Course Title: Business Statistics

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: MATH6992L

Course Title: Business Statistics

School: 650T TAFE Business

Campus: City Campus

Program: C4121 - Certificate IV in Business (Marketing)

Course Contact : Clem Simonetto

Course Contact Phone: +61 3 9925 5426

Course Contact Email:clem.simonetto@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Course Co-ordinator: Max Kaltmann

 Gowri Raviganesh

Nominal Hours: 40

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This course aims to introduce students to the fundamental statistical concepts that managers commonly use when preparing business reports. 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.

The knowledge capabilities listed above are embedded within the learning process of this course, which aims for students to develop an understanding of the role and application of statistics in business decision making.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBCMN405A Analyse and Present Research Information

Element:

Gather and Organise Information

Performance Criteria:

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Information is gathered and organised in a format suitable for analysis, interpretation and dissemination in accordance with organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Information held by the organisation is accessed and assessed for accuracy and relevance in line with established organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Methods of collecting information are reliable and make efficient use of resources in accordance with organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Business technology is used to access, organise and monitor information in accordance with organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Information is updated, modified, maintained and stored in accordance with organisational requirements.<o:p></o:p>

Element:

Present Information

Performance Criteria:

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Recommendations and issues are presented in an appropriate format, style and structure using suitable business technology <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Structure and format of reports are clear and conform to organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Research findings are reported and distributed in accordance with organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Feedback and comments on suitability and sufficiency of findings is obtained in accordance with organisational requirements.<o:p></o:p>

Element:

Research and Analyse Information

Performance Criteria:

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Objectives of research are clearly defined and consistent with organisational requirements <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Data used in research is valid and relevant to research purposes <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Research strategies are appropriate to the requirements of the research and make efficient use of available resources <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Methods of data analysis are reliable and suitable to research purposes <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Assumptions used in analyses are clear, justified and consistent with research objectives <o:p></o:p>

<!--[if !supportLists]--><strike><font color="red">&middot;</font></strike><!--[endif]-->Conclusions are supported by evidence and contribute to the achievement of business objectives.<o:p></o:p>

Learning Outcomes



Details 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 will 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.


Teaching Schedule

 Week beginning  Topics & Assessment  Text Book: References
 Week 1 – 11 Feb  Course Introduction
Introduction to Statistics, Sampling and Data collection		  Chapter 7 & 8
 Week 2 – 18 Feb  Organisation and Visual representation of data  Chapter 7 & 9
 Week 3 – 25 Feb  Measures of Central tendency  Chapter 10
 Week 4 – 3 Mar  Measures of Dispersion  Chapter 11
 Week 5 – 10 Mar  Probability and Normal Distribution  Chapter 12
 Week 6 – 17 Mar  Sampling Distribution  Chapter 13
                                            Easter Break (Student Vacation) – 20th to 26th March inclusive 
 Week 7 – 31 Mar  Revision  
 Week 8 – 7 April  IN-CLASS TEST 1  Test 1 is worth 25%
 Week 9 – 14 April  Assignment distribution & introduction  
 Week 10 – 21 April  Correlation and Regression  Chapter 16
 Week 11 – 28 April  Correlation and Regression  Chapter 16
 Week 12 – 5 May  Time Series  Chapter 17
 Week 13 – 12 May  Index Numbers  Chapter 17
 Week 14 – 19 May  Assignment/ Due date week 14  Assignment is worth 25%
 Week 15 – 26 May  Revision  Revision exercises
 Week 16 – 2 June  Revision  Revision exercises
 Week 17 – 9 June  In-Class Test 2  Test 2 is worth 50%
Week 18 – 16 June  Feedback on assignment & assessment  


Learning Resources

Prescribed Texts

Dickman, Greg  Financial Forecasting and Data Analysis 2005, Nelson Australia Pty Limited (under the imprint of Thomson), Melbourne.

