26134 Business Statistics
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particular session, location and mode of offering is the authoritative source
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Subject handbook information prior to 2020 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 26100c Integrating Business Perspectives
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 26133 Business Information Analysis
Description
This subject is designed to develop students' abilities to assess and critically interpret statistics and business information, and apply it in changing business environments. The subject places strong emphasis on developing a clear theoretical understanding of various analytical tools as well as an appreciation of the application of statistics to business decisions. These skills and competencies provide a foundation for professional practice for further study in the many different majors of the degree.
Subject learning objectives (SLOs)
| 1. | apply standard statistical tools in various business decision contexts within a professionally responsible framework |
|---|---|
| 2. | apply appropriate quantitative analytical techniques to qualify, support, select and evaluate data as information for business decision-making |
| 3. | effectively interpret and communicate results of quantitative analyses for business decision-making |
| 4. | effectively use a computer-based data analysis package (i.e. Excel) to critically analyse data. |
Contribution to the development of graduate attributes
This subject contributes to the Bachelor of Business in that it develops students' abilities to assess and critically interpret statistics and its application in business decision-making. The subject places strong emphasis on developing a clear theoretical understanding of various analytical tools as well as an appreciation of their application to business decisions. The subject will develop skills linked to the Faculty’s graduate attribute that looks at developing critical thinking, creativity and analytical skills; and contributes to the development of business practice oriented skills.
This subject contributes to the development of the following graduate attributes:
- Business knowledge and concepts
- Critical thinking, creativity and analytical skills
- Business practice oriented skills
This subject also contributes specifically to introducing the following program learning objectives:
- 1.1 Critically analyse relevant concepts to understand practice in business and related professions in a global workplace
- 2.1 Locate and critically evaluate relevant data and literature to address business problems through a research approach
- 5.1 Apply technical and professional skills necessary to operate effectively in business and related professions
Teaching and learning strategies
The subject is presented in lecture and tutorial format. Lectures involve face-to-face content delivery. Essential principles and theoretical concepts are presented and analysed in lectures. The subject employs electronic resources such as online videos and online practice quizzes to enhance appreciation of theoretical concepts covered during various sessions. Students are required to prepare in advance for tutorial sessions. Students will work through application exercises in small groups outside of tutorial sessions and discuss with peers before presenting in class. In the tutorial sessions, students are led through application exercises that substantiate the theoretical concepts. To facilitate this advance preparation, students are provided online support through UTSOnline forums such as discussion board and chat board. Students can collaborate outside of class time with peers through Discussion Board forums and working through self-practice exercises in lecture slides to prepare the material in advance.
All students will be provided with the opportunity for initial feedback on their performance in the subject during the first four weeks of the semester, for example, tutorial exercises, quizzes and other assessment methods. Further feedback will be provided in relation to submitted assessment tasks. In addition, student groups will collaborate and engage in active learning tasks such as prepare exercises in advance, and discuss their work with peers and receive constructive feedback on the assigned task. Further, students will have access to numerous online resources to support student revision. These include supplementary business articles and videos related to Bstats topics.
Content (topics)
- Introduction to types of data
- Descriptive statistics
- Introduction to probability and probability distributions
- Sampling and sampling distributions
- Interval estimation
- Hypothesis testing
- Comparisons involving means and proportions
- Linear regression
Assessment
Assessment task 1: Report (Group)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 20% |
Assessment task 2: Mid-Semester Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 30% |
| Length: | The examination will be one hour (with no additional reading time) |
Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 50% |
| Length: | The format of the final examination, and its structure, will be announced on UTSOnline as the Covid-19 situation develops. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Lecture slides, tutorial notes and appendices provided by the instructors.
Recommended texts
Black, K., Asafu-Adjaye, J., Burke, P., Khan, N., King, G., Perera, N., Papadimos, A., Sherwood, C., & Wasimi, S. (2019). Business analytics and statistics 1st Edition ISBN: 9780730363330 (Printed edition and Interactive Etext).
NOTE: Students are advised to have a printed text rather than e-text only should they choose to purchase the book; because students are permitted to bring the printed text into the mid-session and final exams as they are both conducted as open book exams.
References
The following may be useful to consider as additional texts to support your learning in this subject over and above the required text:
- Business Statistics: Australia New Zealand, 6th Edition, Selvanathan/Keller, Edition 6, ISBN: 978-0170237000
- Learning Statistics and Excel in Tandem, Selvanathan/Selvanathan, Edition 4, ISBN 978-0170351089
- Data Analysis and Decision Making, Albright/Winston/Zappe, Edition 4, ISBN 13: 978-0-538-47612-6
Other resources
Calculators
You are permitted to bring a programmable or non-programmable calculator to your examinations. It is advised that you download a copy of the user manual from the manufacturer's website and familiarise yourself with your calculator's various functions. In assessments both programmable and non-programmable calculators will be permitted, however, a scientific calculator is best advised.
U:PASS
(UTS Peer Assisted Study Success) is a voluntary “study session” where you will be studying the subject with other students in a group. It is led by a student who has previously achieved a distinction or high distinction in the subject area, and who has a good WAM. Leaders will prepare activities for you to work on in groups based on the content you are learning in lectures and tutorials. It’s really relaxed, friendly, and informal. Because the leader is a student just like you, they understand what it’s like to study the subject and how to do well, and they can pass those tips along to you. Students also say it’s a great way to meet new people and a “guaranteed study hour”.
You can sign up for U:PASS sessions via U:PASS website http://www.ssu.uts.edu.au/peerlearning/index.html. Note that sign up is not open until week 1, as it’s voluntary and only students who want to go should sign up. If you have any questions or concerns about U:PASS, please check out the website or email upass@uts.edu.au.
Mathematics and ICT Study Centre
The Mathematics and ICT Study Centre offers free assistance with mathematics, statistics and basic computing to students from ALL faculties. The centre can assist students with common computing packages including wordprocessing and spreadsheets. The centre also runs workshops and bridging courses in mathematics, statistics and computing. Full details are available online at https://www.uts.edu.au/current-students/science/study-resources/mathematics-and-science-study-centre