General Information
This subject will introduce students to the quantitative tools that are necessary for day-to-day business needs. The objectives of this subject are to (a) provide a basic knowledge of the application of mathematics and statistics to business disciplines; (b) develop an ability to analyse and interpret data to provide meaningful information to assist in making management decisions; and (c) develop an ability to apply modern quantitative tools (Microsoft Excel) to data analysis in a business context. The main goal of the subject is to help students develop computational skills and problem-solving capabilities using Excel as a tool for analysis and presentation of solutions to business problems. The emphasis will be placed on determining when it is appropriate to use the various techniques and how to use Excel to carry out the analysis. Interpretation of output generated by Excel is also an important objective. By the end of the subject, students should able to formulate answers to questions such as: (1) Is advertising actually helpful to increase sales of a product?; (2) How fuel efficient a certain car model is?; (3) What is effect of package design, delivery services and quality differentials on sales?; (4) A pharmaceutical company wants to know if a new drug is superior to an already existing one, or its possible side effects; (5) Is there any relationship between GPA and employment opportunities? and (6) What is the effect of a firm’s market strategy on its market share?
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Details
Academic unit: Bond Business School Subject code: STAT11-111 Subject title: Business Statistics Subject level: Undergraduate Semester/Year: September 2018 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Lecture: x12 (Total hours: 24) - Weekly Lecture
- Tutorial: x11 (Total hours: 22) - Lab Tutorial 2
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
Attendance and learning activities: Attendance is compulsory. Materials that are discussed in both lecture and lab session are EXAMINABLE. You run the risk of missing important material as well as crucial guidelines to work through assignment problems and exams if you do not attend. Lecture/ Lab streaming through tablet will be available in iLearn. Homework assignment questions will be assigned for each topic.There will be 3 homeworks for submission. Homework assignments must be submitted at the beginning of lab session as indicated in the course outline below. The best two will count towards your homeworks grade.Homework submissions by email will not be entertained and it will result in zero marks. Students may work on their assignment in a group but should write their assignment independently on their own words. If it is not written independently, it will be considered as plagiarism. There will be four online quizzes from Aplia website. Each quiz (multiple choice questions) will be available for a week from Aplia to complete. Quizzes must be completed by the due date as indicated in the subject outline below. The best three will count towards your online quiz grade. Additional details (login information, duration, etc.) will be available in iLearn prior to quiz. -
Resources
Prescribed resources: Books
- Selvanathan et.al. (2017). Business Statistics - Abridged. 7th, Cengage Learning
iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Class recordings: The primary workload items for this subject will be recorded for the purpose of revision.
These recordings are not a substitute for attending classes. Students are encouraged to attend all sessions as there may be instances where a session is not recorded due to the presence of a guest speaker, the inclusion of sensitive or protected content, or technical issues. Students are advised not to rely solely on these recordings for revision.
See the Recording policy for further details.
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | STAT11-111 |
| Subject title: | Business Statistics |
| Subject level: | Undergraduate |
| Semester/Year: | September 2018 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | Attendance is compulsory. Materials that are discussed in both lecture and lab session are EXAMINABLE. You run the risk of missing important material as well as crucial guidelines to work through assignment problems and exams if you do not attend. Lecture/ Lab streaming through tablet will be available in iLearn. Homework assignment questions will be assigned for each topic.There will be 3 homeworks for submission. Homework assignments must be submitted at the beginning of lab session as indicated in the course outline below. The best two will count towards your homeworks grade.Homework submissions by email will not be entertained and it will result in zero marks. Students may work on their assignment in a group but should write their assignment independently on their own words. If it is not written independently, it will be considered as plagiarism. There will be four online quizzes from Aplia website. Each quiz (multiple choice questions) will be available for a week from Aplia to complete. Quizzes must be completed by the due date as indicated in the subject outline below. The best three will count towards your online quiz grade. Additional details (login information, duration, etc.) will be available in iLearn prior to quiz. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student. To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au |
| Class recordings: | The primary workload items for this subject will be recorded for the purpose of revision. These recordings are not a substitute for attending classes. Students are encouraged to attend all sessions as there may be instances where a session is not recorded due to the presence of a guest speaker, the inclusion of sensitive or protected content, or technical issues. Students are advised not to rely solely on these recordings for revision. See the Recording policy for further details. |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge. No Prior Knowledge Required |
| Restrictions: |
Nil |
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-Aided Examination (Open) Final Examination - in Computer Labs 40.00% Final Examination Period 1,2,3,4,5 Computer-Aided Examination (Open) Mid-semester Examination - in Computer Labs 25.00% Week 7 (Mid-Semester Examination Period) 1,2,3,4,5 Written Report Three Homeworks 20.00% Ongoing 1,2,3,4,5 *Online Quiz Online Quiz 15.00% Ongoing 1,2,3,4,5 - * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
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Assessment criteria
Assessment criteria
High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment. Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-Aided Examination (Open) | Final Examination - in Computer Labs | 40.00% | Final Examination Period | 1,2,3,4,5 |
| Computer-Aided Examination (Open) | Mid-semester Examination - in Computer Labs | 25.00% | Week 7 (Mid-Semester Examination Period) | 1,2,3,4,5 |
| Written Report | Three Homeworks | 20.00% | Ongoing | 1,2,3,4,5 |
| *Online Quiz | Online Quiz | 15.00% | Ongoing | 1,2,3,4,5 |
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
Assessment criteria
| High Distinction | 85-100 | Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking. |
|---|---|---|
| Distinction | 75-84 | Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas. |
| Credit | 65-74 | Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above. |
| Pass | 50-64 | Usually awarded to students whose performance meets the requirements set for work provided for assessment. |
| Fail | 0-49 | Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines. |
Quality assurance
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
Due to the voluntary nature of assignments (best two out of total of three homeworks and best three out of total of four quizzes), the late submission will result in zero marks.
Academic Integrity
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Bond University utilises Originality Reporting software to inform academic integrity.Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
Subject curriculum
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Introduction to Statistics
Types of data and graphical representation of data (Chapters 2, 3 and 4)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Descriptive Statistics
Numerical descriptive measures (measures of central tendency, spread and shapes) and correlations (Chapter 5)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Probability Distributions
Probability and discrete distributions, expectation and variance of discrete distributions. (chapters 6 and 7)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Applications of the Normal distribution
Business applications of the Normal distribution. (chapter 8)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Sampling Distributions and Central Limit Theorem
Sampling distribution of the mean and proportion. (chapters 9)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Interval estimates
Confidence interval of the mean and proportion. The t-distribution. (chapter 10)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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No lecture/lab or workshop in Week 7.
MIDTERM EXAM on Saturday.
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Hypothesis Testing
Type I and II errors, Test statistic, rejection region, p-value. Applications. Test of mean when variance is known and unknown. Testing the population proportion. (chapter 12).
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Further Hypothesis Testing
Two-sample tests for paired and independent samples. (chapter 13)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Regression Analysis
Scatter plots, correlation, regression with two variables. (chapter 15)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Introduction to Multiple Regression
Estimation, R-square, Adjusted R-square, Overall F-test and Collinearity. (chapter 16)
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.
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Revision
Revision.
SLOs included
- Identifying and interpreting business-related problems. Converting those identified requirements to a quantitative styled model.
- Understanding and appreciating the need to solve a variety of business-related problems using a systematic approach involving accepted statistical techniques.
- Interpreting solutions in the context of the problem.
- Communicating the results of an accepted analysis process clearly and precisely in written format.
- Utilising tools such as calculators/computers to help solve a range of business questions. This would be developed by firstly identifying the relevant underlying theory.