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STAT20029 - Statistics for Managerial Decisions

General Information

Unit Synopsis

In this unit you will examine statistics, with particular focus on applications to managerial decision making. You will use statistics techniques to make informed decisions in uncertain environments within the fields of business and accounting. You will analyse and interpret data, trends and patterns as well as make inferences and use probability theory to estimate risks. Other important topics of this unit include probability and forecasting.

Details

Level Postgraduate
Unit Level 8
Credit Points 6
Student Contribution Band 2
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Anti-requisite: STAT20028

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2019

Term 3 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2021 Profile
Brisbane
Melbourne
Online
Sydney

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Postgraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 20%
2. Written Assessment 20%
3. Examination 60%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University’s Grades and Results Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 1 - 2019 : The overall satisfaction for students in the last offering of this course was 3.9 (on a 5 point Likert scale), based on a 41.1% response rate.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Source: Abridged from student response.
Feedback
Provide more class contact time.
Recommendation
Student should let the tutor know in the tutorial class about his or her difficulties. No additional lecturing time can be provided.
Action Taken
Lecturing and tutoring durations have not been changed.
Source: Abridged from student response.
Feedback
Unit should have more emphasis on practical learning.
Recommendation
One of the primary aims of this unit is to provide to the students the fundamental concepts. Therefore, the theoretical aspects need to be retained. Hands-on experience is already provided through solving problems in the tutorial class. Some real-world problems will be introduced in the tutorial class in addition to the problems from the textbook.
Action Taken
Additional real-world problems are discussed in lectures. Students are assisted in tutorial classes with solving problems with Excel which is extensively used in the real-world. However, statistical real-world problems are mostly solved by using commercial statistical software, which is beyond the scope of this unit.
Source: Abridged from student response.
Feedback
Assignments are too long.
Recommendation
The length and complexity of the assignment problems will not be changed. Students should start working early on assignments rather than leaving them to the end.
Action Taken
The expected length of time required by the students to solve the assignment problems has not been changed. However, the students are advised to start work early.
Source: Abridged from student feedback.
Feedback
This is a very useful unit for my future career.
Recommendation
Authentic examples will continue to be introduced so that students can see the relevance of each topic.
Action Taken
Nil.
Source: Abridged from student feedback.
Feedback
More practical problems should be solved in class.
Recommendation
Many problems are solved in the tutorial classes. Due to time restrictions, more problems cannot be given.
Action Taken
Nil.
Source: Abridged from student feedback.
Feedback
More diversity would be helpful since students come from various backgrounds.
Recommendation
More examples can be brought in from different countries when available and relevant.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Analyse and work with data in a statistical framework
  2. Interpret data to make informed decisions
  3. Estimate the probabilities of various scenarios using statistics techniques
  4. Make statistical inferences based on sample observations
  5. Capture trends and make future projections
  6. Compare the implications of alternative strategies in terms of risks and expectations.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6
1 - Online Quiz(zes)
2 - Written Assessment
3 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Advanced Level
Professional Level
Graduate Attributes Learning Outcomes
1 2 3 4 5 6
1 - Knowledge
2 - Communication
3 - Cognitive, technical and creative skills
4 - Research
5 - Self-management
6 - Ethical and Professional Responsibility
7 - Leadership
Alignment of Assessment Tasks to Graduate Attributes
Advanced Level
Professional Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7
1 - Online Quiz(zes)
2 - Written Assessment
3 - Examination