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QM161 Business Statistics 1

Updated: 21 November 2011
Credit Points 6
Offering
Responsible Campus Teaching Period Mode of Study
Armidale Summer Semester Off Campus
Armidale Trimester 1 Off Campus
Armidale Trimester 1 On Campus
Armidale Trimester 3 Off Campus
Intensive School(s)
Start Finish Attendance Notes
14 April 2012 15 April 2012 Non-Mandatory There is no Intensive School for the Summer Semester. Only offered if a minimum 10 students are attending.
Supervised Exam There is a UNE Supervised Examination held at the end of the teaching period in which you are enrolled.
Pre-requisites None
Co-requisites None
Restrictions EMET100 or EMET101 or ENSS103 or ENSS203 or QM101 or STAT100
Notes None
Combined Units None
Coordinator(s)
Unit Description

The unit deals with basic statistical concepts and methods with particular reference to problems in economics and business. Topics include summarisation of data, probability, random variables, sampling distributions, estimation, hypothesis testing, correlation, and simple regression. Computer analysis using Excel is a basic part of the unit.
Prescribed Material
Mandatory 		Text(s):

Note: Students are expected to purchase prescribed material

Statistics for Managers Using Microsoft Excel Global Edition
ISBN: 9780136113492
Levine, D.M., Stephan, D., Krehbiel, T.C. and Berenson, M.L., Prentice Hall 6th ed. 2010
Text refers to: Summer Semester and Trimester 1 , On and Off Campus
Disclaimer Unit information may be subject to change prior to commencement of the teaching period.
Assessment
Title Exam Length Weight Mode No. Words
Assignment 1 10% On/Off Campus
Assessment Notes
Word length not applicable owing to the statistical nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2 GA: 1, 2, 4, 6
Assignment 2 10% On/Off Campus
Assessment Notes
Word length not applicable owing to the statistical nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 3, 4 GA: 1, 2, 4, 6
Assignment 3 10% On/Off Campus
Assessment Notes
Word length not applicable owing to the statistical nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO:5 GA: 1, 2, 4, 6
Tutorial Assessment 10% On/Off Campus
Assessment Notes
Word length not applicable owing to the statistical nature of the assignment.
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3, 4, 5, 6 GA: 1, 2, 4, 6
Final Examination 2 hrs 60% On/Off Campus
Relates to Learning Outcomes (LO) and Graduate Attributes (GA)
LO: 1, 2, 3, 4, 5, 6 GA: 1, 2, 4, 6

Learning Outcomes (LO) Upon completion of this unit, students will be able to:
  1. understand the concepts of descriptive statistics and the types of data used in business and economics; learn how to summarise and describe data in the forms of tables, graphs and figures and understand the principles of proper graphical presentation; understand the ethical issues involved in descriptive statistics; calculate and describe the measures of central tendency, location and dispersion; construct a box-and-whisker plot using Excel and interpret;
  2. understand basic probability concepts including conditional probability;
  3. understand the properties of discrete and continuous probability distributions; compute the mean and variance of the discrete distribution; compute probabilities from a binomial distribution using Excel and use the binomial to solve problems; compute probabilities from the continuous normal distribution;
  4. understand the concept of a sampling distribution; compute probabilities related to the distributions of the mean and proportion and understand the importance of Central Limit Theorem.
  5. understand the concept of inferential statistics. Construct and interpret confidence interval estimates; identify when to use the Z or t distributions; determine the sample size needed for the estimate; understand the principles of hypothesis testing; use the critical value approach to test hypotheses about the mean and proportion; identify the appropriate test statistic - Z or t; understand the ethical issues involved in inferential statistics; and
  6. understand the procedure of simple linear regression. Identify the estimated simple regression equation from an Excel printout and obtain such; interpret the slope and constant term; calculate and interpret the coefficient of determination; make inferential analysis about the slope and intercept; predict the value of the dependent variable.

Graduate Attributes (GA)
Attribute Taught Assessed Practised
1 Knowledge of a Discipline
This graduate attribute is central to the unit and is embedded in the notes and readings, practised by the students, and assessed. 		True True True
2 Communication Skills
The lectures include instructions on how to examine and statistically analyse economic and business data in order to solve real world problems. These skills are practised through tutorial exercises and assessed. 		True True True
4 Information Literacy
Students are taught the ability to examine data and interpret analytical results. These are practised during tutorial exercises and assessed. 		True True True
5 Life-Long Learning
Students are taught foundation principles which will be the basis for analytical work in their future employment. 		True
6 Problem Solving
The lectures and tutorials are based on understanding the principles in analysing business and economic problems. The assessment questions are designed to test the students? ability to solve such problems. 		True True True
7 Social Responsibility
This unit teaches and requires the practice of ethical application of statistical methods. 		True True
8 Team Work
Students are encouraged to practice teamwork during tutorial sessions and online discussions. 		True
   

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