To this end, students will be encouraged to explore a broad range of techniques during each teaching session and will be trained to pinpoint a specific statistical method to analyse a given business problem. Students will be introduced to: the rationale to apply statistics to business decisions and describing economic data by applying appropriate statistical techniques. Topics include: probability and probability distributions; normal probability distribution; sampling distributions and parameter estimation; hypotheses testing; linear regression and correlation; time-series analysis and forecasting; index numbers. Use will be made of a statistical computer package. The successful completion of the unit will enable students to visualise the business world from a scientific and quantitative perspective and will equip students to minimise the risk of subjective decision.
Unit details
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Learning Outcomes
1. | Identify business and economic data graphically and numerically and explain relationships between graphs and numerical data. Explain the relationships between statistics and elementary probability; | ||
2. | Distinguish distributions drawn from discrete and continuous data, e.g. binomial and normal distributions; | ||
3. | Generate forecasts in business and economic contexts; | ||
4. | Apply appropriate software such as Excel in modelling and problem solving; | ||
5. | Predict relevant relations between economic variables using regression models; | ||
6. | Formulate and explain a hypothesis arising out of a given regression model; and, | ||
7. | Undertake calculations to support statistical methods. |
Assessment
Melbourne campuses
Students studying under the VU Block Model.
Assessment type | Description | Grade |
---|---|---|
Test | In-class tests - 3 progressive assessments (3 x 5% 15 mins each) | 15% |
Test | Online Test (30 mins) | 10% |
Project | Assignment - 3 progressive assessments (5%, 15%, 15%) | 35% |
Test | Case Studies - 2 progressive assessments (20%, 20%) | 40% |
Other locations
Assessment type | Description | Grade |
---|---|---|
Test | Test (1 hour) | 15% |
Assignment | Portfolio of 7 tasks | 35% |
Examination | Final examination (2.5 hours) | 50% |
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