STAT207 - Business Data Analysis
Prerequisites ACCT100 Introduction to Accounting Or BUSN104 Money Matters; BUSN111 Working with Technology, BUSN112 Managing Markets, BUSN113 Managing People and Organisations
Incompatible STAT102 Business Data Analysis
Teaching Organisation 2 hours per week for 12 weeks or equivalent
This unit provides students with a practical approach to the analysis of business data uncertainty with emphasis on generating useful information for business decision-making. It covers gathering and describing data, the role of probability in measuring uncertainty, statistical inference using various common parametric and non-parametric techniques and analysis of relationships between variables.
A knowledge of Statistics is important because numbers and figures are used every day in business to make predictions. If you invest in financial markets, statistics can be used to predict the price of a stock 12 months from now based on company performance measures and other economic factors. As a university student, you may want to predict your mean starting salary based on your GPA. These are just two examples that illustrate how statistics are used in our modern society.
An understanding of basic statistics will also allow you to read journals and articles in Business that contain some form of data analysis. People with a knowledge of statistics are therefore in high demand in all employment sectors, ranging from business and industry to universities and government departments.