ETX1100 Business statistics Unit Guide Semester 2, 2010 The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time. Last updated: 20 Jul 2010 Table of Contents ETX1100 Business statistics - Semester 2, 2010....................................................................................1 Chief Examiner:...............................................................................................................................1 Lecturer(s) / Leader(s):....................................................................................................................1 Caulfield...............................................................................................................................1 Tutor(s):.......................................................................................................................................................1 Caulfield...........................................................................................................................................1 Introduction..................................................................................................................................................2 Unit synopsis...............................................................................................................................................2 Learning outcomes......................................................................................................................................2 Contact hours..............................................................................................................................................2 Workload.....................................................................................................................................................2 Unit relationships.........................................................................................................................................2 Prerequisites....................................................................................................................................2 Prohibitions......................................................................................................................................3 Relationships...................................................................................................................................3 Teaching and learning method....................................................................................................................4 Timetable information......................................................................................................................4 Unit Schedule..................................................................................................................................4 Tutorial Program..............................................................................................................................5 Unit Resources............................................................................................................................................7 Prescribed text(s) and readings.......................................................................................................7 Recommended text(s) and readings................................................................................................7 Library resources.............................................................................................................................7 Blackboard (MUSO).........................................................................................................................7 Q Manual.........................................................................................................................................8 Calculators.......................................................................................................................................8 Required software and/or hardware................................................................................................8 Study resources...............................................................................................................................8 Assessment.................................................................................................................................................9 Assessment Summary.....................................................................................................................9 Faculty assessment policy...............................................................................................................9 Hurdle requirements........................................................................................................................9 Second marking...............................................................................................................................9 Return of final marks........................................................................................................................9 Applications for extension of time....................................................................................................9 Additional assessment information..................................................................................................9 Assessment tasks............................................................................................................................9 Assessment task 1...........................................................................................................................9 Examinations.................................................................................................................................10 Examination 1................................................................................................................................10 Special consideration.....................................................................................................................11 Assessment criteria - grading descriptors table.............................................................................12 