The unit of study introduces students to quantitatively-aided business analysis and the application of quantitative techniques to inform financial, accounting, marketing and management decisions. Students will begin to explore a broad range of fundamental techniques and to identify and apply a specific technique to analyse a given business problem. Students will be exposed: to the rationale to apply statistics to business decisions; to describe economic data by statistics techniques. Topics covered also include: probability distributions; normal probability distributions; sampling distributions and parameter estimation; hypothesis 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 begin to visualise the business world from a scientific and quantitative perspective and will equip students to minimise the risk of subjective decision.

The learning and teaching in the unit is designed to be consistent and explicit in assisting students' transition from their previous educational experience to the nature of learning in higher education and learning in their discipline as part of their lifelong learning.

Unit details

Study level:
Undergraduate
Credit points:
12
Unit code:
VBE1007

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Determine an appropriate statistical analysis technique to solve a given business problem and to explain the selection of that technique;  
  2. Analyse basic business and economic data graphically and numerically and begin to describe relationships between the analytical approaches;  
  3. Exhibit developing professional capabilities in performing fundamental statistical inferences: estimating populations and testing hypothesis, constructing regression models, testing economic relationships, calculating and analysing indices;  
  4. Develop fundamental business forecasting skills and begin to evaluate forecasting performance;  
  5. Present statistical information using written and graphical modes to demonstrate the developing capacity to communicate technical knowledge with in-depth analysis of statistical techniques; and  
  6. Demonstrate the development of key fundamental numerical/mathematical computation techniques related to business scenarios in addition to academic and professional skills required for further study and the workforce.  

Assessment

Melbourne campuses

Students studying under the VU Block Model.

Assessment type Description Grade
Test Business Maths Online Quiz (conducted during class time and supervised) 10%
Test In Class Weekly Statistics Quizzes (conducted during class time and supervised) 15%
Assignment Statistics Assignment 25%
Test Two (2) In Class supervised Tests 50%

Other locations

Assessment type Description Grade
Test Business Maths Online Quiz (conducted during class time and supervised) 10%
Test In Class Weekly Statistics Quizzes (conducted during class time and supervised) 15%
Assignment Statistics Assignment 25%
Examination Final Examination 50%

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

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