This unit provides students with an introduction to statistics within a financial context. Students will gain an appreciation of what statistical methods can achieve, as well as skills in preparing, analysing and interpreting business data and statistical analysis. Students will also learn how to apply analytical tools to visualise and analyse data. The focus of the unit is on data science as an analytical and decision-making tool, in a variety of business contexts, with a major emphasis on interpretation and application.
Students who successfully complete this unit will be able to:
1. Identify and apply commonly used techniques for data collection and analysis.
2. Apply fundamental concepts of probability and probability distributions to problems in business decision-making.
3. Apply statistical inference methods to conduct and explain the results of hypothesis testing.
4. Apply simple regression analysis to explain the relationship between variables to draw inferences about relationships.
5. Apply technological tools to analyse data for decision-making purposes