ECON940: Statistics for Decision Making

This subject develops an understanding of the principles of descriptive and inferential statistics and their applications in the business environment. A foundation of descriptive statistics and probability is first developed, with emphasis on solutions to actual business problems. This is followed by discussion of the concepts and principles of statistical inference. The examination of the use of statistical techniques in managerial decision making processes including confidence intervals, hypothesis testing, quality control, linear and multiple regression and forecasting are applied in realistic case situations.

Studnts Learning Outcomes

On successful completion of this subject, students will be able to:

1. Explain the importance of statistics as an aid to decision-making in any organisation.

2. Identify managerial statistical problems.

3. Apply appropriate statistical techniques for solving a particular problem within any organisation

4. Interpret appropriate output from statistical computer packages such as SPSS/Minitab/Excel.

5. Produce a managerial report.

6. Demonstrate proficiency in analysis, interpretation and application of managerial statistics.

Updates to this Subject

The School is committed to continual improvement in teaching and learning. In assessing teaching and learning practices in a subject, the School takes into consideration student feedback from many sources. These sources include direct student feedback to tutors and lecturers, feedback through Student Services and Business Central, responses to the Subject and Course Evaluation Surveys. These important student responses are used to make ongoing changes to subjects and courses. This information is also used to inform systemic comprehensive reviews of subjects and courses. An Australasian based text and suite of interactive resources was recently incorporated into the subject as a result of a student survey.