Monash University Handbook 2010 Postgraduate - Unit

Synopsis

An introduction to descriptive statistics - the collection, organisation, presentation and analysis of grouped and ungrouped data using measures of location and dispersion; the construction of index numbers, with application to share price indices and the CPI; analysis of relationships between variables using simple multiple regression, with applications to forecasting; main ideas of probability theory as a foundation for statistical inference; concept of sampling as a way of capturing uncertainty about data; estimators and their properties; constructing and interpreting confidence intervals, testing a hypothesis, including analysis of variance. Applications to economic data will be emphasised.

Objectives

The learning goals associated with this unit are to:

• interpret business and economic data using descriptive statistics techniques for grouped and ungrouped data, including graphical presentations and measures of location and dispersion
• construct and interpret index numbers with application to share price indices and deflation using the Consumer Price Index
• describe the concept of a sampling distribution, estimators and their properties as a foundation for statistical inference, and use p-values to make inference on single population means for business and economic decision-making
• interpret and evaluate relationships between variables for business and economic decision-making using simple linear regression, including inference, confidence intervals and prediction
• apply the main ideas of probability theory, discrete and continuous probability distributions to account for uncertainty in data used for business and economic decision-making.
• develop the skills for critical analysis of statistical reporting and inference.

Assessment

Within semester assessment: 50%
Examination (3 hours): 50%

Chief examiner(s)

Kathryn Cornwell

Contact hours

One 2 hour lecture and one 1 hour tutorial per week

Prohibitions

AFX9510, ETC1000, ETW1000, ETW1102, ETX1100 and ETC9000.