Appendix....................................................................................................................................................13 ETX1100 Business statistics - Semester 2, 2010 Chief Examiner: Hsein Kew Lecturer(s) / Leader(s): Caulfield Hsein Kew (Week 1, Week 2, Week 13) Contact hours: Wednesdays 12pm to 2pm Mr Farid Zaid (Week 3 to Week 12) Contact hours: Wendesdays 12pm to 2pm Tutor(s): Caulfield Mr Bruce Chen Mr Haotian Chen Mrs Charanjit Kaur Ms Mala Raghavan Ms Sze Ting Mrs Ainura Tursunalieva Mrs Alpana Trivedi Mr Farid Zaid 1 Introduction Welcome to ETX1100 Busniess Statistics for Semester 1, 2010. This 6 point unit is compulsory for the Bachelor of Business degree programme. Unit synopsis Students will learn to use basic statistical techniques and their applications to problems in accounting, finance, management, marketing and business in general. Students should also be able to effectively communicate the results of their analyses. This unit covers descriptive statistics for revealing the information contained in data; probability as a tool for dealing with uncertainty and risk; probability distributions to model business behaviour; estimation and hypothesis testing techniques for decision making; simple tools for forecasting time series; and calculation and interpretation of basic price indices. Excel is used extensively. Learning outcomes The learning goals associated with this unit are to: interpret business data using descriptive statistics techniques, including the use of spreadsheet functions • apply simple concepts of probability and probability distributions to problems in business decision-making • describe the role of statistical inference and apply inference methods to single population means• evaluate relationships between variables for business decision-making, using the concept of correlation and simple linear regression • apply time series techniques of indexing, deflating and forecasting to business and financial series and interpret the results. • Contact hours Two 1-hour lectures and one 1-hour tutorial per week Workload On-campus: This is a six credit point unit with three hours class contact per week over 13 teaching weeks. The total time commitment expected for this unit is 156 hours. In order to meet the faculty's expectation, students should plan to spend on average nine hours in self-directed study, in addition to the three hours of class contact, each week. Self-directed study includes time spent in preparing for and completing assessment tasks, together with time spent in general study, revision and exam preparation. Unit relationships Prerequisites Students enrolled in course code 2601 must be granted permission to study this unit. For all other students, no prerequisites apply. ETX1100 Business statistics - Semester 2, 2010 2 Prohibitions BMS11,BUS1100, ETC1000, ETW1102, PMM2020, SCI1020 Relationships Prerequisites: Although a Year 12 mathematics subject is a prerequisite for entry into Bachelor of Business, ETX1100 only assumes you have covered the basic mathematics from the first four years of secondary school. ETX1100 Business statistics - Semester 2, 2010 3 Teaching and learning method On-campus: This unit will be taught on Caulfield campus as a two-hour lecture and a one hour tutorial each week for 13 weeks. Your study time will be far more effectively used if you concentrate on understanding the unit material, rather than on mere rote learning. If you encounter difficulty with the unit material, you will need to invest more time. Furthermore, you should consult a tutor. Each tutor will set aside an hour each week throughout the semester to meet with students for individual consultations. The times and locations for consultations with these tutors will be provided on the unit Blackboard site from the second week of semester. Timetable information For information on your timetable, including tutorial allocation if required, please refer to: http://allocate.its.monash.edu.au/ Unit Schedule Week Key Dates Topic Required Reading Week 1 21 July 2010 Graphical Descriptive Methods Ch 2, especially 2.1, 2.2, 2.3 Week 2 28 July 2010 Numerical Descriptive Measures Ch 4, especially 4.1, 4.2, 4.3 Ch 6, especially 6.3, 6.4 Week 3 4 August 2010 Basic Probability Ch 5, especially 5.1, 5.2, 5.3, 5.4, 5.6 Week 4 11 August 2010 Discrete Probability Distributions Ch 7, especially 7.1, 7.2, 7.3, 7.6 Week 5 18 August 2010 Continuous Probability Distributions Ch 8, especially 8.1, 8.2 Week 6 25 August 2010 Sampling Distributions Ch 10, especially 10.1 ETX1100 Business statistics - Semester 2, 2010 4 Week 7 1 September 2010 Confidence Intervals Ch 11, especially 11.1, 11.2, 11.3, 11.5 Week 8 8 September 2010 Hypothesis Testing Ch 12, especially 12.1, 12.2, 12.4 Week 9 15 September 2010 Additional tests for Nominal Data Ch 13, especially 13.1, 13.2 Week 10 22 September 2010 Regression Analysis – Part 1 Ch 4, especially 4.4 Ch 14 and Ch 15 Mid Semester Break Week 11 6 October 2010 Regression Analysis – Part 2 Ch 14 and Ch 15 Week 12 13 October 2010 Time Series Analysis and Index Numbers Ch 16, especially 16.1, 16.2, 16.3, 16.6 Ch 17, especially 17.1, 17.4 Week 13 20 October 2010 According to the University Week Thirteen of Semester Policy, “In relation to coursework units with examinations, week thirteen (or the last week of semester) will be devoted to consolidation and review. There will be no class tests in Week Thirteen and assignment deadlines will be no later than the end of Week Twelve.” Tutorial Program Week Tutorial Topic Required Reading Week 1 Venue: Computer Lab Basic Knowledge of Excel Tutorial material in Week 1 is NOT Examinable. Week 2 Venue: Computer Lab Graphical Descriptive Methods Lecture Slides in Week 1 Week 3 Venue:Tutorial Room Numerical Descriptive Measures Lecture Slides in Week 2 Week 4 Venue:Tutorial Room Basic Probability Lecture Slides in Week 3 Week 5 Venue:Tutorial Room Discrete Probability Distributions Lecture Slides in Week 4 ETX1100 Business statistics - Semester 2, 2010 5 Week 6 Venue:Tutorial Room Continuous Probability Distributions Lecture Slides in Week 5 Week 7 Venue:Tutorial Room Sampling Distributions Lecture Slides in Week 6 Week 8 Venue:Tutorial Room Confidence Intervals Lecture Slides in