ETX1640

Business mathematics and statistics

Dr Ann Maharaj

6 points · Two 1-hour lectures, one 2-hour tutorial per week · First and second semester · Caulfield and Peninsula · Distance

Objectives On completion of this subject students should have become competent in using basic mathematical concepts fundamental to business practice; using spreadsheets in basic business problems; using basic techniques of financial mathematics; using and interpreting descriptive statistical techniques in business; performing business applications involving basic concepts of probability and probability distributions; using basic techniques of statistical inference on the mean; applying basic techniques of correlation and simple linear regression; using basic time series techniques (indexing, deflating and forecasting); effectively communicating the results of their analyses of problems.

Synopsis Excel spreadsheets. Basic skills. Descriptive statistics: types of variables, frequency distributions, summary statistics, describing data sets, samples and populations. Probability and probability distributions: probability as a model for the future, probability distributions, including binomial and normal. Statistical inference: sampling distributions, point and interval estimation, tests of hypothesis of the sample mean. Relationships between two nominal variables: contingency tables. Relationships between two numeric variables: correlation, testing of correlation coefficient, simple linear regression. Time series: indexing, forecasting. Financial mathematics: simple and compound interest, depreciation, net present value, internal rate of return, simple ordinary annuities, loan repayments.

Assessment Assignments and tests: 30% · Final examination (3 hours): 70%

Prescribed texts

Selvanathan A and others Australian business statistics Nelson, 1994

Back to the 1999 Business and Economics Handbook