Business Decision Making

Description

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.

Availability

Ourimbah

  • Semester 1 - 2015
  • Semester 1 - 2016

Callaghan

  • Semester 1 - 2015
  • Semester 2 - 2015
  • Semester 1 - 2016
  • Semester 2 - 2016

UoN Singapore

  • Trimester 3 - 2015 (Singapore)
  • Trimester 3 - 2016 (Singapore)

Learning Outcomes

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

Content

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;
  • Sampling;
  • 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.

Requisite

This course has similarities to STAT1020 or STAT1070. If you have successfully completed any of these courses you cannot enrol in this course.

Assumed Knowledge

Basic numeracy and literacy.

Assessment Items

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.

Contact Hours

UoN Singapore

Computer Lab

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

Lecture

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