Advanced Diploma in Business

HP6V 48 : Statistics for Business

Course Description

This 1-credit Unit of three Outcomes introduces students to statistical concepts and descriptive statistics used in business.

In Outcome 1 students will be required to explain statistical techniques for collecting data. Areas to be covered are types of data, sources of data, survey methods and sampling methods.

In Outcome 2 students will be required to use statistical techniques to analyse and interpret data. Areas to be covered are presentation of quantitative data, presentation of qualitative and ordinal data, measures of central location, measures of dispersion, index numbers, analysis techniques and interpretation techniques. 

In Outcome 3 students will be required to use software to produce forecasts and diagrams. Areas to be covered are scatter diagrams including predictor and response variables, linear regression forecasting, Pearson's product-moment correlation coefficient, time series forecasting, histograms, analysis skills and interpretation skills and the use of appropriate software.

Outcome 1 could be assessed using an assessment containing short response questions and given circumstances covering all aspects of Outcome 1. 

Outcome 2 could be assessed by an open-book assessment carried out in controlled conditions. The use of calculation aids such as a scientific calculator and/or appropriate software is permitted. Students will have to present data in differing formats, perform calculations and draw inferences from interpreting figures and provide meaningful comment.

Outcome 3 could be assessed by an open-book assessment carried out under controlled conditions in which students use appropriate software.