STAT 1051: Introduction to Business and Economic Statistics

Discover the friendly bet between Leona and Fred surrounding their ACT scores and who owes who a pizza. Using statistical principles like Z-scores and the normal distribution, we'll decipher the odds of one outperforming the other by 5 points.

Discover the process of using a one-sample t-test to validate a claim about average soft drink consumption. By calculating the test statistic and analyzing the corresponding P-value, we determine the validity of the researcher's assertion.

Examine the mean ages between two distinct groups: slot machine players and roulette enthusiasts. Utilizing the independent sample t-test, evaluate if there's a significant age difference between the two groups. The findings offer a nuanced understanding of player demographics in gaming environments.

Uncover the relationship between confidence levels and interval widths. Grasp how the range of confidence intervals broadens with increasing confidence. Understand the trade-offs in statistical certainty and estimation.

Explore how a university dean estimates freshmen study hours using statistical methods. Understand the importance of z-scores, confidence levels, and sample sizes in making accurate predictions. Learn how to ensure results are within a desired error margin.