ETC1000 · Business and economic statistics

Overview

In this unit, you will learn how to analyse and interpret data to support evidence-based decision-making in business and economics. You will explore methods for summarising data, including tables, charts, and measures of central tendency and dispersion. Key topics include standardisation techniques, regression analysis, and the use of probability and sampling to understand uncertainty. The unit also covers statistical inference, including confidence intervals and hypothesis testing. Throughout, you’ll apply these concepts to real-world scenarios, developing practical skills in data analysis.

Offerings

Assessment

The Handbook lists an examination for this unit.

Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.

Requisites

Learning outcomes

1. FIRST SEMESTER: interpret business and economic data using tables, charts and descriptive statistics techniques, applying standardisation techniques where appropriate SECOND SEMESTER: analyse business and economic data using quantitative methods to inform evidence-based decision-making
2. FIRST SEMESTER: describe the concept of a sampling distribution, estimators and their properties SECOND SEMESTER: apply probability concepts to model uncertainty and assess risk in business and economic contexts
3. FIRST SEMESTER: make inference on single and multiple population means, difference between means and the slope for business and economic decision-making SECOND SEMESTER: analyse multi-variable data to draw conclusions for business and economic decision-making
4. FIRST SEMESTER: interpret and evaluate relationships between variables for business and economic decision-making using simple and multiple linear regression SECOND SEMESTER: communicate statistical findings using appropriate formats, collaborating in teams to present evidence-based insights for business audiences
5. FIRST SEMESTER: apply the main ideas of probability theory to business and economic decision-making. SECOND SEMESTER: evaluate academic and industry sources to justify conclusions in business and economic contexts.

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.

Student experience, not official rules. Nothing here changes what the Handbook says.