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ECO 251 QUANTITATIVE BUSINESS ANALYSIS I
INSTRUCTOR:Dr. Roger Even Bove
OFFICE: Anderson Hall, Room 317D
MAILING ADDRESS: Economics and Finance Department
WEST CHESTER UNIVERSITY
West Chester, PA 19383
OFFICE TELEPHONE: 610-436-2134
E-MAIL ADDRESS: firstname.lastname@example.org. I check this much more frequently than my voice mail but see Skills below.
WEBSITE: http://courses.wcupa.edu/rbove/eco251/251key.html. Check the notices on this site at least once a week
PREREQUISITE: MAT 105, 107, 108, 110 or 161. ECO/FIN majors and ECO minors are advised
to take MAT 108 before this course. See Skills below.
OFFICE HOURS: These hours frequently conflict with faculty meetings. Check the website before coming in.
M 2:30-3:30 PM
T 4:00-5:00 PM
W Noon -12:30 PM, 3:30 - 6:30 PM
R 4:00-6:00 PM
F 12:30 - 3:30 PM
I am also usually available after these hours and on Monday and Wednesday afternoons. You are encouraged to disregard these hours and come in at your convenience without appointment (Call in advance to be sure that I am in).
REQUIRED TEXTS: McClave, J. T., P. G. Benson, and T. Sincich. Statistics for Business and Economics, 8th ed., Prentice-Hall, 2001.
Douglas Downing and Jeffrey Clark, Business Statistics, 3rd ed., Barrons
Educational Series, 1997.
Syllabus Supplement Available from Dynamic Student Services, 20 Linden St.
For about $4.00.
RECOMMENDED TEXTS: Ryan, Joiner and Ryan, Minitab Handbook, 4th edition, Duxbury Thomson
Learning, Boston, 2001.
Nancy S. Boudreau, Student Solutions Manual for McClave et. al.,
8th ed., Prentice-Hall, 2001.
ALSO SUGGESTED: There are a number of statistics and other economics books available in the
library or for sale in the Economics and Finance Department offices.
Larry Gonick and Woolcott Smith, The Cartoon Guide to Statistics,
Harper Collins, 1993 (about $13.00) is available and can be ordered
from book or comics stores.
COURSE DESCRIPTION: This course begins with data analysis and descriptive statistics. Development of frequency distributions leads to probability theory and various probability distributions. This material constitutes approxim-
ately two-thirds of the course.
At this point the logical switch to statistical theory is introduced. Developing a working knowledge of estimation and hypothesis testing,
theory and applications, constitutes the final one-third of the course.
Lecture, handouts, classroom discussion and problem solving are used to
provide understanding of the concepts introduced.
COURSE OBJECTIVES: The objective of this course is to explain the fundamental ideas of probability and statistical theory that are appropriate for solving
problems in the fields of business and economics. A distinctive
feature of the course is its sustained emphasis on the practical ap-
plications of probability and statistics.
SKILLS:In addition to the prerequisites above you are expected to be able to
express yourself in writing and use a spreadsheet program. All e-mails
to the instructor should be in grammatically correct but not terribly
formal English with the spelling checked! You will be given an exercise
in Excel in the first few weeks of the class. Assistance will be available,
but you will be expected to do the work on your own.
EQUIPMENT etc.: Get a decent calculator and read the instruction book! If you need
advice on what to get, ask a Finance instructor. Then get another
calculator as a backup! If both fail you during an exam, talk to the
instructor then, not after you do badly on the exam! If you intend to use
your own copy of Excel, make sure that the statistical functions in it work.
CLASS CANCELLATION: Classes can only be cancelled by written notice from the department. If I am
occasionally very late to class, it would be reasonable to send someone up to
inquire in the department office, rather than to assume that there will be no
COURSE REQUIREMENTS: This course requires you to solve problems in homework and on tests. It is suggested that you get into the problem-solving habit. If you
have difficulty with a problem, ask for an explanation, you'll help
yourself, promote classroom discussion, and probably help fellow
students in the process. If you don't understand what is going on in
class, please come to my office.
