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Dec 03, 2024
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ECON 261 - Principles of Statistics I (3 units)
Descriptive statistics; graphing; central tendency and dispersion measures; probability; probability distributions; decision theory, sampling, inference and estimation. Emphasis on data analysis and critical thinking.
Prerequisite(s): IS 101 ; MATH 124 or MATH 126 or higher.
Grading Basis: Graded
Units of Lecture: 3
Offered: Every Fall, Spring, and Summer
Student Learning Outcomes
Upon completion of this course, students will be able to:
1. correctly identify both qualitative and quantitative variables and organize data by developing the appropriate tabular and graphical methods typically used in business applications.
2. compute and interpret the basic statistical measures of central tendency, dispersion and location when presented with study variables and understand the importance of these measures in statistical analysis.
3. demonstrate understanding of the concept of randomness and the use of basic probability.
4. correctly use special discrete and continuous probability distributions with an emphasis on how the distributions are used to assist decision making.
5. identify and use sampling distributions and apply them to confidence interval estimation for both quantitative and qualitative variables.
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