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FIT1006 Business information analysis - Semester 1, 2011

This unit is designed to give students an introduction to statistical and quantitative methods within a business-related framework and to provide students with a sound foundation for more advanced statistical and quantitative studies. The unit will provide opportunities for the student to gain skills in the presentation of business and economic data, the use of frequency distributions, measures of central tendency and dispersion, principles of probability, use of probability distributions, sampling theory, estimation, hypothesis testing, regression analysis, the use of indices and forecasting methods.

Mode of Delivery

Clayton (Day)

Contact Hours

2 hrs lectures/wk, 2 hrs laboratories/wk

Workload

For on campus students, workload commitments are:

Students will be expected to spend a total of 12 hours per week during semester on this unit.

  • Lecture: two-hour lecture per week
  • Tutorial: two-hour tutorial per week

and up to an additional eight hours private study and reading per week.

Unit Relationships

Prohibitions

BUS1100, ETC1000, ETC1010, ETC2010, ETF2211, ETW1000, ETW1010, ETW1102, ETW2111, ETX1100, ETX2111, ETX2121, MAT1097

Chief Examiner

John Betts

Campus Lecturer

Clayton

John Betts

Tutors

Clayton

Dr Oshadi Alahakoon

Mr Asanka Fonseka

Mr Sumith Matharage

Learning Objectives

At the completion of this unit students will have -
A knowledge and understanding of:

  • typical sources of data such as: market research surveys, mandatory reporting, census and Consumer Price Index, commercial sources;
  • sampling techniques, sampling error;
  • fundamental statistical concepts such as: probability, mathematical expectation, the Central Limit Theorem, hypothesis testing, correlation and regression.
At the completion of this unit, students will have skills in:
  • techniques for basic statistical analysis including: the calculation of summary statistics, graphic display of data including stem-and-leaf plots, boxplots and histograms;
  • calculations required for problems based on concepts given in point-3;
  • calculation of probabilities by: direct calculation from probability distribution, use of tables and spreadsheets;
  • the use of computer software (eg SYSTAT) to perform all statistical techniques covered;
  • communicating the results of descriptive statistical analysis through a written report.

Graduate Attributes

Monash prepares its graduates to be:
  1. responsible and effective global citizens who:
    1. engage in an internationalised world
    2. exhibit cross-cultural competence
    3. demonstrate ethical values
  2. critical and creative scholars who:
    1. produce innovative solutions to problems
    2. apply research skills to a range of challenges
    3. communicate perceptively and effectively

    Assessment Summary

    Examination (2 hours): 60%; In-semester assessment: 40%

    Assessment Task Value Due Date
    Written assignment. 15% 1 April 2011
    Test during lecture. 25% 18 April 2011
    Examination 1 60% To be advised

    Teaching Approach

    Lecture and tutorials or problem classes
    This teaching and learning approach provides facilitated learning, practical exploration and peer learning.

    Feedback

    Our feedback to You

    Types of feedback you can expect to receive in this unit are:
    • Informal feedback on progress in labs/tutes
    • Graded assignments without comments
    • Test results and feedback
    • Solutions to tutes, labs and assignments

    Your feedback to Us

    Monash is committed to excellence in education and regularly seeks feedback from students, employers and staff. One of the key formal ways students have to provide feedback is through SETU, Student Evaluation of Teacher and Unit. The University's student evaluation policy requires that every unit is evaluated each year. Students are strongly encouraged to complete the surveys. The feedback is anonymous and provides the Faculty with evidence of aspects that students are satisfied and areas for improvement.

    For more information on Monash's educational strategy, and on student evaluations, see:
    http://www.monash.edu.au/about/monash-directions/directions.html
    http://www.policy.monash.edu/policy-bank/academic/education/quality/student-evaluation-policy.html

    Previous Student Evaluations of this unit

    If you wish to view how previous students rated this unit, please go to
    https://emuapps.monash.edu.au/unitevaluations/index.jsp

    Required Resources

    Students may need to use the university laboratories to access statistical software during private study.

