Business Statistics

A basic level of understanding of statistical tools is necessary for any contemporary educated business manager to make informed decisions. This subject provides a broad introduction to statistical concepts and techniques for data analysis. The subject is basically concerned with the development of an understanding of statistical practice and importantly how it is applied in a business situation.

The aim of the subject is to provide the student with the basic statistical tools required to analyse data encountered in a wide range of managerial situations and make effective decisions based on this data. This subject focuses on ‘statistics for managers’ for use in everyday life.

This subject will use a blended delivery mode, i.e. a combination of formal lectures, class discussions in the tutorials and individual practical exercises.

You will predominantly focus on answering questions related to the concepts and processes addressed during the week. However, there will be greater emphasis on how to use technology to assist you with learning about statistics. Hence, there is a greater emphasis on applying skills that you are likely to be expected to use outside the classroom.

1. Explain statistics and how they lead to better business decisions
2. Analyse different types of data, apply appropriate statistical techniques to summarise information usefully and informatively
3. Understand the concepts of probability distributions and random variables then apply these concepts to real life situations from the service industries and evaluate the conclusions
4. Calculate and interpret various relevant statistics from a sample and make inferences with regard to the population they represent
5. Test hypothesis regarding populations by analysing sample information and draw conclusions regarding the underlying population

Exams will take place in weeks 12 & 13. Please refer to the official Exam Timetable for further information. You are required to prepare for assessments by reading the subject matter in subject notes, handouts and readings. Class work and practical application of theory assist in reinforcing the importance of this subject’s topics.

You are required to participate in class discussions and activities.

There are four assessment components to this subject:

1. Group Assignment : From Weeks 4 – 11 (except Week 7), a group of students will provide an 8-10 minute presentation based on content from the previous week. They will be provided with 2 weeks to prepare for the presentation and will be marked based on individual preparations and working within a group. This will provide students with an opportunity to improve their presentation skills and their understanding of a variety of statistical theories and/or concepts.

2. Online Quizzes: Students will have two quizzes to complete worth 10% each.
The first one is in Week 4 and will cover content from Weeks 1-3. The second one is Week 8 and will cover content from Weeks 4 – 6. Each quiz will allow an hour to complete the questions and students will be limited to one attempt each. This will provide students with a chance to test their understanding of the content they learnt during those weeks.

3. Individual Assignment : Students will be required to complete a 1000 – word report that involves the application of two statistical concepts. They will be given questions which will act as a guide as to what the report needs to be addressed. It will need to be submitted during their Week 11 tutorial.

4. Final Exam: The final exam will be during Week 12 or 13. This will be two
hours and will assess the sum of knowledge that you have gained throughout this subject.