Business Statistical Modelling
Overview
This unit incorporates the application of statistical analysis tools to business problems, which is considered an essential skill for competitive advantage. This unit focuses on the application of statistical tools and concepts to real-world decision making in order to motivate students to learn, understand, utilise and communicate business statistics appropriately. To enhance students’ appreciation of the power of statistics emphasis is placed on calculator and computer based analysis. In particular this unit provides students with knowledge of statistical techniques and skills to analyse and interpret the results of statistical analysis.
Requisites
01-June-2025
02-November-2025
Learning outcomes
Students who successfully complete this unit will be able to:
- Apply coherent and advanced knowledge of the tools to aid business decision making
- Critically analyse financial data and solve contemporary business problems
- Implement problem solving, design and decision making methodologies to analyse and interpret a range of statistical outcomes to find solutions for real world business problems
- Apply coherent and advanced knowledge of probability and regression techniques to facilitate accounting and finance research
Teaching methods
Hawthorn
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| On-campus Class | 2.00 | 12 weeks | 24 |
| Online Lecture | 1.00 | 12 weeks | 12 |
| Unspecified Activities Independent Learning | 9.50 | 12 weeks | 114 |
| TOTAL | 150 |
Assessment
| Type | Task | Weighting | ULO's |
|---|---|---|---|
| Assignment | Individual | 35 - 45% | 1,2,3,4 |
| Examination | Individual | 30 - 50% | 1,2,3,4 |
| Online Tests | Individual | 10 - 20% | 1,2 |
| Presentation | Individual | 5 - 15% | 1,2,3 |
Content
- Introduction to Statistics
- Descriptive statistics
- Probability and the normal distribution
- Sampling and estimation
- Hypothesis Testing
- Regression and correlation
- Time series analysis and forecasting
- Business Analytics
- Data Analytics using Power BI and Python
Study resources
Reading materials
A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.