STAT1520 Economic and Business Statistics
- 6 points
|Semester 1||UWA (Perth)||Face to face|
|Semester 2||UWA (Perth)||Face to face|
|Semester 1||Albany||Face to face|
- Details for undergraduate courses
- Level 1 complementary unit in the Accounting; Economics; Marketing; Professional Economics; Finance; Management; Human Resource Management; Business Law major sequences
- The area of knowledge for this unit is Management and Commerce
- Category A broadening unit for Bachelor of Commerce students where relevant according to the broadening requirements for each student
- Level 1 elective
- This unit covers basic statistics and is compulsory for Bachelor of Commerce students. Topics include displaying and summarising data; random variables and their distributions; normal and binomial distributions; sampling distributions and hypothesis testing; confidence intervals; t-tests and F-tests; regression and correlation; goodness of fit; chi-square tests; and introduction to analysis of variance. Use of statistical packages is an integral part of the unit and emphasis is placed on examples of particular relevance to economics and commerce students.
- Students are able to (1) explain the basic probability concepts in modelling real-life situations in business and other applied disciplines; (2) identify independent events, and use conditional probability calculations and Bayes' theorem; (3) perform modelling using various distributions and calculate related probabilities, expected values, covariance and correlation; (4) demonstrate practical expertise associated with the use of a statistical package such as the Data Analysis Tool in Excel in performing basic statistical procedures; (5) distinguish between the different types of statistical tests that may be used to analyse data in different disciplines and understand subject-related practices of tests; (6) analyse relationships between variables using linear regression, and apply decision-making processes on the means for more than two populations based on ANOVA techniques; and (7) work effectively in both an independent and team situation, and complete required work and project reports by meeting deadlines.
- Indicative assessments in this unit are as follows: (1) weekly tutorial assignments; (2) short tests; and (3) mid-semester and final examination. Further information is available in the unit outline.
Supplementary assessment is not available in this unit except in the case of a bachelor's pass degree student who has obtained a mark of 45 to 49 overall and is currently enrolled in this unit, and it is the only remaining unit that the student must pass in order to complete their course.
- Unit Coordinator(s)
- Marty Firth
- Unit rules
- Mathematics Methods ATAR or WACE Mathematics 3A/3B or MATH1720 Mathematics Fundamentals or ECON1111 Quantitative Methods for Business and Economics or MATH0038 Mathematical Analysis or equivalent or higher
- Contact hours
- lectures: 2 hours per week; practical classes/labs: 2 hours per week; problem-solving sessions: 1 hour per week
- The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
- All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
- Books and other material wherever listed may be subject to change. Book lists relating to 'Preliminary reading', 'Recommended reading' and 'Textbooks' are, in most cases, available via the Booktopia Textbook Finder, which has the functionality to search by course code, course, ISBN and title, and may also be posted or available at the appropriate school's administrative offices. Where texts are listed in the unit description above, an asterisk (*) indicates that the book is available in paperback.