Business Decision Making

Course code STAT1060Units 10Level 1000Faculty of Science and Information TechnologySchool of Mathematical and Physical Sciences

STAT1060 is an introductory course in qualitative and quantitative methods which underpin effective business decision making. It is taught within a business context having been designed for undergraduate students in the Faculty of Business & Law. The course develops a student's ability to incorporate statistical thinking and to take account of variation in the real world during processes of establishing project initiatives, defining objectives, data collection, data presentation, data analysis, reporting and decision making.

This course has a compulsory course component in the Final Examination.

Available in 2015

Callaghan CampusSemester 1, Semester 2
OurimbahSemester 1
UoN SingaporeTrimester 3
Previously offered in 2014
ObjectivesOn successful completion of this course, students will be able to:

1. describe and implement a structured approach to problem solving and decision making in business
2. explain why data and the understanding of variation are important in making business decisions
3. explain various qualitative techniques fundamental to the decision making process
4. explain and apply basic statistical concepts and techniques
5. identify and use appropriate data collection and analysis techniques
6. identify flaws in data collection techniques and discuss approaches to reducing error
7. interpret and present data in a form that makes information accessible for decision-makers
ContentThe process of problem solving and decision making in business including:

Qualitative techniques for data collection and investigation;
Primary and secondary data sources;
The concept of variation;
Quantitative and exploratory data techniques;
Presenting data;
Descriptive and Inferential Statistics;
Data types in quantitative analysis;
Developing hypotheses;
Errors in data collection and sampling;
Assessing risk;
Quantifying and incorporating variation in decision making;
Confidence intervals;
Hypothesis testing;
Presentation of findings;
Correlation and regression.
Replacing Course(s)STAT1050 Statistics for Business
BUSN1850 Data, Decisions and Directions
TransitionStudents who fail STAT1050 or BUSN1850 will be able to take this course.
Industrial Experience0
Assumed KnowledgeBasic numeracy and literacy.
Modes of DeliveryInternal Mode
Teaching MethodsLecture
Computer Lab
Assessment Items
Essays / Written Assignments
Examination: FormalA compulsory course component exists for this assessment item. A mark of at least 40% in the Final Examination is required to demonstrate that the student has fulfilled Course Objectives 1, 2 and 4; this is not elsewhere adequately assessed in the course. On achieving the minimum mark required in the Final Exam, a final mark and grade will be awarded for the course.

All students sitting the examination will be judged to have had sufficient opportunity to demonstrate their attainment of the relevant course objectives. Those who fail to satisfy the compulsory course component will receive a 'FF' grade for the course. The normal avenues of appeal are open to students. In the event of a successful appeal the student will be given a supplementary assessment to attempt to satisfy the compulsory course component.
Other: (please specify)Laboratory participation and related homework
Quiz - Class
Contact HoursLecture: for 2 hour(s) per Week for Full Term
Computer Lab: for 2 hour(s) per Week for Full Term
Timetables2015 Course Timetables for STAT1060