The unit of study introduces students to quantitatively-aided business analysis and the application of quantitative techniques to inform business 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 introduced to the rationale of applying statistics to business decisions. 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. Students will use MS Excel to conduct statistical analyses. 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 them 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. Present and analyse basic business and economic data graphically and numerically and apply appropriate software such as MS Excel in modelling and problem solving;  
  2. Determine an appropriate statistical analysis technique to solve a given business problem and to explain the selection of that technique;  
  3. Develop understanding of the basic concepts of probability and random variables and distinguish discrete and continuous probability distributions;  
  4. Exhibit developing professional capabilities in performing fundamental statistical inferences: estimating population mean and population proportion, testing hypothesis, constructing regression models, testing economic relationships, calculating and analysing indices; and  
  5. Develop fundamental business forecasting skills and evaluate simple forecasting performance.  

Assessment

Melbourne campuses

Students studying under the VU Block Model.

Assessment type Description Grade
Test Online In Class Quiz 15%
Test Online In Class Quiz x 2 35%
Assignment Applied Statistics Assignment 30%
Test End of Block In Class Test (paper-based) 20%

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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