Available in 2020
Course code

ECON1003

Units

10 units

Level

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.

### Availability2020 Course Timetables

#### Newcastle City Precinct

• Semester 1 - 2020
• 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

### Contact hours

#### Newcastle City Precinct

##### Workshop

Face to Face On Campus 2 hour(s) per Week for Full Term

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.