About This Chapter
Below is a sample breakdown of the Probability and Statistics for Business chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Mean, median, mode and range: definitions and examples||Definitions of the four measures of central tendencies; explanation and calculation of the standard deviation or shifts in the mean|
|Tuesday||Probability of events: types and examples||Explanations and calculations of simple, compound and complementary events; comparison and calculations for independent and dependent events|
|Wednesday||Statistical significance and expected value in probability||Definition and calculation of statistical significance; use of a probability table to find an expected value, including residual error|
|Thursday||Normal distribution and shifts in the mean||Explanation and properties of probability distribution; definition of quartiles|
|Friday||Averages and percentiles||Definition and calculation of a weighted average; examples and formula for finding percentiles|
1. How to Calculate Mean, Median, Mode & Range
Measures of central tendency can provide valuable information about a set of data. In this lesson, explore how to calculate the mean, median, mode and range of any given data set.
2. Calculating the Standard Deviation
In this lesson, we will examine the meaning and process of calculating the standard deviation of a data set. Standard deviation can help to determine if the data set is a normal distribution.
3. Probability of Simple, Compound and Complementary Events
Simple, compound, and complementary events are different types of probabilities. Each of these probabilities are calculated in a slightly different fashion. In this lesson, we will look at some real world examples of these different forms of probability.
4. Probability of Independent and Dependent Events
Sometimes probabilities need to be calculated when more than one event occurs. These types of compound events are called independent and dependent events. Through this lesson, we will look at some real-world examples of how to calculate these probabilities.
5. Statistical Significance: Definition & Calculation
Watch this video lesson to learn about statistical significance, and how it relates to surveys and other real world events. Also, learn how it is calculated, and how you can describe it to others.
6. Expected Value in Probability: Definition & Formula
After watching this video lesson, you will understand what expected value means. You will learn how to use this value to decide whether a certain action is worth taking or not.
7. Normal Distribution & Shifts in the Mean
In this video lesson, you will see what a normal distribution looks like and you will learn about the mean of a normal distribution. You will also see what happens when the mean is shifted.
8. Identifying & Calculating Averages
After watching this video lesson, you will be able to calculate any kind of average, even the average of certain events when some events repeat. Learn the general formula to use to calculate any average.
9. Finding Percentiles in a Data Set: Formula & Examples
Percentiles are often used in academics to compare student scores. Finding percentiles in a data set can be a useful way to organize and compare numbers in a data set.
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Other chapters within the Business Math Curriculum Resource & Lesson Plans course
- Number Sense: Business Math Lesson Plans
- Linear Equations and Inequalities: Business Math Lesson Plans
- Graphing and Evaluating Equations and Functions: Business Math Lesson Plans
- Quadratic Equations and Functions: Business Math Lesson Plans
- Depreciation & Salvage Values: Business Math Lesson Plans
- Interest & Purchases: Business Math Lesson Plans
- Business Math Applications
- Math for Financial Analysis