    Students will use SYSTAT and Microsoft Excel to perform computer-based statistical calculations. These applications are available in the university's computer laboratories.

    Examination material or equipment

    Students are permitted to use calculators in the exam.

    Unit Schedule

    Week Date* Activities Assessment
    0 21/02/11   No formal assessment or activities are undertaken in week 0
    1 28/02/11 Introduction. Surveys and data collection.  
    2 07/03/11 Graphical presentation of data. Measures of centre. Measures of dispersion.  
    3 14/03/11 Introduction to Excel and SYSTAT. Writing a statistical report.  
    4 21/03/11 Correlation and regression.  
    5 28/03/11 Introduction to probability. Bayes' Theorem. Assignment 1: 1 April 2011
    6 04/04/11 Binomial and Poisson distributions. The Normal distribution.  
    7 11/04/11 Index numbers.  
    8 18/04/11 Test during lecture. Introduction to estimation. Test scheduled: 18 April 2011
    Mid semester break
    9 02/05/11 Estimation.  
    10 09/05/11 Hypothesis testing.  
    11 16/05/11 Hypothesis testing: categorical data. Time series analysis.  
    12 23/05/11 Time series analysis.  
      30/05/11 SWOT VAC No formal assessment is undertaken SWOT VAC

    *Please note that these dates may only apply to Australian campuses of Monash University. Off-shore students need to check the dates with their unit leader.

    Assessment Policy

    To pass a unit which includes an examination as part of the assessment a student must obtain:

    • 40% or more in the unit's examination, and
    • 40% or more in the unit's total non-examination assessment, and
    • an overall unit mark of 50% or more.

    If a student does not achieve 40% or more in the unit examination or the unit non-examination total assessment, and the total mark for the unit is greater than 50% then a mark of no greater than 49-N will be recorded for the unit

    Assessment Tasks

    Participation

    • Assessment task 1
      Title:
      Written assignment.
      Description:
      To be advised in lectures.
      Weighting:
      15%
      Criteria for assessment:
      To be advised in lectures. Handout will be available on MUSO.
      Due date:
      1 April 2011
    • Assessment task 2
      Title:
      Test during lecture.
      Description:
      To be advised in lectures.
      Weighting:
      25%
      Criteria for assessment:
      To be advised in lectures. Sample tests will be available on MUSO.
      Due date:
      18 April 2011

    Examinations

    • Examination 1
      Weighting:
      60%
      Length:
      2 hours
      Type (open/closed book):
      Closed book
      Electronic devices allowed in the exam:
      Calculators (including Graphing calculators) are allowed in the exam.

    Assignment submission

    Assignment coversheets are available via "Student Forms" on the Faculty website: http://www.infotech.monash.edu.au/resources/student/forms/
    You MUST submit a completed coversheet with all assignments, ensuring that the plagiarism declaration section is signed.

    Extensions and penalties

    Returning assignments

    Policies

    Monash has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University's academic standards, and to provide advice on how they might uphold them. You can find Monash's Education Policies at:
    http://policy.monash.edu.au/policy-bank/academic/education/index.html

    Key educational policies include:

    Student services

    The University provides many different kinds of support services for you. Contact your tutor if you need advice and see the range of services available at www.monash.edu.au/students The Monash University Library provides a range of services and resources that enable you to save time and be more effective in your learning and research. Go to http://www.lib.monash.edu.au or the library tab in my.monash portal for more information. Students who have a disability or medical condition are welcome to contact the Disability Liaison Unit to discuss academic support services. Disability Liaison Officers (DLOs) visit all Victorian campuses on a regular basis

    READING LIST

    Selvanathan et al, "Australian Business Statistics", Abridged Fifth Edition, Nelson 2011.

    A good non-mathematical text is:Statistics Without Tears, Derek Rowntree, Penguin, Harmondsworth, 1981.