Statistics and Business Decision Making TEKS/LINKS Student Objectives One Credit

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Edmund Phelps
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1 First Six Weeks Defining and Collecting of Data SBDM 8(A) The student will define the types of variables and the measurement scales of variables. SBDM 8(B) The student will understand the collecting of data and its source. SBDM 8(C) The student will understand populations and samples. SBDM 8(D) The student will understand sampling methods. SBDM 8(E) The student will understand and define survey error types. Descriptive Measures SBDM 10(A) The student will understand and calculate the central tendency of the data set using mean, median, and mode. Data SBDM 10(B) The student will understand and determine the variation of the data set using range, sample variance, sample standard deviation, population variance, population standard deviation, coefficient of the variation, and Z score. SBDM 10(C) The student will understand and demonstrate the measure of shape of the data set using skewness, symmetry, and kurtosis. Probability SBDM 11(A) The student will define event, compound event, complement of an event, sample space, marginal probability, conditional probability, independence, multiplication rule, multiplication rule for independent events, probability of an event, impendence, and Bayes' Theorem. SBDM 11(B) The student will define and calculate simple probability, compound probability, marginal probability, general addition rule, marginal probability using the multiplication rule, and probability with Bayes' Theorem. Probability Distribution for Continuous Variables SBDM 13(A) The student will understand and demonstrate the use of the normal distribution, uniform distribution, and exponential distribution. Intro to Statistics & Risk SBDM 7(C) The student will generate a spreadsheet to collect, collate, organize, and analyze quantitative data. SBDM 7(D) The student will use spreadsheets and graphical techniques to present data in a manner that is understood by and meaningful to colleagues and clients. Organize & Visualize Data SBDM 9(A) The student will organize and visualize categorical data and numerical data. ongoing 10 days SBDM

2 Linear Regression SBDM 20(A) The student will understand and demonstrate the use of various types of regression models. SBDM 20(B) The student will create the regression equation. SBDM 20(C) The student will make predictions based on regression models. 8 days Second Six Weeks Risk Fundamentals SBDM 3(A) The student will compare and contrast the fundamentals of risk management, including the reasons for and benefits of risk management. Financial Statistics SBDM 5(A) The student will evaluate how statistics are used in accounting, economics, finance, management, and marketing. Analysis of Variance SBDM 17(A) The student will understand and demonstrate the analysis of more than two populations. Confidence Interval SBDM 15(A) The student will construct a confidence interval for the mean for a known and unknown population standard deviation. Z-Test SBDM 14(C) The student will calculate the Z- and X-bar for the sampling distribution of the mean. SBDM 16(F) The student will understand and calculate Z test for the mean. Hypothesis Testing SBDM 16(A) The student will understand and demonstrate the use of hypothesis testing, null hypothesis, and alternative hypothesis. SBDM 16(B) The student will create a null hypothesis and alternative hypothesis. Sampling Distribution, Mean, & Central Limit Theorem SBDM 14(A) The student will calculate the population mean and population standard deviation. SBDM 14(B) The student will calculate standard error of the mean. P-Value SBDM 16(G) The student will understand and demonstrate hypothesis onetail tests, critical value, and p-value. SBDM 16(H) The student will understand and demonstrate hypothesis twotail tests, critical value, and p-value. Chi-Square Test SBDM 18(A) The student will use a chi-square test. Nonparametric Test SBDM 19(A) The student will use nonparametric tests such as the Wilcoxon 3 days 3 days SBDM

3 Sum test. Third Six Weeks Type I & II Error SBDM 16(C) The student will understand and demonstrate the use of Type I error and Type II error. SBDM 16(D) The student will calculate the level of significance and calculate beta risk. SBDM 16(E) The student will understand and demonstrate the use of the complements of Type I error and Type II error by calculating the confidence coefficient and the power of a statistical test. Multivariable Regression Model SBDM 21(A) The student will use a multivariable regression model. Business Finance SBDM 4(A) The student will evaluate the use of statistics in accounting such as forecasting consumption, earnings, cash flows, book value, and allowance for doubtful accounts. SBDM 4(B) The student will evaluate how statistics are used in economics such as reports for labor market, trade balance, Gross Domestic Product, unemployment, and consumer spending. SBDM 4(C) The student will evaluate how statistics are used in finance such as the use by financial intermediaries or in the evaluation of investments, securities, derivatives, futures, or options. SBDM 4(D) The student will evaluate how statistics are used in management such as in the evaluation of production efficiency, production quantity, quality control, workforce trends, staffing issues, and employee satisfaction. SBDM 4(E) The student will evaluate how statistics are used in marketing such as reports for projected market share, advertising effectiveness, sales effectiveness, brand loyalty, spending habits, and customer satisfaction. Accounting SBDM 4(A) The student will evaluate the use of statistics in accounting such as forecasting consumption, earnings, cash flows, book value, and allowance for doubtful accounts. Statistical Analysis with Software SBDM 7(A) The student will communicate the value of statistical information in a variety of business disciplines and environments. SBDM 7(B) The student will assess statistical information portrayed in areas such as advertising, investments and securities, human resource management, and economics. SBDM 7(C) The student will generate a spreadsheet to collect, collate, organize, and analyze quantitative data. 8 days SBDM

