General Information
This subject provides the opportunity to develop the foundational mathematical and statistical skills necessary for subsequent quantitative subjects in the Bond Business School. This includes applications of calculus, probability, discrete and continuous random variables, sampling distributions, hypothesis testing, and application of the central limit theorem to large sample inference and data analytics. Popular statistical computing packages are used as an integral part of the subject to provide an applied focus throughout the subject.
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Details
Academic unit: Bond Business School Subject code: STAT71-112 Subject title: Quantitative Methods Subject level: Postgraduate Semester/Year: May 2018 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Computer Lab: x12 (Total hours: 24) - Laboratory
- Lecture: x12 (Total hours: 24) - Weekly Lecture
- Personal Study Hours: x12 (Total hours: 72) - Study time and reviewing materials
Attendance and learning activities: It is strongly recommended that you attend all lectures and lab/tutorial sessions. Both materials discussed in lectures and lab sessions are examinable. Most sessions build on the work on the previous one. Consequently, it is difficult to recover if you miss a session. Attendance in tutorials and labs will be monitored, and could impact your final mark in this subject. 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. -
Resources
Prescribed resources: Books
- Mendenhall, W., Beaver, R. J. and Beaver, B. M. Introduction to Probability and Statistics. 14th, 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | STAT71-112 |
| Subject title: | Quantitative Methods |
| Subject level: | Postgraduate |
| Semester/Year: | May 2018 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| Attendance and learning activities: | It is strongly recommended that you attend all lectures and lab/tutorial sessions. Both materials discussed in lectures and lab sessions are examinable. Most sessions build on the work on the previous one. Consequently, it is difficult to recover if you miss a session. Attendance in tutorials and labs will be monitored, and could impact your final mark in this subject. 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. |
| 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 |
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:
- Recognise different types of data and produce appropriate graphical and numerical descriptive statistics.
- Apply probability rules and concepts relating to discrete and continuous random variables to answer questions within a business context.
- Apply the concept of expectation and variance for discrete distributions such as Binomial and Poisson, and continuous distributions such as Uniform, Exponential and Normal to answer questions within a business context.
- Demonstrate knowledge of the importance of the Central Limit Theorem (CLT) and its uses and applications.
- Conduct and interpret a variety of hypothesis tests to aid decision making in a business context.
- Use a statistical package frequently used by practitioners to analyse the data using techniques from SLOs 1-5.
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) Comprehensive final examination in computer labs. Exam format is a combination of statistical and spreadsheet software applications (e.g., Excel, R) and written answers. 40.00% Final Examination Period 1,2,3,4,5,6 Computer-Aided Examination (Open) Mid-semester examination in computer labs. Exam format is a combination of statistical and spreadsheet software applications (e.g., Excel, R) and written answers (Week 7, Saturday) 30.00% Week 7 (Mid-Semester Examination Period) 1,2,3,6 *Homework Four periodic homework assignments throughout the semester. 30.00% Progressive 1,2,3,4,5,6 - * 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) | Comprehensive final examination in computer labs. Exam format is a combination of statistical and spreadsheet software applications (e.g., Excel, R) and written answers. | 40.00% | Final Examination Period | 1,2,3,4,5,6 |
| Computer-Aided Examination (Open) | Mid-semester examination in computer labs. Exam format is a combination of statistical and spreadsheet software applications (e.g., Excel, R) and written answers (Week 7, Saturday) | 30.00% | Week 7 (Mid-Semester Examination Period) | 1,2,3,6 |
| *Homework | Four periodic homework assignments throughout the semester. | 30.00% | Progressive | 1,2,3,4,5,6 |
- * 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
There will be four homework assignments in total. The best three will count towards your homework assignment mark. Late submissions of homework assignments will not be considered for marks. Two assignments will be due before the mid-semester exam and two will be due after. Details including precise deadlines will be communicated in class and on iLearn. Students may work on their assignments in a group but should write their assignment independently in their own words. If it is not written independently, it will be considered plagiarism.
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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Basic Statistics
This topic begins with an introduction to basic statistical concepts and definitions. A variety of graphs are then discussed including pie charts, bar charts, boxplots, histograms, line charts and scatter plots. Basic numerical descriptive statistics are also covered including measures of central location, variability, shape, relative standing and linear association.
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Probability Distributions
This topic introduces the concept of probability and basic probability rules. It also covers composite events and the counting rules used to handle them. The concepts of independence and Bayes’ Rule and discrete random variables and their applications.
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Binomial Distribution and Poisson Distribution
This topic covers two major discrete probability distributions: Binomial and Poisson. For each, expectation, variance and a variety of probability calculations within business contexts are covered. These two distributions have many practical applications and are commonly used to model the number of occurrences of events in a fixed number of trials or a fixed amount of time.
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Review of Differential Calculus
All the major differentiation rules are covered, including those for logs and exponentials. Higher-order derivatives, partial derivatives and total differentiation are also covered. Differentiation is then used to perform unconstrained optimisation in a business context such as profit maximisation, cost minimisation and utility maximisation.
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Review of Integral Calculus and Basic Differential Equations
This topic includes a review of integration and all the basic rules. It also covers definite integrals and integration by parts. The concept of basic differential equations and how to solve them is also introduced with a focus on first-order differential equations.
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Uniform, Exponential and Normal Distributions
The difference between discrete probability distributions and continuous probability distributions is first discussed. This topic then covers three major continuous probability distributions that have many practical applications: Uniform, Exponential and Normal. For each, expectation, variance and a variety of probability calculations within business contexts are covered.
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Sampling Distributions and Central Limit Theorem
After discussing the difference between non-probability and probability sampling, the different types of probability sampling are discussed – these include simple random sampling, systematic sampling, stratified sampling and cluster sampling. Following that, sampling distributions of the Mean and Proportion are presented. This includes an explanation and application of the important statistical theorem known as the Central Limit Theorem.
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Interval Estimates
The differences between point and intervals estimates are first discussed. Confidence intervals for both the Mean and Proportion are then explained. This knowledge is then used to estimate the sample size needed in specific circumstances to inform the data collection process.
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Hypothesis Testing
The fundamentals of hypothesis testing are presented. This includes the concepts of the null and alternative hypotheses, one-tailed and two-tailed tests, possible test outcomes, possible error types and statistical significance levels. Specific tests for Mean (one and two populations) and Proportions are then explained.
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Further Topics in Hypothesis Testing
Hypothesis tests for variance, both one and two population are taught. Following that, non-parametric hypothesis tests are introduced with some business examples.