(a) General requirements. This course is recommended
for students in Grades 11 and 12. Prerequisite: Algebra II. This course
satisfies a high school mathematics graduation requirement. Students
shall be awarded one credit for successful completion of this course.
(b) Introduction.
(1) Career and technical education instruction provides
content aligned with challenging academic standards and relevant technical
knowledge and skills for students to further their education and succeed
in current or emerging professions.
(2) The Finance Career Cluster focuses on planning,
services for financial and investment planning, banking, insurance,
and business financial management.
(3) Statistics and Business Decision Making is an introduction
to statistics and the application of statistics to business decision
making. Students will use statistics to make business decisions. Students
will determine the appropriateness of methods used to collect data
to ensure conclusions are valid.
(4) The process standards describe ways in which students
are expected to engage in the content. The placement of the process
standards at the beginning of the knowledge and skills listed for
each grade and course is intentional. The process standards weave
the other knowledge and skills together so that students may be successful
problem solvers and use mathematics efficiently and effectively in
daily life. The process standards are integrated at every grade level
and course. When possible, students will apply mathematics to problems
arising in everyday life, society, and the workplace. Students will
use a problemsolving model that incorporates analyzing given information,
formulating a plan or strategy, determining a solution, justifying
the solution, and evaluating the problemsolving process and the reasonableness
of the solution. Students will select appropriate tools such as real
objects, manipulatives, paper and pencil, and technology and techniques
such as mental math, estimation, and number sense to solve problems.
Students will effectively communicate mathematical ideas, reasoning,
and their implications using multiple representations such as symbols,
diagrams, graphs, and language. Students will use mathematical relationships
to generate solutions and make connections and predictions. Students
will analyze mathematical relationships to connect and communicate
mathematical ideas. Students will display, explain, or justify mathematical
ideas and arguments using precise mathematical language in written
or oral communication.
(5) Students are encouraged to participate in extended
learning experiences such as career and technical student organizations
and other leadership or extracurricular organizations.
(6) Statements that contain the word "including" reference
content that must be mastered, while those containing the phrase "such
as" are intended as possible illustrative examples.
(c) Knowledge and skills.
(1) The student demonstrates professional standards/employability
skills as required by business and industry. The student is expected
to:
(A) demonstrate an understanding of appropriate communication
with customers, employers, and coworkers through verbal, nonverbal,
or digital means;
(B) demonstrate an understanding of the use of business
etiquette;
(C) demonstrate an understanding of appropriate customer
service such as building customer relationships and resolving customer
complaints; and
(D) demonstrate an understanding of ethical and legal
issues in business.
(2) The student uses mathematical processes to acquire
and demonstrate mathematical understanding. The student is expected
to:
(A) apply mathematics to problems arising in everyday
life, society, and the workplace;
(B) use a problemsolving model that incorporates analyzing
given information, formulating a plan or strategy, determining a solution,
justifying the solution, and evaluating the problemsolving process
and the reasonableness of the solution;
(C) 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;
(D) communicate mathematical ideas, reasoning, and
their implications using multiple representations, including symbols,
diagrams, graphs, and language as appropriate;
(E) create and use representations to organize, record,
and communicate mathematical ideas;
(F) analyze mathematical relationships to connect and
communicate mathematical ideas; and
(G) display, explain, and justify mathematical ideas
and arguments using precise mathematical language in written or oral
communication.
(3) The student uses career planning concepts, tools,
and strategies to explore a career in the area of risk management.
The student is expected to:
(A) compare and contrast the fundamentals of risk management,
including the reasons for and benefits of risk management;
(B) discuss the role of ethics and responsibility in
risk management; and
(C) compare and contrast roles, responsibilities, licensing,
and certification programs of careers related to managing and analyzing
personal and corporate financial portfolios such as financial planners,
financial managers, financial analysts, controllers, risk managers,
cash managers, treasurers, and chief financial officers.
(4) The student understands and demonstrates the use
of statistics in business areas, including accounting, economics,
finance, management, and marketing. The student is expected to:
(A) evaluate the use of statistics in accounting such
as forecasting consumption, earnings, cash flows, book value, and
allowance for doubtful accounts;
(B) evaluate how statistics are used in economics such
as reports for labor market, trade balance, Gross Domestic Product,
unemployment, and consumer spending;
(C) 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;
(D) 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;
and
(E) 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.
