheduled.
Course Grades: There will be a total of 650 points for the course. The three hourly exams will be 100
points each and the comprehensive final exam 200 points. The remaining 150 points will come from the
Excel assignments (25 points), the pre-class and in-class assignments (25), and the MyStatLab
assignments (100 points). The grading scale for the Excel/Pre-Class/In-Class/MyStatLab assignments
will be a straight scale (A=90%, B=80%, C=70%, D=60%). Grading scales for each of the exams will be
based on difficulty of the particular exam, but no more stringent than the straight grading scale above. I
will obtain the overall grading scale for the course by adding up the grading scales from the individual
exams and from the assignments. I will then compare your point total with the overall scale.
In accordance with University policy, I will award a course grade of "I" only in very unusual
circumstances. Poor performance is not justification for an "I".
Communication: E-Mail and WVU ECampus:
1. E-Mail: You must be connected to your MIX e-mail account and check your MIX e-mail on a regular
basis. I will use e-mail extensively with this class, especially to send out homework assignments and
other materials and to communicate with the whole class about comments or questions I receive that I
think might be beneficial for others, including errors or suggestions regarding how to approach a
homework problem. I would also use this forum if class had to be canceled due to an emergency or if
bad weather made a scheduled exam problematic.
2. WVU ECampus: I will post course materials (syllabus, problem sets, old exams and answer keys,
Powerpoint slides, handouts, etc.) to WVU ECampus (formerly known as WebCT or Vista) and will
use it to post grades so that you can keep track of your course grades easily. To log in to WVU
ECampus, go to ecampus.wvu.edu and login using your MIX username and password.
For your convenience, I have placed links to WVU ECampus and the website for MyStatLab on my MIX
course page for this class: mix.wvu.edu. On the left side of the page, select “Links” under the Course
Tools heading.
Schedule Changes: I am the only one who may change or cancel any classes, quizzes, exams, or
assignments. You should disregard any rumors, notices, or announcements made by others. If I do not
arrive in the classroom within ten minutes of the beginning of the class period, you may assume that class
has been canceled for the day. In an emergency, I will try to notify you via e-mail from my MIX account –
ignore any changes announced via e-mail unless you can verify that it came directly from my MIX account.
Cheating: I will not tolerate cheating! I hope that each of you also will not tolerate cheating! I will take
measures to discourage those few people who may be tempted to cheat. I ask the rest of the class to be
patient with these measures, especially since they are for your benefit. I would greatly appreciate any
information that you may have regarding incidents of cheating by other students in the class, and assure
you complete confidentiality. For anyone caught cheating, theminimum penalty will be a zero on the
exam and a report filed with (1) the Office of Judicial Affairs, (2) the Dean of the College of Business and
Economics, (3) the Chairman of the Department of Economics, and (4) the dean of the college in which
the student is currently enrolled.
Classroom Environment: I am committed to providing a learning environment with open
communication and mutual respect. Just as you can expect me to treat you with respect, I expect each of
you to treat everyone in this classroom with respect. If you feel that you are being harassed, intimidated,
or discriminated against in any way due to your race, sex, political views, age, or any other reason, please
let me know. Also, if you have a disability and require any kind of accommodation to participate fully in
this class, please tell me and make arrangements with Disability Services (293-6700).
My responsibility as a professor is to help you to learn the material required for this course. I should be
organized, well-prepared, helpful, fair, and courteous. Your responsibilities as a student are to be
prepared for class, complete assignments in a timely fashion, and take an active role in learning. This
includes providing me with feedback so that I can conduct the course more effectively. I welcome all
constructive criticism, whether given in-person or anonymously.
I wish to retain a relaxed atmosphere, however,
(a) refrain from casual discussions unrelated to the class since it distracts me, as well as your fellow
students;
(b) do not read newspapers during class time;
(c) turn-off or at least silence your cell phone and do not engage in cell phone conversations or openly use
your cell phone in other ways during class time.
Please do not eat or drink in the classroom. This is especially important for the lecture halls, with the
carpeting and the fabric seat cushions. Bottled water is probably ok, as long as you are careful.
