- Course type: Self-paced
- Available Lessons: 127
- Average Lesson Length: 8 min
Eligible for Credit: Yes
Earn transferable credit by taking this course for credit.
Watch a preview:chapter 1 / lesson 1Application of Statistics in Business
Course SummaryBusiness 212: Business Statistics has been evaluated and recommended for 3 semester hours and may be transferred to over 2,000 colleges and universities. With this self-paced course, you get engaging lessons, expert instructors who make even the most challenging Business topics simple, and an excellent resource for getting a head start on your degree.
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Course Practice TestCheck your knowledge of this course with a 50-question practice test.
- Comprehensive test covering all topics
- Detailed video explanations for wrong answers
The course objective is to introduce you to more advanced business statistics concepts such as probability, sampling, categorical data, hypothesis testing and regression analysis, and how these concepts can be utilized to make strategic business decisions.
Your grade for this course will be calculated out of 300 points. The minimum score required to pass and become eligible for college credit for this course is 210 points, or an overall course grade of 70%. The table below shows how your overall grade will be calculated.
|Proctored Final Exam||200|
Quizzes are meant to test your comprehension of each lesson as you progress through the course. Here's a breakdown of how you will be graded on quizzes and how they'll factor into your final score:
- You will have 3 attempts to take each quiz for a score.
- The highest score of your first 3 attempts will be recorded as your score for each quiz.
- When you've completed the course, the highest scores from your first 3 attempts at each quiz will be averaged together and weighed against the total possible points for quizzes. For instance, if your average quiz score is 85%, you'll receive 85 out of 100 possible points for quizzes.
- After your initial 3 attempts, you can take a quiz for practice as many times as you'd like.
- You will need to pass each quiz with a score of at least 80% to earn course progress for the lesson. However, it is not necessary to earn 80% within the first three quiz attempts.
Proctored Final Exam
The proctored final exam is a cumulative test designed to ensure that you've mastered the material in the course.
- You'll earn points equivalent to the percentage grade you receive on your proctored final. (So if you earn 90% on the final, that's 90 points toward your final grade.)
- If you're unsatisfied with your score on the exam, you'll be eligible to retake the exam after a 3-day waiting period.
- You can only retake the exam twice, so be sure to use your study guide and fully prepare yourself before you take the exam again.
Items Allowed on Study.com Proctored Exam for Business 212:
- Blank scratch paper
- Pen or pencil
- A non-graphing, scientific calculator (We'll provide you access to Desmos scientific calculator during the final exam.)
Items NOT Allowed on Study.com Proctored Exam for Business 212:
- Office programs, web browsers, or any programs other than Software Secure (including Study.com lessons)
- Textbooks (digital or physical)
- Mobile phones, headphones, speakers, TVs, or radios
- Notebooks or notes
- Graphing calculators
Upon completion of the course, you will be able to:
- Apply statistics in business decision making, forecasting, management control, and data analysis.
- Calculate descriptive summary measures for a population or frequency distribution including mean, median, mode, and standard deviation.
- Use the spread or dispersion of a set of numbers to understand risk, price volatility, market homogeneity, and other business applications.
- Properly present and interpret data visualizations including graphs, data plots and charts.
- Apply probability concepts including Bayes Theorem to analyze possible outcomes.
- Use binomial, Poisson, and hypergeometric distributions to solve business problems.
- Select and apply the most appropriate sampling technique and determine the sample size needed to ensure valid statistical predictions for specific business situations.
- Design and analyze experiments to test hypotheses about the population mean, variance and proportion.
- Apply nonparametric methods for statistical analysis using chi-square testing and contingency tables.
- Identify when to use and how to perform a Linear Regression Analysis, and how to develop and use Multiple Regression Analysis.
There are no prerequisites for this course.
Business 212: Business Statistics consists of short video lessons that are organized into topical chapters. Each video is approximately 5-10 minutes in length and comes with a quick quiz to help you measure your learning. The course is completely self-paced. Watch lessons on your schedule whenever and wherever you want.
At the end of each chapter, you can complete a chapter test to see if you're ready to move on or have some material to review. Once you've completed the entire course, take the practice test and use the study tools in the course to prepare for the proctored final exam. You may take the proctored final exam whenever you are ready.