(5) The student understands and demonstrates the ethical
and responsible use of statistics in business. The student is expected
to evaluate how statistics are used in accounting, economics, finance,
management, and marketing.
(6) The student evaluates riskmanagement strategies
and techniques in corporate finance to maximize profit and minimize
loss. The student is expected to:
(A) manage risk to protect business stability;
(B) analyze the relationship between risk management
and operations; and
(C) evaluate various riskmanagement strategies and
techniques, including the use of insurance, stock, derivatives, and
options.
(7) The student evaluates financial information using
statistical analysis to assist business decision making using appropriate
software. The student is expected to:
(A) communicate the value of statistical information
in a variety of business disciplines and environments;
(B) assess statistical information portrayed in areas
such as advertising, investments and securities, human resource management,
and economics;
(C) generate a spreadsheet to collect, collate, organize,
and analyze quantitative data; and
(D) use spreadsheets and graphical techniques to present
data in a manner that is understood by and meaningful to colleagues
and clients.
(8) The student understands and demonstrates the defining
and collecting of data. The student is expected to:
(A) define the types of variables and the measurement
scales of variables;
(B) understand the collecting of data and its source;
(C) understand populations and samples;
(D) understand sampling methods; and
(E) understand and define survey error types.
(9) The student will understand and demonstrate the
organization and visualization of data. The student is expected to
organize and visualize categorical data and numerical data.
(10) The student understands and demonstrates the use
of descriptive measures. The student is expected to:
(A) understand and calculate the central tendency of
the data set using mean, median, and mode;
(B) 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; and
(C) understand and demonstrate the measure of shape
of the data set using skewness, symmetry, and kurtosis.
(11) The student understands and demonstrates the use
of probability. The student is expected to:
(A) 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; and
(B) define and calculate simple probability, compound
probability, marginal probability, general addition rule, marginal
probability using the multiplication rule, and probability with Bayes'
Theorem.
(12) The student understands and demonstrates the use
of probability distribution for discrete variables. The student is
expected to understand and demonstrate the use of the uniform distribution,
the binomial distribution, and the Poisson distribution.
(13) The student understands and demonstrates the use
of probability distribution for continuous variables. The student
is expected to understand and demonstrate the use of the normal distribution,
uniform distribution, and exponential distribution.
(14) The student understands and demonstrates the use
of sampling distribution, sampling distribution of the mean, and the
central limit theorem. The student is expected to:
(A) calculate the population mean and population standard
deviation;
(B) calculate standard error of the mean; and
(C) calculate the Z and Xbar for the sampling distribution
of the mean.
(15) The student understands and demonstrates the
use and construction of confidence intervals. The student is expected
to:
(A) construct a confidence interval for the mean for
a known and unknown population standard deviation; and
(B) evaluate ethical issues associated with confidence
intervals.
(16) The student understands and demonstrates hypothesis
testing for one sample tests and two sample tests. The student is
expected to:
(A) understand and demonstrate the use of hypothesis
testing, null hypothesis, and alternative hypothesis;
(B) create a null hypothesis and alternative hypothesis;
(C) understand and demonstrate the use of Type I error
and Type II error;
(D) calculate the level of significance and calculate
beta risk;
(E) 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;
(F) understand and calculate Z test for the mean;
(G) understand and demonstrate a onetail test hypothesis
and its associated critical values and pvalue; and
(H) understand and demonstrate a twotail test hypothesis
and its associated critical values and pvalue.
(17) The student understands analysis of variance.
The student is expected to understand and demonstrate the analysis
of more than two populations.
(18) The student understands and demonstrates the use
of chisquare test. The student is expected to use a chisquare test.
(19) The student understands and demonstrates the use
of nonparametric test. The student is expected to use nonparametric
tests such as the Wilcoxon Sum test.
(20) The student understands simple linear regression.
The student is expected to:
(A) understand and demonstrate the use of various types
of regression models;
(B) create the regression equation; and
(C) make predictions based on regression models.
(21) The student understands an introduction to multivariable
regression: The student is expected to use a multivariable regression
model.
(22) The student understands time series analysis and
forecasting. The student is expected to:
(A) understand times series models;
(B) understand trend component;
(C) understand seasonal component; and
(D) understand cyclical component.
(23) The student demonstrates an understanding of a
postsecondary plan. The student is expected to:
(A) understand educational, military, and current job
opportunities; and
(B) 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.
