Applied Statistics for Business

The focus of this unit is to expose students to statistical techniques that are specific to the areas of business, economics and finance. Students will develop an understanding and ability to use these techniques across a range of empirical problems. The application of such techniques will involve collection of relevant data, the use of Excel and the interpretation and use of outputs.

Topics include sampling methods and estimation of point and confidence intervals; hypothesis tests; non-parametric tests; analysis of variance; Chi-square tests; multiple regression and residual analysis; discriminant analysis and factor analysis.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Formulate and justify an appropriate sampling method to obtain information from a target population;
2. Adopt appropriate statistical estimation methods and tests in analysing business problems;
3. Analyse business related data using appropriate Excel functionalities to provide specific recommendations to real-world business problems;
4. Derive statistical models using statistical findings and make use of such findings in writing reports to evaluate alternative policy options and justify recommendations in decision making; and
5. Exhibit effective interpersonal skills to successfully collaborate with and influence others in teams to achieve group outcomes whilst maintaining responsibility and accountability of own learning and professional practice.