Welcome to BUS204: Business Statistics
Specific information about this course and its requirements can be found below. For more general information about taking Saylor Academy courses, including information about Community and Academic Codes of Conduct, please read the Student Handbook.
Learn how to apply statistical information and quantitative methods to the workplace. Examine techniques for gathering, analyzing, and interpreting data applicable to many fields, from anthropology to hedge fund management.
This course will introduce you to business statistics, or the application of statistics in the workplace. Statistics is how we gather, analyze, and interpret data. You can apply statistics to any number of fields, since we interpret data best when it is presented in an organized fashion.
Different kinds of statistics let us view data in different ways – for example, summary statistics give an overview of a data set, like the average score on an exam. However, summary statistics do not always tell the entire story: if the average score is 80, for example, it could be the case that half of the students got a grade of 100 on the exam, while the other half got a grade of 60. This would present a much different story than if everyone in the class had received an 80.
Of course, statistics can tell us a lot more than just the average of an exam. In this course, you will learn how to apply statistical tools to analyze data, draw conclusions, and make predictions about the future. The course begins with data distributions, followed by probability analysis, sampling, hypothesis testing, inferential statistics, and regression. Although these topics are mathematically intensive, much of what you learn here will apply to the things you will encounter every day in the workplace.
This course includes the following units:
- Unit 1: Introduction to Statistical Analysis
- Unit 2: Counting, Probability, and Probability Distributions
- Unit 3: The Normal Distribution
- Unit 4: Sampling and Sampling Distributions
- Unit 5: Estimation and Hypothesis Testing
- Unit 6: Correlation and Regression
Course Learning Outcomes
Upon successful completion of this course, you will be able to:
- explain the importance of statistics and statistical analysis for applicability to business scenarios;
- explain the differences between data types (quantitative and qualitative data), identify examples of each type of data; and apply data types to real-world situations
- understand and apply the elements of descriptive statistics to solve problems and understand datasets;
- create graphs and visual representations of data, and interpret information presented in graphs
- identify and describe the properties of various data distributions, and calculate the metrics from those distributions
- define and apply the concept of a random variable, and differentiate the population from a sample;
- relate the central limit theorem to sample size and normal distribution;
- describe and identify the different sampling methods, including systematic, stratified random, cluster, convenience, panel, and quota sampling, and identify examples of each;
- use a point estimator from a sample to estimate the entire population;
- estimate intervals over which the population parameter could exist using sample data;
- apply hypothesis testing for testing population parameters using one or two samples;
- identify and explain components of the linear regression model, and interpret the values of those components
- plot a regression line, and explain how the regression coefficient shapes that line; and
- work with statistical data in a spreadsheet environment.
Throughout this course, you will also see learning outcomes in each unit. You can use those learning outcomes to help organize your studies and gauge your progress.
The primary learning materials for this course are readings, lectures, and videos.
All course materials are free to access and can be found in each unit of the course. Pay close attention to the notes that accompany these course materials, as they will tell you what to focus on in each resource, and will help you to understand how the learning materials fit into the course as a whole. You can also see a list of all the learning materials in this course by clicking on Resources in the navigation bar.
Evaluation and Minimum Passing Score
Only the final exam is considered when awarding you a grade for this course. In order to pass this course, you will need to earn a 70% or higher on the final exam. Your score on the exam will be calculated as soon as you complete it. If you do not pass the exam on your first try, you may take it again as many times as you want, with a 7-day waiting period between each attempt. Once you have successfully passed the final exam you will be awarded a free Course Completion Certificate.
There are also end-of-unit assessments in this course. These are designed to help you study, and do not factor into your final course grade. You can take these as many times as you want until you understand the concepts and material covered. You can see all of these assessments by clicking on Quizzes in the course's navigation bar.
Earning College Credit
This course is eligible for college credit via Saylor Academy's Direct Credit Program. If you want to earn college credit, you must take and pass the Direct Credit final exam. That exam will be password protected and requires a proctor. If you pass the Direct Credit exam, you will receive a Proctor Verified Course Certificate and be eligible to earn an official transcript. For more information about applying for college credit, review the guide to college credit opportunities. Be sure to check the section on proctoring for details like fees and technical requirements.
There is a 14-day waiting period between attempts of the Direct Credit final exam. There is no waiting period between attempts for the not-for-credit exam and the Direct Credit exam. You may only attempt each Direct Credit final exam a maximum of 3 times. Be sure to study in between each attempt!
Tips for Success
BUS204: Business Statistics is a self-paced course, which means that you can decide when you will start and when you will complete the course. There is no instructor or an assigned schedule to follow. We estimate that the "average" student will take 53 hours to complete this course. We recommend that you work through the course at a pace that is comfortable for you and allows you to make regular progress. It's a good idea to also schedule your study time in advance and try as best as you can to stick to that schedule.
Learning new material can be challenging, so we've compiled a few study strategies to help you succeed:
- Take notes on the various terms, practices, and theories that you come across. This can help you put each concept into context, and will create a refresher that you can use as you study later on.
- As you work through the materials, take some time to test yourself on what you remember and how well you understand the concepts. Reflecting on what you've learned is important for your long-term memory, and will make you more likely to retain information over time.
- Although you may work through this course completely independently, you may find it helpful to connect with other Saylor students through the discussion forums. You may access the discussion forums at https://discourse.saylor.org.
In order to take this course, you should:
- have access to a calculator that includes the ability to do square roots. A statistical calculator is available here. You may also use the calculator that comes with your operating system, which should have square root capability if you set it to the proper mode;
- have completed either MA001: Beginning Algebra or MA005: Calculus I, or the equivalent; and
- optionally, have completed the following courses:
This course is delivered entirely online. You will be required to have access to a computer or web-capable mobile device and have consistent access to the internet to either view or download the necessary course resources and to attempt any auto-graded course assessments and the final exam.
- To access the full course including assessments and the final exam, you will need to be logged into your Saylor Academy account and enrolled in the course. If you do not already have an account, you may create one for free here. Although you can access some of the course without logging in to your account, you should log in to maximize your course experience. For example, you cannot take assessments or track your progress unless you are logged in.
- If you plan to attempt the optional Direct Credit final exam, then you will also need access to a webcam. This lets our remote proctoring service verify your identity, which is required to issue an official transcript to schools on your behalf.
For additional guidance, check out Saylor Academy's FAQ.
This course is entirely free to enroll in and to access. Everything linked in the course, including textbooks, videos, webpages, and activities, are all available for no charge. This course also contains a free final exam and course completion certificate.
This course also has an optional final exam that can give you an opportunity to earn college credit. This exam requires the use of a proctoring service for identity verification purposes. The cost for proctoring for this optional exam is $5 per session.