How Credit Recommendations Work
This course has been evaluated and recommended by ACE for 3 semester hours in the lower division baccalaureate degree category. To apply for transfer credit, follow these steps:
- If you already have a school in mind, check with the registrar to see if the school will grant credit for courses recommended by either ACE or NCCRS.
- Complete Business 212: Business Statistics by watching video lessons and taking short quizzes.
- Take the Business 212: Business Statistics final exam directly on the Study.com site.
- Request a transcript to be sent to the accredited school of your choice!
- Check out this page for more information on Study.com's credit-recommended courses.
|Introduction to Business Statistics||Describes the business applications of statistical formulas and concepts. Defines relevant terms such as bivariate data and random variables. Explains software used in statistical analysis.|
|Introduction to Categorical Data||Defines categorical data and details the use of bar charts and tables to summarize this type of data.|
|Descriptive Statistics: Measurement||Discusses how to calculate mean values, make estimations, find percentiles and measure dispersion and skewness. Provides information about formulas used to find quartiles, and deciles in a data set.|
|Descriptive Statistics: Representation||Explains how to create and explain the use of box plots, dot plots, scatterplots and histograms. Lists the characteristics of visual representations of a data set.|
|Measures of Dispersion in Business||Illustrates how to calculate variance and standard deviation. Shows techniques on how to use normal distributions.|
|Measures of Association & Correlation in Business||Describes how to differentiate correlation and causation, and details the role of a correlation coefficient.|
|Probability for Business Statistics||Relates how to use multiplication and addition to calculate probability and interpret Venn and tree diagrams. Explains how to use Bayes Theorem to revise probabilities, and compute the number of possible outcomes in a situation.|
|Probability Distributions for Business Statistics||Compares discrete and continuous data. Relates how to compute the expected value and variance of a probability distribution, and apply these concepts business problems.|
|Sampling Methods for Statistics||Differentiates between populations and samples. Defines random sampling. Defines and describes formulas used for stratified random, cluster random and systematic random samples.|
|Confidence Intervals||Details how to find confidence intervals, determine sample sizes for validity purposes and defines degrees of freedom.|
|Hypothesis Testing in Business||Lists steps in the hypothesis testing process. Identifies types of errors that impact statistics. Relates what type of information hypothesis testing reveals, and compares Z and T tests.|
|Analysis of Variance||Shows how Analysis of Variance (ANOVA) is used to compare two or more populations.|
|Nonparametric Methods in Statistics||Analyzes nonparametric methods and explains the use of chi-square tests and two-way tables.|
|Regression Analysis||Describes how to conduct a regression analysis. Explains the process of analyzing residuals. Discusses simple linear regression and how to solve problems using linear regression formulas.|
|Understanding Business Forecasting||Explains how to use statistical processes to make forecasts and support business decision making. Defines forecasting in business and indexes.|
|Using Control Charts in Business||Describes the use of control charts to identify patterns and details different types of control charts, such as those used for attributes and variables.|
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What to Expect For the Exam
This Study.com course has been evaluated and recommended for college credit. Once you've completed this course, you can take the proctored final exam and potentially earn credit. Follow the steps below to take the exam.
Before taking the exam, all of the following requirements must be met:
|A College Accelerator Study.com membership.|
|Completed all lessons in Business 212: Business Statistics course and achieved 100% Quiz Progress.|
|Not attempted to take this exam within the last three days.|
|Have available proctored exams in this month of membership.|
|Have not taken this exam three times. (0/3)|
|Complete the exam readiness quiz.|
Please meet all of the pre-requirements in the Pre-Exam Checklist in order to take the exam.
Exam Process Details
1. Register For Exam
Registering for the exam is simple. First, be sure you meet the system requirements. Next, you'll need to agree to the academic integrity policy. Then just confirm your name and the exam name, and you're ready to go!
2. Download Software Secure
You'll receive an unique access code. Please write this down — you'll need it to take the exam. Then download Software Secure and follow the installation instructions.
3. Take Exam
The exam contains 50 - 100 multiple choice questions. You will have two hours to complete the exam, so don't start until you're sure you can complete the entire thing. And remember to pace yourself!
4. Get Exam Results
We will send you an email with your official exam results within 1 to 2 weeks. If you would like to raise your grade after receiving your exam results, you can retake quizzes with fewer than 3 attempts. You will then need to retake the final exam.
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