Department
Business
Document Type
Article
Publication Date
4-15-2020
Abstract
The purpose of this paper is to suggest an instructional approach in the introductory business statistics course that utilizes relationships between separately introduced topics. The paper will explore three “useful relationships” that can assist classroom instruction: (1) the relationship between the simple arithmetic mean, the weighted arithmetic mean, and the expected value of a discrete probability distribution; (2) the relationship between the use of the multiplication rule to calculate the joint probability associated with two events, use of tree diagrams, and the use of the binomial and hypergeometric distributions; and (3) the relationship between the geometric mean and the compound interest rate. Each discussion includes detailed examples of calculations to demonstrate the relationships.
Publication Title
International Journal of Business and Management
Publisher Statement
Copyright © 2020 the Authors
DOI
10.5539/ijbm.v15n5p73
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Recommended Citation
Rice, Philip, and Brune, Chris. "Teaching Business Statistics: Some Useful Relationships," International Journal of Business and Management, Canadian Center of Science and Education, 15:5 (2020) Apr. 15, 73-82. doi: 10.5539/ijbm.v15n5p73
Included in
Educational Methods Commons, Higher Education Commons, Science and Mathematics Education Commons