University of New England - QM161: Business Statistics (Solutions)

In complex and evolving work environments, decision makers need to understand the messages contained in business statistics and data. In this unit, you will develop the valuable skills required to assess and critically interpret business statistics and data. You will examine basic statistical concepts and methods used to summarise data, explore and properly present information. You will learn to assess uncertainty in business decisions based on probability, random variables and sampling distributions, and perform inferential analysis using estimation and hypothesis testing. Evaluating relationships between business and economic variables, you will gain the skills to obtain reliable forecasts using correlation and simple regression. This unit provides a foundation for further study in many areas including business analytics and econometrics. Computer analysis using Excel is a basic part of the unit.

Upon completion of this unit, you will be able to: 

• demonstrate proficiency in the concepts of descriptive statistics and the types of data used in business and economics, summarising data in the forms of graphs, tables and numerical measures, basic probability concepts, properties of discrete and continuous probability distributions;
• demonstrate fundamental knowledge of the concept of sampling distribution, importance of Central Limit Theorum and fundamental knowledge of the concept of inferential statistics, and foundational knowledge in simple linear regression and apply these concepts to business-related problems;
• use a range of cognitive and communication skills to identify, evaluate and synthesise relevant information drawn from a range of sources in order to demonstrate judgement, creative thinking and analytical skills in solving business-related problems;
• work independently and/or collaboratively to plan and execute tasks to enhance professional knowledge and skills in the field of business statistics; and,
• demonstrate the ability to recognise, reflect on, and respond appropriately to a range of ethical issues involved in statistics in influencing the practice of business.

Advanced Financial Accounting

Security Analysis and Portfolio Management

Intermediate Microeconomics