You are on page 1of 5
S CHOOL OF B USINESS AND L EADERSHIP ADM-515: A PPLIED B USINESS S TATISTICS WORKSHOP

SCHOOL OF BUSINESS AND LEADERSHIP ADM-515: APPLIED BUSINESS STATISTICS

WORKSHOP THREE DEVOTIONAL

God’s work is glorious and perfect. Everything He made is unique, including each snowflake and sand particle. People sometimes try to make things exactly alike (e.g., cars, candles, toothpicks), but there are always differences. However, through the use of statistics, we can make generalizations about the characteristics of these things.

WORKSHOP THREE OUTCOMES

Upon completion of this workshop you should be able to:

  • 1. Compare probabilities of outcomes given differing input conditions.

  • 2. Evaluate the impact of conditions upon outcome probabilities using conditional probability theory.

  • 3. Test the probabilities of differing outcomes using Bayes’ theorem.

  • 4. Compare and contrast data sets using the properties of normal probability distributions.

  • 5. Compute the expected value and variance of a probability distribution.

  • 6. Calculate covariance and understand its use in finance.

  • 7. Determine the likelihood of events using the properties of binomial, hypergeometric and Poisson distributions to solve business problems.

WORKSHOP THREE RESOURCES

  • Textbook: Statistics for Managers

  • File: levine_smume6_4.pptx

  • File: levine_smume6_5.pptx

WORKSHOP THREE OUTLINE

 

TITLE

TYPE

DUE DATES

POINTS

  • 3.1 Reading

Reading

Due as soon as possible.

0

   

Post your initial response by the end of the

 
  • 3.2 Winning the Big One

Discussion

fourth day of the workshop and your two responses by the end of the workshop.

20

  • 3.3 Chapter Problems

Assignment

Due by the end of the workshop.

30

  • 3.4 Final Project Proposal

Assignment

Due by the end of the workshop.

0

 

TOTALS

50

ADM-515 Workshop Three

APPLIED BUSINESS STATISTICS

2

WORKSHOP THREE ASSIGNMENTS

3.1 READING: READING

RESOURCES

  • Textbook: Statistics for Managers

  • File: levine_smume6_4.pptx

  • File: levine_smume6_5.pptx

INSTRUCTIONS

  • 1. In your textbook, read chapters 4 and 5.

    • a. Chapter 4 begins the development of an understanding of probability and represents a bridge between descriptive statistics and inferential statistics, regression, time series, and statistical process control topics to be covered in later chapters. In this chapter, we learn about probability rules.

    • b. Chapter 5 extends our understanding to probability distributions. The expected value and variance (standard deviation) are computed and interpreted.

  • 2. The Excel Guide in chapter 4 and 5 will prove of great value in expanding your Excel skills.

  • 3.2 DISCUSSION: WINNING THE BIG ONE

    RESOURCES

    • Textbook: Statistics for Managers

    INSTRUCTIONS

    • 1. Ethical issues arise in advertising. Gambling has many negative elements that impact our society. The chapter on probability analysis clearly demonstrated the “odds” of winning are quiet small. Consider the following type of advertising statement “we won’t stop until we have made everyone a millionaire” in this discussion.

    In the Winning the

    Big One discussion forum, post your response to this advertising statement using material from chapter 4 to support discussion points.

    • 2. Support all of your statements in the discussion with references to concepts from the textbook or other readings, examples taken from your personal experience and observations, and/or interpretations of scripture.

    • 3. Your initial post is due by the end of the fourth day of the workshop.

    • 4. Read and respond to at least two of your classmates’ postings, as well as all follow-up instructor questions directed to you, by the end of the workshop.

    • 5. Your postings should also:

      • a. Be well developed by providing clear answers with evidence of critical thinking.

    ADM-515 Workshop Three

    APPLIED BUSINESS STATISTICS

    3

    • b. Your observations should add greater depth to the discussion by introducing new ideas.

    • c. Provide clarification to classmates’ questions and provide insight into the discussion.

    • d. Be posted on three different days during the workshop.