Week 7 Week 9 Venue:Tutorial Room Hypothesis Testing Lecture Slides in Week 8 Week 10 Venue:Tutorial Room Additional tests for Nominal Data Lecture Slides in Week 9 Mid Semester Break Week 11 Venue: Computer Lab Regression Analysis – Part 1 Lecture Slides in Week 10 Week 12 Venue: Computer Lab Regression Analysis – Part 2 Lecture Slides in Week 11 Week 13 Venue: Computer Lab Time Series Analysis and Index Numbers Lecture Slides in Week 12 Students should note that the lecture and tutorial programs outlined are a guide to the material to be covered in this unit and not a definative statement of when that material will be covered. Specific details relating to the timing will be discussed in lectures and tutorials, and posted on the Blackboard unit website. Tutorial allocation Students must enrol themselves in a tutorial group using Allocate+ at URL: http://allocate.its.monash.edu.au/ Tutorials start in Week 1 (week beginning 19 July 2010). Tutorials in Week 1 and Week 2 are held in Computer labs. Tutorials in Week 3 to Week 10 are held in Tutorial rooms. Tutorials in Week 11 to Week 13 are held in Computer labs. Computer lab is labelled as P2 in your timetable. For example: Tutorial/01-P2 Room: CA_K/K102. This means that your computer lab is in Room 102, Building K. Tutorial room is labelled as P1 in your timetable. For example: Tutorial/01-P1 Room: CA_N/N203. This means that your tutorial room is in Room 203, Building N. ETX1100 Business statistics - Semester 2, 2010 6 Unit Resources Prescribed text(s) and readings Selvanathan, A., Selvanathan, S., Keller, G. & Warrack B. (2007). Australian Business Statistics (Edition 4, Abridged version) Cengage Learning. We will be using this text throughout the subject, and will refer to it as SSKW. This text is available for purchase at the MONSU The Bookstore (Level 2, Building K, Caulfield Campus). Copies are available at the Caulfield Library. Recommended text(s) and readings Selvanathan, S., Selvanathan, A., Learning Statistics and Excel in Tandem, 2nd edition, Thomson, 2007. Copies are available at the Caulfield Library. Library resources The Monash University Library provides a range of services and resources that enable you to save time and be more efficient in your learning and research at URL: http://www.lib.monash.edu.au or via the Library tab in the my.monash portal. Blackboard (MUSO) All unit and lecture materials, plus other information of importance to students, are available through the MUSO (Monash University Studies Online) site. You can access MUSO via the My.Monash Portal: http://my.monash.edu.au • Under “Online Systems” click the MUSO hyperlink In order for your MUSO unit(s) to function correctly, your computer needs to be set up and certain programs may need to be installed such as a compatible Java version (eg version 1.5.0). This can easily be done by going to http://www.monash.edu.au/muso/support/students/browserset.html to update the relevant software. You can contact MUSO Support by: Jobdesk: http://jobdesk.monash.edu.au/login/index.cfm?jobdesk_id=14 Email: muso.support@calt.monash.edu.au Phone: (+61 3) 9903-1268 Operational hours (Monday – Thursday) – local time Australia: 8 am to 10 pm (8pm Non Teaching period) Malaysia: 6 am to 8 pm (6 pm Non Teaching period) South Africa: 11pm to 1pm (11 am Non Teaching period) Operational hours (Friday) – local time Australia: Australia: 8 am to 8 pm Malaysia: 6 am to 6 pm South Africa: 11pm to 11 am ETX1100 Business statistics - Semester 2, 2010 7 Operational hours (Saturday-Sunday) – local time (Teaching and Exam Period Only) Australia: 1 pm to 5 pm Malaysia: 11 am to 3 pm South Africa: 4 am to 8 am Further information can be obtained from the following site http://www.monash.edu.au/muso/support/index.html Q Manual The Q Manual is a student guide for producing quality written work on time. Printed copies are available at the bookshop or online at URL: http://www.buseco.monash.edu.au/publications/qmanual/qmanual.pdf. Calculators Students can bring any calculators into the final examination (including programmable calculators and graphical calculators). An “approved for use” Faculty label is NOT required. Required software and/or hardware Excel Computing All students need access to Microsoft Excel, with Excel’s `Data Analysis’ add-in facility activated. Introductory Excel sessions for students with no Excel knowledge will be held in Week 1 tutorials. Excel is required to answer some of the tutorial and assignment questions. The various Excel statistical functions and commands that are needed will be introduced in lectures and tutorials as required. Study resources Check the unit Blackboard site regularly for: 1. Course Announcements 2. Lecture slides, available prior to the lectures each week. 3. Weekly tutorial problem sheets, available the week before the relevant tutorial. 4. Assignment questions (their availability will be announced during lectures). 5. Data files used in lectures, tutorials and assignments. 6. Audio recording of lectures ETX1100 Business statistics - Semester 2, 2010 8 Assessment Assessment Summary Within semester assessment: 50% Examination (3 hours): 50% Faculty assessment policy For information regarding assessment policy, please refer to the appendix at the end of this Unit Guide. Hurdle requirements Your final mark will be the sum of the marks gained in all pieces of assessment except that to pass this unit you must achieve at least 40% in the final examination. Where you achieve less than 40% in the final examination your maximum final mark will be 45%. Second marking For information regarding second marking practice, please refer to http://www.buseco.monash.edu.au/asg/agu/policies/written-assign.html#secmark Return of final marks The final mark that a student receives for a unit will be determined by the Board of Examiners on the recommendation of the Chief Examiner taking into account all aspects of assessment. The final mark for this unit will be released by the Board of Examiners on the date nominated in the Faculty Calendar. Applications for extension of time For information regarding extensions of time, please refer to http://www.buseco.monash.edu.au/asg/agu/policies/written-assign.html#extoftime Additional assessment