ETC1000 - Business and economic statistics

Overview

Presentation and analysis of grouped and ungrouped data using tables, charts and measures of location and dispersion; standardisation techniques, including index numbers, with application to share price indices and the CPI; analysis of relationships between variables using simple and multiple regression; extensions to multiple regression, including nonlinear and categorical explanatory variables and time series data with applications to forecasting; main ideas of probability theory as a foundation for statistical inference; concept of sampling as a way of capturing uncertainty about data; estimators and their properties; constructing and interpreting confidence intervals; fundamentals of hypothesis testing, testing hypotheses about the mean, difference between means and the slope, including analysis of variance.

Offerings

S1-01-CLAYTON-BLENDED

S2-01-CLAYTON-BLENDED

Requisites

Prohibition

Rules

Enrolment Rule

If you are enrolled in course B2007 you cannot undertake this unit.

To be successful in this unit, background knowledge and application of maths is required at the equivalent of VCE Year 12 Higher level. You may have satisfied this by completing relevant prerequisite unit/s, or you have covered relevant topics in your final years of secondary study. You should self-assess your maths competency prior to enrolling in this unit.

Contacts

Chief Examiner(s)

Professor Brett Inder

Notes

ETX1100 can be taken as an alternative to this unit

Learning outcomes

On successful completion of this unit, you should be able to:

interpret business and economic data using tables, charts and descriptive statistics techniques, applying standardisation techniques where appropriate

describe the concept of a sampling distribution, estimators and their properties

make inference on single and multiple population means, difference between means and the slope for business and economic decision-making

interpret and evaluate relationships between variables for business and economic decision-making using simple and multiple linear regression

apply the main ideas of probability theory to business and economic decision-making.

Teaching approach

Active learning

Assessment

1 - Within semester assessment

2 - Examination

Scheduled and non-scheduled teaching activities

Lectures

Tutorials

Workshops

Workload requirements

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.

Learning resources

Technology resources

Other unit costs

Costs are indicative and subject to change.
Electronics, calculators and tools: $100