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ZUG2007 – Business statistics

Undergraduate – Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

School

Business and Economics

Offered

South Africa

  • Second Semester 2018 (Day)

15 Credits

Synopsis

The main aim of this unit is to provide students with the theoretical and practical aspects of data analysis. Students will learn the basic concepts of statistics, understand the theory and how to make use of computer software/spreadsheet to apply those theories to real life problems encountered in businesses. The first part of this unit consists of descriptive statistics and probability. Students are taught how to analyse raw data and how to present it in a sensible way using different graphical and tabular methods. The concept of probability is introduced and its importance to decision-making is illustrated. The second part of this unit consists of statistical inference which is the process of making an estimate, forecast or decision about a population parameter, based on sample data. Finally, time series analysis is introduced and its role in forecasting is examined.

Outcomes

  • Analyse business data using descriptive statistics methods and spreadsheet software.
  • Apply the basic concepts of probability and probability distributions to business situations.
  • Apply relevant inferential methods to various types of data
  • Analyse relationships using the concept of correlation and simple linear regression for business decision-making
  • Analyse time series data in order to detect patterns that will be useful in decision-making in terms of predicting future value of the time series. Apply the techniques of deseasonalising, indexing, deflating and forecasting to business and financial time series data.
  • Use a computer spreadsheet package in helping with statistical data analysis for large amounts of data.

Assessment

Within semester assessment: 30%
Examination: 70%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 150 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. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Prohibitions

Business Statistics

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