    ASSESSMENT CRITERIA

             

    CRITERIA

    9 - 10 POINTS

    • 7 - 8 POINTS

    • 5 - 6 POINTS

    0 - 4 POINTS

             
             
             

    Quality

    Your postings are well developed and answers provide clear evidence of critical thinking.

    Your postings show some development and some critical thinking is evident in your answers.

    Your postings show nominal development and only the beginnings of critical thinking.

    Your postings show no development and are mostly a reiteration of what the textbook or others have said.

    Your questions or observations add greater depth to the

    Your questions and observations add to the discussion by

    Your contributions (questions or observations) do not

    Your questions and observations detract from the discussion.

    discussion by introducing new ideas.

    expanding the ideas of others.

    clearly add to the discussion.

     
             

    CRITERIA

    4 POINTS

    3 POINTS

    2 POINTS

    1 POINT

             

    Timeliness

    Your initial posting to the question or topic assigned in the workshop activity is made by the fourth day of the workshop.

    Your initial posting to the question or topic assigned in the workshop activity is made by the fifth day of the workshop.

    Your initial posting to the question or topic assigned in the workshop activity is made by the sixth day of the workshop.

    Your initial posting to the question or topic assigned in the workshop activity is made by the seventh day of the workshop.

             

    CRITERIA

    5 - 6 POINTS

    • 3 - 4 POINTS

    • 1 - 2 POINTS

    0 POINTS

             

    You respond to a minimum of two

    other classmates as

    You respond to two classmates and some

    of the instructor

    You respond to two classmates but do not

    respond to instructor

    You do not respond to the postings of others in the discussion.

    well as all follow-up instructor questions directed to you.

    follow-up questions directed to you.

    follow-up questions directed to you.

    You are clearly collaborative by

    You are collaborative in some situations

    You show little initiative in

    Interaction

    taking the initiative to respond to

    and show some initiative in workshop

    discussions and your presence is not

    classmates’ questions,

    discussions.

    collaborative.

    providing clarification and insight on issues in the discussion.

    You demonstrate engagement in the discussion by posting on three different days of the workshop.

    You participate in the discussion by posting on two different days of the workshop.

    You are not engaged in the discussion if posting on only one day of the workshop.

     
             
     

    TOTAL POINTS

    20

    ADM-515 Workshop

    Three

    APPLIED BUSINESS STATISTICS

    3.3 ASSIGNMENT: CHAPTER PROBLEMS

    RESOURCES

    • Textbook: Statistics for Managers

    INSTRUCTIONS

    4

    • 1. Complete six of the following problems from the textbook:

      • a. Chapter 4: 4.36, 4.37, and 4.55.

      • b. Chapter 5: 5.24, 5.27, and 5.31.

  • 2. Data files for all problems in the text are available for download from the companion website. Use Excel whenever possible. You should show all of your work whenever possible, as partial credit may be earned.

  • 3. In the Chapter Problems discussion forum, ask any questions you might have and help your peers to answer their questions.

  • 4. Submit your completed problems using the Chapter Problems assignment tool by the end of the workshop.

  • ASSESSMENT CRITERIA

    ASSESSED ITEM

    POINTS

    Chapter Problems

    30

       

    TOTAL POINTS

    30

     

    ADM-515 Workshop

    Three

    APPLIED BUSINESS STATISTICS

    3.4 ASSIGNMENT: FINAL PROJECT PROPOSAL

    INTRODUCTION

    5

    This course involves the preparation and submission of a major project. The final project is an

    individual assignment where you select a research topic to explore using data for decision making. Here you will develop a hypothesis and set up your data for analysis using the appropriate statistical tools that were studied during this course.

    This project is not due until Workshop Eight, with an initial draft outline due in Workshop Six.

    It is recommended that you select the project area by the end of Workshop Three and submit a proposal to the instructor. The instructor can assist in the proper selection of appropriate statistical analysis.

    INSTRUCTIONS

    • 1. Submit a one to two paragraph project proposal using the Final Project Proposal assignment tool by the end of the workshop.

    • 2. Begin to work on your draft outline that is due by the end of Workshop Six.

    © 2012 ____________________________________________________________

    COLLEGE OF ADULT AND PROFESSIONAL STUDIES

    |

    1900 West 50th Street

    |

    Marion, Indiana 46953