Business Decision Making
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.
- Trimester 3 - 2016 (Singapore)
- Trimester 1 - 2017 (Singapore)
- Trimester 2 - 2017 (Singapore)
- Trimester 3 - 2017 (Singapore)
- Semester 1 - 2017
- Semester 1 - 2017
- Semester 2 - 2017
On successful completion of the 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
The 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.
This course has similarities to STAT1020 or STAT1070. If you have successfully completed any of these courses you cannot enrol in this course.
Basic numeracy and literacy.
Written Assignment: Assignment 1
Written Assignment: Assignment 2
Tutorial / Laboratory Exercises: Laboratory participation
Formal Examination: Final exam *
Quiz: Online Quizzes
* This assessment has a compulsory requirement.
In order to pass this course, each student must complete ALL of the following compulsory requirements:
Course Assessment Requirements:
- Formal Examination: Minimum Grade / Mark Requirement - Students must obtain a specified minimum grade / mark in this assessment item to pass the course. - A mark of at least 40% in the Final Examination is required
Callaghan, Ourimbah and UoN Singapore
Face to Face On Campus 2 hour(s) per Week for Full Term starting in week 1
Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hours of independent study per week.