Credit Points: 15
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
This is a first-year core unit offered in the Bachelor of Business program. The unit provides a pathway for students to continue on with a major in Accounting, Marketing or Management.
This is an introductory level unit which aims to develop the basic quantitative skills needed for solving business related problems. The focus of this unit is to provide students with the knowledge and skills to understand the statistical tools and approaches. In this unit students will identify and apply statistical techniques appropriately to day to day business problems to improve decision making process. It also focuses on providing students with hands on experience to use computer software for statistical analysis.
The unit topics include:
- Charts, frequency distributions, time series
- Measures of central tendency
- Measures of dispersion
- Probability and probability distributions
- Point and interval estimation of parameters
- Hypothesis testing
- Correlation and regression analysis
At the completion of this unit students should be able to:
- Assess situations in which statistical analysis may be useful.
- Apply a range of statistical measures and techniques that may be useful in analysing various situations.
- Solve statistical problems using analytical methods manually and interpret the results.
- Solve and interpret appropriate output from statistical computer packages.
- Demonstrate the ability to apply statistical tools and techniques to solve problems to improve business decision-making process.
Tutorial/Workshop: 1 hour
Learning Outcomes Assessed
|Contribution in class||a-e*||10%|
|Assignment 1 (Individual)||a,b,c,e*||15%|
|Assignment 2 (group)||a-e*||25%|
|Final Examination (3 hours)||a-e*||50%|
*refer to learning outcomes above.
Anderson, D., Sweeney, D., & Williams, T. (2016). Essentials of Modern Business Statistics with Microsoft Office Excel. (6th ed.). USA: Cengage Learning.
- Berenson, M., Levine, D., Szabat, K., O'Brien, M., Watson, J., & Jayne, N., (2015). Basic Business Statistics. (4th ed.). Australia: Pearson.
- Larson, R., & Farber, E. (2015). Elementary Statistics: Picturing the World, Global Edition. (6th ed.). England: Pearson.
- Selvanathan E. A., Selvanathan S., & Keller G. (2014). Business Statistics: Australia New Zealand. (6th ed.). Australia: Cengage Learning.
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
|The standard is not considered, there is no theory or practice or activities associated with this standard|