Credit Points: 15

Prerequisite: N/A

Co-requisite: N/A

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:

  1. Charts, frequency distributions, time series
  2. Measures of central tendency
  3. Measures of dispersion
  4. Probability and probability distributions
  5. Point and interval estimation of parameters
  6. Hypothesis testing
  7. Correlation and regression analysis

Learning Outcomes

At the completion of this unit students should be able to:

  1. Assess situations in which statistical analysis may be useful.
  2. Apply a range of statistical measures and techniques that may be useful in analysing various situations.
  3. Solve statistical problems using analytical methods manually and interpret the results. 
  4. Solve and interpret appropriate output from statistical computer packages.
  5. Demonstrate the ability to apply statistical tools and techniques to solve problems to improve business decision-making process.

Teaching Method

Lecture: 2 hours
Tutorial/Workshop: 1 hour
Face to Face

Assessment

Assessment Task
Learning Outcomes Assessed
Weighting
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%
Total   100%

*refer to learning outcomes above.

Textbook

Anderson, D., Sweeney, D., & Williams, T. (2016). Essentials of Modern Business Statistics with Microsoft Office Excel. (6th ed.). USA: Cengage Learning.


Reference Reading

  • 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
             

Legend

Colour coding    

Extent covered

                                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