UNIVERSITY OF GUELPH 
STAT*2060 - Statistics for Business Decisions 
Comprehensive Revision Guide and Notes 2024 
 
Part 01: Topic Summary and Exam Tips 
Part 02: Exam Practice Questions and Answers 
Part 03: Sample Examination 
Part 04: Suggested Solutions to Exam Paper 
 
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University of Guelph - STAT*2060: Statistics for Business Decisions (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	University of Guelph
Study Level	Undergraduate
Course Code	STAT*2060
Course Name	Statistics for Business Decisions
Study Material	Comprehensive Revision Guide and Notes
Page Length	59 pages

This STAT 2060: Statistics for Business Decisions, University of Guelph - Comprehensive Revision Guide and Notes (2024) is an invaluable resource designed to support your learning throughout the course and into your final review. The guide has been thoroughly updated to cover all course topics, ensuring you have the most relevant and up-to-date information. This set of notes includes sample exam questions with detailed answers, allowing you to become familiar with the question formats and focus on key topics. You can use these notes as a reference to better understand the topics and improve your grades.

Course Overview:

This course is designed for students interested in the application of statistics in a business setting. Topics include graphical and numerical methods for describing various data types, including time series data; basic probability; discrete and continuous probability distributions; sampling distributions; confidence intervals and hypothesis testing for one- and two-sample problems; and linear regression and correlation. The role of statistics in business decisions will be discussed throughout the course, and industry-relevant software will be used for data visualization and computation.

Restrictions:

STAT*2040, STAT*2080, STAT*2120, STAT*2230. Not available to BSC students.

What You'll Learn:

Summarize data using tables, graphs, and numerical measures.
Understand probability concepts and how they apply to business decisions.
Analyze random variables and their probability distributions.
Apply continuous probability distributions in practical situations.
Use sampling distributions to make inferences about populations.
Construct confidence intervals for single samples and compare two samples.
Perform hypothesis tests for single and two samples.
Conduct Chi-Square tests to determine independence.
Explore correlation and regression to assess relationships between variables.

COURSE CODE	COURSE NAME
ACCT*1220	Introductory Financial Accounting
ACCT*1240	Applied Financial Accounting
ACCT*2230	Management Accounting
ACCT*3340	Intermediate Financial Accounting II
ACCT*3350	Taxation
ECON*1050	Introductory Microeconomics
ECON*1100	Introductory Macroeconomics
ECON*2310	Intermediate Microeconomics
ECON*2740	Economic Statistics
ECON*3740	Introduction to Econometrics
FIN*2000	Introduction to Finance
FIN*3000	Investments
FIN*3100	Corporate Finance
FIN*3200	Fundamentals of Derivatives
FIN*3500	Money, Credit, and the Financial System
HROB*2090	Individuals and Groups in Organizations
MCS*1000	Introductory Marketing
MCS*3040	Business and Consumer Law
STAT*2040	Statistics I
STAT*2060	Statistics for Business Decisions
STAT*4360	Applied Time Series Analysis

University of Guelph - STAT*2060: Statistics for Business Decisions (Solutions)

INFORMATION

COURSE DESCRIPTION

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