information Students who are repeating ETX1100 must submit all assignments. They CANNOT use their assessment marks from a previous semester. Assessment tasks Assessment task 1 Title: Assignment 1, Assignment 2, Assignment 3 Learning objectives assessed: Objectives 1 to 5 Weighting: Assignemnt 1 =10%, Assignment 2 =15%, Assignment 3 = 25% Criteria for assessment: • ETX1100 Business statistics - Semester 2, 2010 9 Three Individual Assignments; that is each student must complete Assignments 1, 2 and 3 on their own. Task details: Due date: Assignment 1 Due date: Week 4 Friday 13 August by 4:00PM. Assignemnt 2 Due date: Week 8 Wednesday 8 September by 4:00PM. Assignment 3 Due date: Week 11 Wednesday 6 October by 4:00PM Submission details: Assignment can be submitted to your tutor in your tutorial, or you can place your assignment in the assignment box on Level 5 Building H, Caulfield Campus. DO NOT submit your assignment electronically or by email. Return of marks: Marked Assignment 1 will be returned to students during tutorials in week 6. Marked Assignment 2 will be returned to students during tutorials in Week 10. Marked Assignment 3 will be returned to students during tutorials in Week 13. Penalties for late lodgement: A maximum penalty of 2% of the total mark allocated to Assignment 1 will be deducted for each business day that it is late. A maximum penalty of 3% of the total mark allocated to Assignment 2 will be deducted for each business day that it is late. A maximum penalty of 5% of the total mark allocated to Assignment 3 will be deducted for each business day that it is late. Assessment coversheet: Work submitted for assessment MUST be accompanied by a completed and signed assignment coversheet, available at URL: http://www.buseco.monash.edu.au/student/forms/assessment-coversheet.doc. Make sure the assignment COVER SHEET is on the top of your assignment and you must complete all sections of the cover sheet, including your tutorial day/time and your tutor’s name. Also you must sign and date the cover sheet. If your assignment does not have a cover sheet, your assignment will be returned to you unmarked. Put your TUTOR’S NAME and your TUTORIAL DAY and TIME on the COVER SHEET. If you do not, your assignment will be returned to you unmarked. Examinations Examination 1 Weighting: 50% Duration: 3 hours Type (open/closed book): Closed book Materials examinable: The final exam will be based on all the material covered during lectures and tutorials, assigned required reading and textbook exercises. Excel statistical functions and commands are not examinable, but you are required to know how to interpret Excel's tables and graphs in exam. Remarks: • ETX1100 Business statistics - Semester 2, 2010 10 You may take into the exam a calculator.♦ As English is the language of instruction at Monash University, foreign language translation dictionaries are not permitted in examinations held by the Faculty. ♦ Special consideration For information regarding special consideration, please refer to the appendix at the end of this Unit Guide. ETX1100 Business statistics - Semester 2, 2010 11 Assessment criteria - grading descriptors table High Distinction (80%+) Distinction (70 - 79%) Credit (60 - 69%) Pass (50 - 59%) Fail (Less than 50%) General description Outstanding or exceptional work in terms of understanding, interpretation and presentation A very high standard of work which demonstrates originality and insight Demonstrates a high level of understanding and presentation and a degree of originality and insight Satisfies the minimum requirements Fails to satisfy the minimum requirements Reading Strong evidence of independent reading beyond core texts and materials Evidence of reading beyond core texts and materials Thorough understanding of core texts and materials Evidence of having read core texts and materials Very little evidence of having read any of the core texts and materials Knowledge of topic Demonstrates insight, awareness and understanding of deeper and more subtle aspects of the topic. Ability to consider topic in the broader context of the discipline Evidence of an awareness and understanding of deeper and more subtle aspects of the topic Sound knowledge of principles and concepts Knowledge of principles and concepts at least adequate to communicate intelligently in the topic and to serve as a basis for further study Scant knowledge of principles and concepts Articulation of argument Demonstrates imagination or flair. Demonstrates originality and independent thought Evidence of imagination or flair. Evidence of originality and independent thought Well-reasoned argument based on broad evidence Sound argument based on evidence Very little evidence of ability to construct coherent argument Analytical and evaluative skills Highly developed analytical and evaluative skills Clear evidence of analytical and evaluative skills Evidence of analytical and evaluative skills Some evidence of analytical and evaluative skills Very little evidence of analytical and evaluative skills Problem solving Ability to solve very challenging problems Ability to solve non-routine problems Ability to use and apply fundamental concepts and skills Adequate problem-solving skills Very little evidence of problem-solving skills Expression and presentation appropriate to the discipline Highly developed skills in expression and presentation. Well developed skills in expression and presentation. Good skills in expression and presentation. Accurate and consistent acknowledgement of sources. Adequate skills in expression and presentation Inadequate skills in expression and presentation. Inaccurate and inconsistent acknowledgement of sources. Source: University of Adelaide 2005 ETX1100 Business statistics - Semester 2, 2010 12 Appendix Please visit the following URL: http://www.buseco.monash.edu.au/unit-guide/appendix.html for further information about: Continuous improvement• Assessment policy• Grading Scale policy• Special consideration• Plagiarism, cheating and collusion• Plagiarism register• Non-discriminatory language• Students with disabilities• Using the University’s computer and IT facilities• Faculty policies• Related links• ETX1100 Business statistics - Semester 2, 2010 13