4 SBDM 7(D) The student will use spreadsheets and graphical techniques to present data in a manner that is understood by and meaningful to colleagues and clients. Fourth Six Weeks Mathematical Processes SBDM 2(A) The student will apply mathematics to problems arising in everyday life, society, and the workplace. SBDM 2(B) The student will use a problem-solving model that incorporates analyzing given information, formulating a plan or strategy, determining a solution, justifying the solution, and evaluating the problem-solving process and the reasonableness of the solution. SBDM 2(C) The student will select tools, including real objects, manipulatives, paper and pencil, and technology as appropriate, and techniques, including mental math, estimation, and number sense as appropriate, to solve problems. SBDM 2(D) The student will communicate mathematical ideas, reasoning, and their implications using multiple representations, including symbols, diagrams, graphs, and language as appropriate. SBDM 2(E) The student will create and use representations to organize, record, and communicate mathematical ideas. SBDM 2(F) The student will analyze mathematical relationships to connect and communicate mathematical ideas. SBDM 2(G) The student will display, explain, and justify mathematical ideas and arguments using precise mathematical language in written or oral communication. Discrete Variables SBDM 12(A) The student will understand and demonstrate the use of the uniform distribution, the binomial distribution, and the Poisson distribution. Probability SBDM 11(A) The student will define event, compound event, complement of an event, sample space, marginal probability, conditional probability, independence, multiplication rule, multiplication rule for independent events, probability of an event, impendence, and Bayes' Theorem. SBDM 11(B) The student will define and calculate simple probability, compound probability, marginal probability, general addition rule, marginal probability using the multiplication rule, and probability with Bayes' Theorem. Probability Distribution for Continuous Variables SBDM 13(A) The student will understand and demonstrate the use of the normal distribution, uniform distribution, and exponential distribution days SBDM

5 Fifth Six Weeks Professional Standards/Employability Skills SBDM 1(A) The student will demonstrate an understanding of appropriate communication with customers, employers, and coworkers through verbal, nonverbal, or digital means. SBDM 1(B) The student will demonstrate an understanding of the use of business etiquette. SBDM 1(C) The student will demonstrate an understanding of appropriate customer service such as building customer relationships and resolving customer complaints. SBDM 1(D) The student will demonstrate an understanding of ethical and legal issues in business. Careers SBDM 3(C) The student will compare and contrast roles, responsibilities, licensing, and certification programs of careers related to managing and analyzing person and corporate financial portfolios such as financial planners, financial managers, financial analysts, controllers, risk managers, cash managers, treasurers, and chief financial officers. Ethics SBDM 5(A) The student will evaluate how statistics are used in accounting, economics, finance, management, and marketing. SBDM 15(B) The student will evaluate ethical issues associated with confidence intervals. Postsecondary Plan SBDM 23(A) The student will understand educational, military, and current job opportunities. SBDM 23(B) The student will create a postsecondary plan that includes topics such as application requirements; testing requirements; certification requirements; associated deadlines; associated costs, including living expenses; job prospects and opportunities; beginning earnings; expected future earnings; and resumes and cover letters. Defining and Collecting of Data SBDM 8(A) The student will define the types of variables and the measurement scales of variables. SBDM 8(B) The student will understand the collecting of data and its source. SBDM 8(C) The student will understand populations and samples. SBDM 8(D) The student will understand sampling methods. SBDM 8(E) The student will understand and define survey error types. Descriptive Measures SBDM 10(A) The student will understand and calculate the central tendency 7 days 3 days 6 days SBDM

6 of the data set using mean, median, and mode. Data SBDM 10(B) The student will understand and determine the variation of the data set using range, sample variance, sample standard deviation, population variance, population standard deviation, coefficient of the variation, and Z score. SBDM 10(C) The student will understand and demonstrate the measure of shape of the data set using skewness, symmetry, and kurtosis. ongoing Sixth Six Weeks Transactions/Enterprise Risk Nonparametric Test SBDM 19(A) The student will use nonparametric tests such as the Wilcoxon Sum test. Risk Management Strategies SBDM 6(B) The student will analyze the relationship between risk management and operations. SBDM 6(C) The student will evaluate various risk-management strategies and techniques, including the use of insurance, stock, derivatives, and options. Interest Rate Risk Financial Risks Risk Management Time Series Analysis & Forecasting SBDM 22(A) The student will understand times series models. SBDM 22(B) The student will understand trend component. SBDM 22(C) The student will understand seasonal component. SBDM 22(D) The student will understand cyclical component. 6 days 8 days SBDM

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