UNIVERSITY OF GUELPH 
STAT*2060: Statistics for Business Decisions 
Comprehensive Revision Guide and Notes 2026 
 
- 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

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ACADEMIC YEAR 2025 - 2026

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

This guide provides a comprehensive summary of the key concepts covered in STAT*2060: Statistics for Business Decisions at the University of Guelph. It highlights the essential information you need to understand and apply the course material effectively, helping you build a solid grasp of the core methods and techniques. These features are specifically designed to help you apply your knowledge in the exam. You do not need to be an expert in the course; you just need a basic understanding and the ability to quickly recall what you have learned. Use these notes as a reference to strengthen your understanding topic by topic and improve your grades in the final exam.

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.

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

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COURSE DESCRIPTION

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