EXAMINATION POLICY: University policy is that there is no excused absence from a scheduled examination. Therefore, a scheduled and preannounced exam which is
missed will not be made up and a grade of F will be recorded,
with the limited exception of cases in which the absence is wholly in-
voluntary and unavoidable, and the reason for which is documented by ev-
idence that can be verified by the instructor. Practically speaking,
such cases normally include only illness attended by physician or nurse,
and avoidable absences on official University business. Not included
would be absences due to "oversleeping," "not ready for the exam,"
"other exams the same day," "change in outside schedule," "job inter-
view," "extra-curricular club or organization events," "car wouldn't
start," etc... Nevertheless, please talk to the instructor about any
such situation. After the first exam, exams will be "open book". Please
bring your own tables and notes to the exam and do not share anything
with others. You are expected to bring a working calculator to each
exam. A back-up calculator is advisable. Xerox any tables or computer
output that you wish to share.
Exams may be given on Tuesdays or Thursdays in the 3:00-5:00 slot.
Arrangements will be made for students who cannot take exams during
that hour. Students will normally be expected to make up the exam on
the day before it is given. It often takes two weeks to grade and
return exams. Keys will be returned or posted with exams.
All exams will be open book. Don't let that fool you. You still need to
practice the use of formulas.
DISABILITIES: West Chester University wishes to make accommodations for people
with disabilities in compliance with the ADA of 1990. Please make
your needs known by contacting the instructor and/or the Office
of Services for Students with Disabilities at X3217. Sufficient
notice is needed in order to make accommodations possible.
CUT POLICY: I will consider your presence and participation when making up
grades. Exams are based on lecture materials and absence is foolhardy.
More than three absences when attendance is taken will result in a lowered grade.
EVALUATION POLICY: Student progress in this course is determined by three one-hour examinations (which will be announced at least one week in ad-
vance), a final exam, class participation and homework evalua-
tions. Primary weight is on the hour exams (about 2/9 of grade each)
and the final exam (1/3 of grade).
Grading will be on a curve based on numerical scores from these
exercises. Course and Final exam grades are available on request by e-mail.
You are expected to pick up all other exams.
TOPIC AND CHAPTER WEEKS BEGINNING
A. Introduction-Uses of Statistics AUG. 26
McClave et. al. Ch. 1
D and C Ch. 1
B. Sources and Types of Data SEPT. 2
D and C pp. 399-408
C. Presentation of Data
McClave et. al. Ch. 1, 12.1, 3.7, 7.6
Minitab Ch. 1,2,3
D. Frequencies and Populations
D and C Ch. 2
E. Sampling, Descriptive Statistics SEPT. 9
D and C pp. 227-229, 239-241
F. Measures of Central Tendency
McClave et. al. Ch. 2.4, 2.7
G. Measures of Dispersion and Asymmetry
McClave et. al. Ch. 2.5, 2.6
D and C CH 3,4,5 SEPT. 16
McClave et. al. Ch. 3, 18.6
I. Permutations and Combinations SEPT. 23
McClave et. al. Ch. 3.1, Appendix A
D and C pp. 74-84
J. Random Variables SEPT. 30
McClave et. al. Ch. 4.1-4.3, 5.1-5.2
D and C Ch. 6
K. Two Random Variables OCT. 7
McClave et. al. Ch. 2.9, Pg. 489-90
D and C Ch. 9
L. Discrete Distributions OCT. 14
McClave et. al. Ch. 4.4-4.5 OCT. 21
D and C Ch. 7
D and C pp. 230-231
M. Continuous Distributions OCT. 28
McClave et. al. Ch. 5.3-5.6
D and C Ch. 8
N. Statistical Sampling NOV. 4
McClave et. al. Ch. 6
D and C Ch. 8
O. Parameter Estimates NOV. 11
McClave et. al. Ch. 7 NOV. 18
D and C Ch. 10, 12
P. Hypothesis Testing NOV. 25
McClave et. al. Ch. 8 DEC. 2
Minitab Ch. 7, 8