Module Catalogues

Statistics for Business

Module Title Statistics for Business
Module Level Level 1
Module Credits 5.00

Aims and Fit of Module

This module aims to provide students with an introduction to business statistics for the non-specialist. The module will provide a broad understanding of the nature of variability and how business statistics can be applied by managers. It will also enable students to derive and understand a variety of graphs and statistics; these skills provide a means for managers to make effective use of statistics in the process of management and decision-making.

Learning outcomes

A. demonstrate a basic understanding of mathematical tools and their applications to management;
B. describe and analyse data, including frequency tables, frequency distributions, graphic presentation, and numerical measures;
C. display an understanding of the fundamental concepts of statistics, sampling and probability in management context;
D. apply statistical inference, understand the basic concepts of confidence interval and steps in statistical hypothesis testing;
E. analyse the relationship between quantitative variables using simple correlation and regression techniques.

Method of teaching and learning

This module is taught in both lecture and tutorial sessions. Lectures shall include a presentation of the key theoretical knowledge with problem solving examples. 
Tutorials allow students to discuss the subject matter, and develop their mathematical problem-solving skills under the direction of the teaching staff.
It is expected that students spend their self-study time practicing problem solving, using textbook questions, previous years’ exam questions and any other extra material provided by the lecturer.
Material is placed in a broad business context, which provides students with an important link between the fundamentals of statistics and their applications for management and decision making.