ETX5900 – Business Statistics Semester 1, 2022
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ETX5900 – Business Statistics
Semester 1, 2022
UNIT SYNOPSIS:
Students will learn to use basic statistical techniques and apply them to problems in accounting, finance, management, marketing, and business in general. Students should also be able to effectively communicate the results of their analyses. This unit covers descriptive statistics for revealing the information contained in data; probability as a tool for dealing with uncertainty; probability distributions to model business behaviour; confidence interval estimation and hypothesis testing techniques for single populations; analysis of relationships between variables using simple and multiple linear regression; and simple tools for forecasting time series data. Applications to critical analysis of business and economic data will be emphasised. Microsoft Excel software will be used.
LEARNING OUTCOMES:
On successful completion of this unit, you should be able to:
1) interpret business data using descriptive statistics techniques, including the use of Excel spreadsheet functions
2) apply simple concepts of probability and probability distributions to problems in business decision-making
3) describe the role of statistical inference and apply inference methods to single populations
4) interpret and evaluate relationships between variables for business decision- making, using the concept of correlation and linear regression
5) apply suitable statistical techniques for describing and forecasting time series data
6) develop the skills for critical analysis of statistical reporting and inference.
UNIT OUTLINE:
|
Week |
Weekly Topic |
Assessments |
Classroom activity |
|
1 |
Descriptive Statistics I |
|
Tutorial questions |
|
2 |
Descriptive Statistics II |
Quiz – 2% |
Tutorial questions |
|
3 |
Fundamentals of probability: Basic Probability, Discrete Probability Distributions - Binomial Distribution |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
4 |
The Normal Distribution, Sampling Distribution |
Tutorial engagement – 1% Quiz – 2% Assignment 1 – 8% |
Tutorial questions and FLUX activity |
|
5 |
Inference I: Confidence Interval Estimation |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
6 |
Inference II: Hypothesis Testing I |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
7 |
Inference III: Hypothesis Testing II |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
8 |
The Chi Square Distribution – Testing for Independence of Two Categorial Variables |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
9 |
Correlation and Regression Analysis I |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
10 |
Correlation and Regression Analysis II |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
|
11 |
Time Series Analysis and Forecasting |
Tutorial engagement – 1% Quiz – 2% Assignment 2 - 12% |
Tutorial questions and FLUX activity |
|
12 |
Summary and Revision |
Tutorial engagement – 1% Quiz – 2% |
Tutorial questions and FLUX activity |
2022-02-23