ECON1003
10 units
1000 level
Course handbook
Description
Businesses are increasingly faced with today’s toughest economic and financial problems. This course is designed to foster the development of foundational skills and knowledge required to assist in business contexts. Students are equipped with statistical and econometric concepts and tools to provide a deeper understanding of the quantitative methods required to collect real-world data in the field of business and commerce and to analyse the data within an MS Excel spreadsheet environment. Emphasis is placed on problem-based learning and drawing on inferences to make effective business decisions, both highly valued attributes within the business environment.
Availability
Not currently offered.
This Course was last offered in Semester 2 - 2020.
Learning outcomes
On successful completion of the course students will be able to:
1. Apply appropriate analytical techniques to summarise and present real-world data in a manner that informs business decision-making.
2. Use basic quantitative methods to draw inferences from real-world data and to present and interpret results;
3. Demonstrate the importance of statistical inference in establishing the relationship between variables using estimation and hypothesis testing frameworks;
4. Employ analytical techniques to coherently and logically illustrate the underlying assumptions in establishing relationships between variables;
5. Apply appropriate statistical and econometric techniques to analyse real-world data for predicting future trends of data series within an MS Excel spreadsheet environment.
Content
The topics for this course include the following:
1. Introduction to Business and Economic Statistics
2. Descriptive Measures - Graphics
3. Descriptive Measures - Numerics
4. Probability
5. Random Variables and Discrete Probability Distributions
6. Continuous Probability Distributions
7. Sampling and Sampling Distributions
8. Estimation
9. Hypothesis Testing
10. Simple Linear Regression and Correlation
11. Time-series Analysis and Forecasting
12. Index Numbers
Assessment items
In Term Test: In class quizzes
Formal Examination: Final Exam
Quiz: Online Quizzes
Course outline
Course outline not yet available.
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.