20 credits at level HE4
This module is designed to introduce the use of business statistics and how they should be applied to communicate the present, past or future state of an organisation. The course importance of using data together with visual aids and how various data can be used to efficiently communicate business performance. The theory of business statistics will be explored with applications to various business scenarios to master the numerical and presentation skills to present business data.
1. Analysing business statistics: Definition, types of statistics, variables and types of sampling.
2. Graphical display of business data: Freq distribution, class intervals, Histograms, frequency curves, Pareto chart, bar chart, pie charts.
3. Measure of location: Arithmetic mean, weighted mean, median mode, use of mean in SPC, quartile percentile and deciles.
4. Measures of dispersion: Range, deviation, variation and standard deviation use in SPC, coefficient of variation and Pearson’s coefficient of variation.
5. Probability: Definition, expressing probability, mutually exclusive and non exclusive events, independent events, dependant events, rules of multiplication, permutations and combinations.
6. Testing hypothesis: Hypothesis testing by critical value approach, hypothesis testing by normal distribution, types of error in hypothesis, testing hypothesis by using t distribution, p value approach to hypothesis testing.
7. Linear regression and correlation: Objectives and assumptions, method of least squares, residuals and residual plots, standard error, coefficient of correlation.
8. Statistical process control: TQM, SQC, types of variation in process and Control charts.
A variety of teaching and learning methods including; lectures, seminars and presentation, practical work, e-learning (Web-CT), workshops, tutorials, study groups, videos, independent study, directed reading and research are employed to develop the knowledge and skills of a diverse group of learners.
Typical allocation of working hours would be:
Formal Lectures 21
Assignment Work 60
Directed Reading 38
Background Research 60
Total Hours: 200
The Learning outcomes will be assessed through coursework reports and an examination.
when you have successfully completed this module you will:
to demonstrate that you have achieved the learning outcome you will:
|1.||Demonstrate an understanding of the significance of statistics in an organisation||Recommendations from the analysis of case study material|
|2.||Able to identify various methods of displaying graphical data and select best form of presentation||Case study analysis and ability to apply tools such as Excel and SPSS|
|3.||Understand the importance of identifying mean, median and percentile data||Case study and exam|
|4.||Capable of measuring dispersion of data and measure dispersion using Pearson’s coefficient||Case study and exam|
|5.||Define probability and measure probability of independent and discrete events||Case study and exam|
|6.||Identify hypotheses and define ways to test hypothesis||Case study and exam|
|7.||Ability to solve business problems and propose strategies by statistical analysis||Case study and exam|
Your achievement of the learning outcomes for this module will be tested as follows:
|Description||A real world problem faced by an organisation will be provided as a case study and students will be asked to propose valid recommendations by applying statistical techniques that has been taught in the class. Normally this exercise involves using software tools such as SPSS and MS Excel.||Exam will be a mixture of multiple choice, computational (Usage of calculators will be allowed) and theoretical questions|
There are no prerequisites for this module.
No restrictions apply.
Kazmier, L.Z. (2003) Business Statistics – Schaum’s outline series, New York, McGrawhill.
Taylor, S. (2007) Business statistics for non-mathematicians, Basingstoke, Palgrave Macmillan, 2nd edition.
Handbook of Statistics, Elsevier B.V., http://www.sciencedirect.com/science/handbooks/01697161
|Host Subject Group:||Business Logistics and Information Systems|
|User Name||Date Accessed||Action|