Monash College Unit Guide

BUSINESS STATISTICS (MCD2080)

Purpose

This unit is designed to provide skills in data analysis and statistical processes as applied to business and basic business computations and techniques.

Prerequisites

Nil.

Learning outcomes

On completion of this unit, students should be able to:

1. Use tables, graphs and charts to present data in meaningful forms.
2. Calculate measures of central tendency and dispersion for raw data and estimate measures of central tendency and dispersion from grouped data.
3. Apply elementary probability concepts such as experiments, complementary events, conditional probabilities, and independence.
4. Identify the main features of the binomial and other discrete probability distributions, and apply these to business problems.
5. Recognise and utilise normal distribution probability curves, and perform associated business calculations involving the use of standard normal tables and statistical functions in Excel.
6. Select a simple random sample and identify possible sources of bias in sample surveys.
7. Use the normal distribution and t-distribution to calculate confidence intervals for population parameters.
8. Use the normal distribution and t-distribution to test statistical hypotheses.
9. Utilise statistical concepts and methods, including correlation and linear regression, to explore and explain the relationship between two variables.
10. Identify and interpret the four basic components of a time series and apply elementary forecasting techniques to time series data and
11. Interpret and apply index numbers and series. Explain how a consumer price index is constructed and can be used to deflate time series data.

Assessment

Assessments: 30%

Examination 70%

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