Business Statistics 1

Course Description

Business managers make daily decisions on a variety of issues including resource allocation, forecasting sales, or understanding customer demographics. These decisions increasingly rely on analysing data. This course introduces you to a range of statistical techniques which managers can use to make informed decisions. You will apply these techniques to relatively simple practical examples.

For larger applications you will learn how to use Microsoft Excel to perform any of the calculations associated with these statistical techniques. The focus in this subject however is on how to analyse and interpret your own results or the output from Excel. You will learn how to apply these techniques by working with examples which are relevant to most major business disciplines and the functional areas of large organizations. These include examples from Accounting, Economics, Finance, Financial Planning, Human Resource Management, Information Technology, Logistics and Transport and Marketing.

Objectives/Learning Outcomes/Capability Development

On successful completion of this program you will be able to:

• Illustrate and describe information using a range of numerical and graphical procedures both written and in Excel.
• Using sample information, apply the scientific process to arrive at probable conclusions about population values.
• Highlight statistical relationships between variables in data sets and to predict values of strategic variables using regression and correlation analysis.
• Critically analyse, in team based collaboration, the statistical findings published by the media, research agencies and the Government to validate and verify its accuracy.
• Communicate statistical findings and results in an unbiased manner to a non-technical audience such as decision makers, stakeholders and the general public.
   

Overview of Learning Activities

In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and out-of-class activities comprising individual and group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects.

You will use a calculator and spreadsheet tools to solve problems in the areas of finance, accounting, marketing, and management, using the appropriate statistical skills, and discuss and present your results. You will learn different techniques for approaching the same problem. Classes will involve both discussion and online activities.

Overview of Learning Resources

Various learning resources are available online through MyRMIT StudiesBlackboard. In addition to topic notes; assessment details and a study schedule you may also be provided with links to relevant online information; readings; audio and video clips and communication tools to facilitate collaboration with your peers and to share information.

Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT library website.

Additional resources and/or sources to assist your learning will be identified by your course coordinator will be made available to you as required during the teaching period.

Overview of Assessment

The assessment tasks, their weighting and the course learning outcomes to which they are aligned are as follows:

Assessment Task 1: 30% 
Linked CLOs: 1, 2, 3
Assessment Task 2: 20%
Linked CLOs: 2, 3, 4, 5
Final Exam: 50% 
Linked CLOs: 1, 2, 3

Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and by individual consultation.