Tentative Class Schedule: The tentative class schedule is listed below, including due dates for the
Excel and MyStatLab assignments. I will assign specific reading and extra problems in class. I will
modify the schedule if need be, but you should assume the Excel and MyStatLab due dates hold unless
you hear otherwise directly from me. MyStatLab assignments are due before midnight on the date
listed. Excel assignments are due by the beginning of class unless I tell you otherwise. The schedule is
subject to change. I will give you at least a one-week notice for any change in exam dates unless an
unforeseen emergency prohibits adequate notice of a postponement. To access MyStatLab, go
towww.coursecompass.com and login. The first time you access CourseCompass, you will need to
register using your access code and the course ID: cushing33249. When you register at the
CourseCompass website, you will create your own username and password.
Aug.
25 (Tuesday)
27 (Thursday)
29 (Saturday)
31 (Monday)
Sept.
1 (Tuesday)
3 (Thursday)
Mean (Ch. 3)
4 (Friday)
8 (Tuesday)
10 (Thursday)
Introduction to Statistics and Data (Ch. 1)
Presenting Data in Tables and Charts: Categorical Data (Ch. 2)
Orientation (MyStatLab) due before midnight Saturday night (no credit)
Homework 1 (MyStatLab) due before midnight Monday night
Presenting Data in Tables and Charts: Numerical Data (Ch. 2)
Finish Tables and Charts (Ch. 3); Numerical Descriptive Measures: The
Homework 2 due by before midnight Friday night
Other Measures of Central Tendency (Ch. 3); Measures of Variation (Ch. 3)
Excel 1 (Graphs) due by beginning of class
More on Variation and Shape (Ch. 3); Using the Standard Deviation
(Ch. 3)
15 (Tuesday)
17 (Thursday)
21 (Monday)
Homework 3 due before midnight Thursday night
Percentiles, Quartiles, and the Boxplot (Ch. 3)
Homework 4 due before midnight Tuesday night
Covariance and Correlation (Ch. 3)
Excel 2 (Descriptive Statistics) due by beginning of class
Homework 5 due by 6:00 PM
First Exam – Approximately Tuesday, September 22
Oct.
24 (Thursday)
29 (Tuesday)
1 (Thursday)
4 (Sunday)
6 (Tuesday)
7 (Wednesday)
8 (Thursday)
13 (Tuesday)
15 (Thursday)
21 (Monday)
Basic Probability Concepts (Ch. 4 – Basic Probability)
Conditional Probability and Statistical Independence (Ch. 4); Return Exam 1
Discrete Probability Distributions; The Binomial Distribution (Ch. 5)
Homework 6 due before midnight Sunday night
The Normal Distribution (Ch. 6)
Excel 3 (Binomial Distribution) due by beginning of class
Homework 7 due before midnight Wednesday night
The Normal Distribution (Ch. 6)
Random Samples and the Sampling Distribution of the Mean (Ch. 7)
Homework 8 due before midnight Tuesday night
Sampling Distribution of the Mean (Ch. 7)
Homework 9 due by 6:00 PM
Second Exam – Approximately Tuesday, Oct. 20
22 (Thursday)
27 (Tuesday)
29 (Thursday)
Nov.
1 (Sunday)
3 (Tuesday)
5 (Thursday)
8 (Sunday)
10 (Tuesday)
11 (Wednesday)
12 (Thursday)
16 (Monday)
Confidence Interval Estimation (Ch. 8)
Confidence Interval Estimation (Ch. 8); Return Exam
Sample Size Determination (Ch. 8); Hypothesis Testing (Ch. 9)
Excel 4 (Confidence Intervals) due by beginning of class
Homework 10 due before midnight Sunday night
One-Sample Hypothesis Tests (Ch. 9)
Homework 11 due before midnight Tuesday night
One-Sample Hypothesis Tests (Ch. 9)
Homework 12 due before midnight Sunday night
Two-Sample Hypothesis Tests (Ch. 10)
Homework 13 due before midnight Wednesday night
Two-Sample Hypothesis Tests (Ch. 10)
Homework 14 due by 6:00 PM
Third Exam – Approximately Tuesday, November 17
Dec.
19 (Thursday)
21-29
No Class – Regional Science Conference
Thanksgiving Break
1 (Tuesday)
3 (Thursday)
7 (Monday)
8 (Tuesday)
10 (Thursday)
Simple Linear Regression (Ch. 12)
Simple Linear Regression (Ch. 12)
Homework 15 due before midnight Monday night
Multiple Regression and Hypothesis Testing (Ch. 13)
Multiple Regression and Hypothesis Testing (Ch. 13); Evaluations
Excel 5 (Correlation and Linear Regression) due by beginning of class
Comprehensive Final Exam: Wednesday, December 16, 11:00 AM – 1:00 PM