26134 Business Statistics
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 26133 Business Information Analysis
Description
This subject is designed to develop students' abilities to assess and critically interpret quantitative data from business and society within a framework of evidence-based reasoning. The science of statistics is widely used by business to make informed investment, production and employment decisions, and by citizens and policymakers as they address environmental and other social issues. The subject places strong emphasis on developing a clear understanding of various analytical tools and their applications to business problems, mastering data-analytic capabilities of Excel, and provides a foundation of skills and competencies for professional practice for further study in different business disciplines.
Subject learning objectives (SLOs)
| 1. | apply standard statistical tools in various business decision contexts within a professionally responsible framework |
|---|---|
| 2. | apply appropriate quantitative analytical techniques to qualify, support, select and evaluate data as information for use in business decision-making |
| 3. | interpret and communicate results of quantitative analyses for business decision-making |
| 4. | use a computer-based data analysis package (i.e. Excel) to critically analyse data |
Contribution to the development of graduate attributes
This subject contributes to the Bachelor of Business and Bachelor of Economics in that it develops students' abilities to assess, communicate and critically interpret statistics. This has many applications in business decision-making. The subject places strong emphasis on developing a clear understanding of various analytical tools as well as an appreciation of their application to business decisions.
This subject contributes to the development of the following graduate attributes in the Bachelor of Business:
- Intellectual rigour and innovative problem solving
- Communication and Collaboration
- Professional and technical competence
This subject also contributes to the development of the following graduate attributes in the Bachelor of Economics
- Communication and Collaboration
This subject also contributes specifically to introduce the following Program Learning Objectives (PLOs) for the Bachelor of Business:
- Apply evidence, creativity and critical reasoning to solve business problems (1.1)
- Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)
- Apply technical and professional skills to operate effectively in business (4.1)
This subject also contributes specifically to introduce the following Program Learning Objectives (PLOs) for the Bachelor of Economics:
- Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)
Teaching and learning strategies
The subject is taught through a combination of face-to-face learning activities and online learning activities. These include lectures, tutorials and practice activities such as online quizzes in preparation for in-class and online activities. Essential concepts are taught through applied business or societal problems which are presented and analysed in lectures. Students are required to prepare in advance for tutorial sessions. In the group assessment, students will treat the members of their group as a sample. In this way they will be involved in data creation as well as data analysis, gaining insights into the many human factors that can be held in tension with the more objective aspects of statistical analysis. In the tutorial sessions, students test their abilities and receive feedback as they work through application exercises that substantiate the essential concepts. To facilitate this advance preparation, students are provided online support. Students can collaborate outside of class time with peers through Discussion Board forums and working through self-practice exercises in lecture slides to prepare the material in advance.
All students will be provided with the opportunity for initial feedback on their performance in the subject during the first four weeks of the session, from feedback on tutorial exercises, quizzes and other assessment methods. Further feedback will be provided in relation to submitted assessment tasks. In addition, student groups will collaborate and engage in active learning tasks and discuss their work with peers. Further, students will have access to numerous online resources to support student revision. These include supplementary business articles and videos related to Business Statistics topics.
Content (topics)
- Decision-making, discovery and data
- Descriptive statistics
- Introduction to probability and probability distributions
- Sampling and sampling distributions
- Interval estimation
- Hypothesis testing
- Comparisons involving means
- Linear regression
Assessment
Assessment task 1: Weekly Quiz (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 3 |
|---|---|
| Weight: | 20% |
| Length: | 60 minutes |
| Criteria: |
*Late submission of the assessment task will not be marked and awarded a mark of zero. There is no second chance. Students who fail to submit 55% of the total number of quizzes will have the weighting of that component of the assessment task added to the final examination, conditional on the student submitting, receiving approval and complying with the requirements of special consideration in accordance with the UTS rules. If no such approval is provided, then only the marks for the completed quizzes will count towards the assessment mark. If the composite mark for the final exam is more than 50 percent and the student is in the final subject of their degree, the UTS rules on borderline result (range of 45-49, inclusive) shall apply whereby students will be allowed to undertake a supplementary final examination. Where a student completes and passes a supplementary examination, the maximum mark awarded for the subject will be 50 Pass. |
Assessment task 2: Report (Group)
| Objective(s): | This addresses subject learning objective(s): 2, 3 and 4 |
|---|---|
| Weight: | 30% |
| Criteria: |
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Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 50% |
| Length: | The format of the final examination is multiple choice, online, two-hours (120 minutes with NO additional reading time). More details will be announced on Canvas. AI invigilation is anticipated. |
| Criteria: |
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Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Lecture slides, tutorial notes and appendices provided by the instructors.
Recommended texts
Business Analytics and Statistics, 2nd Edition (Ken Black, John Asafu-Adjaye, Paul Burke, Nazim Khan, Gerard King, Nelson Perera, Andrew Papadimos, Carl Sherwood, Saleh Wasimi), ISBN: 9781394189670 (Printed edition and Interactive etext).
References
The following may be useful to consider as additional texts to support your learning in this subject over and above the required text:
- Business Statistics: Australia New Zealand, 6th Edition, Selvanathan/Keller, Edition 6, ISBN: 978-0170237000
- Learning Statistics and Excel in Tandem, Selvanathan/Selvanathan, Edition 4, ISBN 978-0170351089
- Data Analysis and Decision Making, Albright/Winston/Zappe, Edition 4, ISBN 13: 978-0-538-47612-6
Other resources
Calculators
You are permitted to bring a programmable or non-programmable calculator to your examinations. It is advised that you download a copy of the user manual from the manufacturer's website and familiarise yourself with your calculator's various functions. In assessments non-programmable calculators are allowed, however, a scientific calculator is best advised.
U:PASS
(UTS Peer Assisted Study Success) is a voluntary “study session” where you will be studying the subject with other students in a group. It is led by a student who has previously achieved a distinction or high distinction in the subject area, and who has a good WAM. Leaders will prepare activities for you to work on in groups based on the content you are learning in lectures and tutorials. It’s really relaxed, friendly, and informal. Because the leader is a student just like you, they understand what it’s like to study the subject and how to do well, and they can pass those tips along to you. Students also say it’s a great way to meet new people and a “guaranteed study hour”.
You can sign up for U:PASS sessions via U:PASS website http://www.ssu.uts.edu.au/peerlearning/index.html. Note that sign up is not open until week 1, as it’s voluntary and only students who want to go should sign up. If you have any questions or concerns about U:PASS, please check out the website or email upass@uts.edu.au.
For information on any U-PASS sessions for summer session, see announcements on Canvas.
Mathematics and ICT Study Centre
The Mathematics and ICT Study Centre offers free assistance with mathematics, statistics and basic computing to students from ALL faculties. The centre can assist students with common computing packages including wordprocessing and spreadsheets. The centre also runs workshops and bridging courses in mathematics, statistics and computing. Full details are available online at https://www.uts.edu.au/current-students/science/study-resources/mathematics-and-science-study-centre