0-17-012155-0

References


Other Resources

Learning support materials are made available on the Online Learning Hub www.rmit.edu.au/online.
Access to an Internet connected computer outside of class times – Internet connected computers are available in the Business Portfolio labs on Level 3 of Building 108, 239 Bourke Street Melbourne.

Students are required to have a non-programmable calculator that can perform basic mathematical functions. Formula sheets are provided for class tests. Please note that calculators that have the capacity to store text are not permitted in tests.

Floppy disks OR other suitable storage media are required for the submission of assignment softcopies.


Overview of Assessment

Assessment may include tests and an assignment.
Test will be closed book tests consisting of multiple choice questions, problem solving exercises and applied exercises. A Formula Sheet will be provided and only non-programmable calculators are allowed.

The Group Assignment will require students to undertake basic research on a marketing/advertising theme. It will also include source information from specified web sites.

You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.


Assessment Tasks

1 - Written Test 1 (held in TAFE Week 8)
In-class test worth 25% will be held in TAFE Week 8. The test will be closed-book for 1.5 hours (90 minutes). A Formula Sheet will be provided and only non-programmable calculators are allowed.

2 - Group Assignment (due TAFE Week 14)
This will be distributed in TAFE Week 9. Students need to undertake basic research on a marketing/advertising theme. It will also include source information from specified web sites. Students working in groups will be required to analyse data and write reports as directed. This is worth 25% and is due in week 14.

3 - Test (held in TAFE Week 17)
In-class test worth 50% will be held in TAFE Week 17. Test will be closed book and two hours in duration. A Formula Sheet will be provided and only non-programmable calculators are allowed.

Competency Based Assessment
Students will be provided with more than one opportunity to demonstrate competence. Competency based assessment is detailed below in “Assessment Methods” and “Assessment Tasks”.

Assessment Tasks will be marked as follows:
Written Test 1            25%
Group Assignment     25%
Written Test 2            50%

Students are assessed against all the performance elements of the course and must demonstrate an understanding of all elements to be deemed competent. To receive a pass for this course a student must also achieve 50% overall.


Assessment Matrix


 Performance Elements Written Test 1 Group Assignment Written Test 2
BSBCMN405A/01Gather and Organise Information
   Y       Y     Y
BSBCMN405A/02Research and Analyse Information
   Y       Y    Y
BSBCMN405A/03Present Information
   Y       Y    Y




Other Information

ASSESSMENT CRITERIA
This following list provides you with information regarding the assessment criteria of the course

  • Identify types of statistics that are common to business  - Distinguish primary and secondary data.  Explain why data is presented visually .
  • Organising raw data into   - Frequency and grouped frequency distribution.  Represent data tables graphically - * Histograms * Polygons * Ogives * Bar chart * Pie chart
  • Calculate the measure of central tendencies -  * Mean * Mode * Median.  Identify the appropriate measure for a given situation.  Discuss the significance of skewness of a data.
  • Calculate the measure of dispersion - * Range * Inter-Quartile range * Standard deviation.  Writing a brief Business report.  Use of software (excel) for analysing data
  • Distinguish between a population and a sample.  Describe the special features of a normal distribution.  Understand and apply central limit theorem. 
  • Calculate point estimates and confidence interval for the population mean.  Solve business problems that can be represented by a normal distribution.  Understand the principles of statistical inference
  • Discussing examples where there is association between two variables.  Understand dependent and independent variable.  Draw and interpret a scatter diagram.  Assess relationship with the help of correlation coefficient.  Interpret of correlation coefficient. 
  • Understand linear regression.  Establish linear relation between two variables using the method of Least squares.  Prediction based on linear relation.  Check the goodness of fit using coefficient of determination
  • Identify and interpret the four basic measures of variation in a time series analysis.  Describe a time series and explain its use by giving example.  Use common methods of fitting secular trend lines to time series (including semi averages, moving averages and least-squares).  Forecast using trend
  • Use of simple, composite & weighted indices to measure the change in retail prices.  Special applications of the CPI in determining the purchase power of a dollar, determining real income & deflating sales.




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