Monash University

Leader: Dr. John Betts

Offered

Clayton First semester 2008 (Day)

Synopsis

This unit is designed to give students an introduction to statistical and quantitative methods within a business-related framework and to provide students with a sound foundation for more advanced statistical and quantitative studies. The course will provide opportunities for the student to gain skills in the presentation of business and economic data, the use of frequency distributions, measures of central tendency and dispersion, principles of probability, use of probability distributions, sampling theory, estimation, hypothesis testing, regression analysis, the use of indices and forecasting methods.

Objectives

At the completion of this unit, students will have knowledge of:

1. Typical sources of data such as: market research surveys, mandatory reporting, census and Consumer Price Index, commercial sources;
2. Sampling techniques, sampling error.

At the completion of this unit, students will have understanding of:

3. Fundamental statistical concepts such as: probability, mathematical expectation, the Central Limit Theorem, hypothesis testing, correlation and regression.

At the completion of this unit, students will have skills in:

4. Techniques for basic statistical analysis including: the calculation of summary statistics, graphic display of data including stem-and-leaf plots, boxplots and histograms;
5. Calculations required for problems based on concepts given in point-3;
6. Calculation of probabilities by: direct calculation from probability distribution, use of tables and spreadsheets;
7. The use of computer software (eg SYSTAT) to perform all statistical techniques covered;
8. Communicating the results of descriptive statistical analysis through a written report.

Assessment

Examination 60%, Mid-semester test 25%, Written report 15%. Students must pass the final examination in order to pass the unit.

Contact hours

3 x contact hrs/week

Prohibitions

ETC2010, ETF2211, ETW1000, ETW1010, ETW2111, ETW1102, ETX1100, ETX2111, ETX2121, MAT1097, ETC1000, ETC1010, BUS1100