Texas Administrative Code
Title 19 - EDUCATION
Part 2 - TEXAS EDUCATION AGENCY
Chapter 130 - TEXAS ESSENTIAL KNOWLEDGE AND SKILLS FOR CAREER AND TECHNICAL EDUCATION
Subchapter F - FINANCE
Section 130.190 - Statistics and Business Decision Making (One Credit), Adopted 2015
Universal Citation: 19 TX Admin Code ยง 130.190
Current through Reg. 49, No. 38; September 20, 2024
(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
problem-solving model that incorporates analyzing given information,
formulating a plan or strategy, determining a solution, justifying the
solution, and evaluating the problem-solving 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 problem-solving model that
incorporates analyzing given information, formulating a plan or strategy,
determining a solution, justifying the solution, and evaluating the
problem-solving 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 risk-management 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 risk-management
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 X-bar
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 hypothesis one-tail tests, critical value, and p-value;
and
(H) understand and demonstrate
hypothesis two-tail tests, critical value, and p-value.
(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 chi-square test. The student is
expected to use a chi-square 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.
Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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