MATH 1031 Statistics for Business (WSTC)
Credit Points 10
Legacy Code 700007
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Description Statistics for Business introduces the basic concepts and techniques of statistics that are particularly relevant to problem solving in business. It also provides a sound base for more advanced study in statistics and forecasting in subsequent sessions. Topics include: presentation of data; descriptive statistics; the role of uncertainty in business decision making; hypothesis testing; and basic forecasting.
School Computer, Data & Math Sciences
Discipline Statistics
Student Contribution Band HECS Band 1 10cp
Check your fees via the Fees page.
Level Undergraduate Level 1 subject
Pre-requisite(s) For students enrolled in courses 71024 and 7177
BUSM 0029 Decision Making for Business
For students enrolled in courses 7005 7098 71021 71022 and 71023
MATH 0028 Statistics for Academic Purposes (WSTC Prep)
Equivalent Subjects MATH 1030 - Statistics for Business MATH 1032 - Statistics for Science ECON 1006 - Introduction to Economic Methods
Restrictions Enrolment restricted to College students. Students enrolled in Extended Diploma programs must have passed 40 CPs of preparatory subjects in order to enrol in this subject.
Assumed Knowledge
Mathematics, equivalent to the Mathematics subject in the NSW HSC.
Learning Outcomes
- Organise and summarise data numerically;
- Recognize the foundation behind inferential statistics;
- Identify the underlying assumptions associated with each statistical technique and interpret the results;
- Formulate economic and financial hypotheses into statistically testable forms;
- Manipulate, analyse and graph data using Excel;
- Employ the appropriate statistical methods and techniques in given situations.
Subject Content
2. Elementary probability
3. Random variables and probability distributions
4. Normal distributions and sampling distributions
5. Parameter estimation and hypothesis testing ? single population
6. Parameter estimation and hypothesis testing ? two populations
7. Simple linear regression analysis and correlation
8. Analysis of categorical data
Assessment
The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.
| Type | Length | Percent | Threshold | Individual/Group Task | Mandatory |
|---|---|---|---|---|---|
| Quiz | 30 minutes | 10 | N | Individual | N |
| Intra-session Exam | 1 hour | 20 | N | Individual | N |
| Applied Project | Part A: (Approximately 100 words plus tables and graphs) (Individual) (1-3) (10%) Part B (Approximately 500 words plus statistical calculations) (Group) (1-6) (20%) | 30 | N | Individual | N |
| End-of-session Exam | 2 hours | 40 | Y | Individual | N |
Teaching Periods
Term 1 (2024)
Bankstown City
On-site
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Nirimba Education Precinct
On-site
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Online
Online
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Olympic Park
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Parramatta City - Macquarie St
On-site
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Term 2 (2024)
Bankstown City
On-site
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Online
Online
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Olympic Park
On-site
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Parramatta City - Macquarie St
On-site
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Term 3 (2024)
Online
Online
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Olympic Park
On-site
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Parramatta City - Macquarie St
On-site
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Term 1 (2025)
Bankstown City
On-site
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Online
Online
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Olympic Park
On-site
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Parramatta City - Macquarie St
On-site
Subject Contact Rubie Herrera Opens in new window
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Term 2 (2025)
Bankstown City
On-site
Subject Contact Rubie Herrera Opens in new window
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Online
Online
Subject Contact Rubie Herrera Opens in new window
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Olympic Park
On-site
Subject Contact Rubie Herrera Opens in new window
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Parramatta City - Macquarie St
On-site
Subject Contact Rubie Herrera Opens in new window
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Term 3 (2025)
Online
Online
Subject Contact Rubie Herrera Opens in new window
View timetable Opens in new window
Olympic Park
On-site
Subject Contact Rubie Herrera Opens in new window
View timetable Opens in new window
Parramatta City - Macquarie St
On-site
Subject Contact Rubie Herrera Opens in new window