Course Title: Business Statistics

Part A: Course Overview

Course Title: Business Statistics

Credit Points: 12.00

Course Coordinator: John Magnik

Course Coordinator Phone: +61 3 9925 9462

Course Coordinator Email: john.magnik@rmit.edu.au

Course Coordinator Location: 515.1.02B

Pre-requisite Courses and Assumed Knowledge and Capabilities

None

Course Description

This course aims to introduce students to the fundamental statistical concepts that managers commonly use when making decision as sensible as possible on the basis of the available evidence. The purpose of this course is to develop statistical thinking that focus on ways to understand and manage available data and reduce variation of available data. This course will also provide students with the skills and knowledge in the application of statistical analyses and processing of business data.

Objectives/Learning Outcomes/Capability Development

On successful completion of this course students will be have, the statistical abilities to:

• Describe the role of statistics in business decision making;
• Use statistical analysis to prepare short business reports;
• Use data to inform and support decision making
• Use appropriate statistics tools for estimation and business forecasting.

• All critical milestones are identified to ensure financial forecasts and
projections can be prepared within timeframes.
• Business plans are reviewed to identified timeframe parameters used.
• Business plans; financial forecasting and processing systems are reviewed to identify all potential conflicts.
• Business plans and exception reports are reviewed to identify and resolve conflicts in assumptions.
• Parameters are reviewed to ensure compliance with company policy and
• Current and historical financial reports are examined to establish trends.
• External environment is examined to gain objective overview.
• Instructions issued are clear and unambiguous and comply with company at to ensure ease of use and consistency of interpretation.
• Types of business are identified to enable effective models to be selected.
• Training is provided to ensure comprehensive understanding and effective use of financial models by users.
• Data is reviewed to ensure consistency with actual results and mode l used.
• Analysis results are documented in a clear and unambiguous way.
• Data collected are reliable, valid, complete and comprehensive.
• Processing is completed in accordance with established timetable.
• Data are consolidated in a logical structured format that enables ready analysis.

Overview of Learning Activities

An initial introduction to topics and techniques via a lecture will include the fundamentals and methods of business statistics. Students will participate in tutorial-based discussion groups that will enable them to relate topics to the environment, in which they live and work. They will be required to present their own thoughts, opinions and ideas. A range of learning team activities will assist them to develop and apply their knowledge in different situations that reflect tasks, which they might encounter in a business environment.

A range of self-directed learning activities would be provided for students to practice, reinforce and summarise the key learning. Students will be responsible for managing the progress of their self-directed learning. Students will work on self-directed learning activities (multiple choice & Internet-based case study) independently of the lecturer.

Overview of Learning Resources

Texts (prescribed)
Greg Dickman, Financial Forecasting And Data Analysis. Thomson. ISBN:0-17-012155-0

Reference text
Levine etal, Statistics for Managers, 4th Edition.

Overview of Assessment

1 Test
In-class test worth 20 %  Test will be closed book and one & ½ hour in duration. Formula sheet will be provided and only non-programmable calculators are allowed.

2 Group Assignment
Students need to source information from specified web sites. Analyse data using EXCEL “Data Analysis” tool pack and write reports. This is worth 20%.

3 Exam
A closed book exam worth 60% covering all topics will be held during exam period.