Business Statistics
- Management Sciences
- 700 level
- 2 credit units
- 260 pages
- 22 units
This course introduces the nature of Statistical Information, Collection, Summarizing, and Presentation. It also analyzes statistical information for decision-making. Students will learn about data collection, processing, and presentation, as well as elementary concepts in probability. The course covers important probability distributions of both discrete and continuous random variables and introduces research methods. It aims to equip students with the basic knowledge for data analysis and interpretation.
About this course
- Difficulty
- Intermediate
- Study hours
- 200 hours
- Maths
- Intermediate
- Content
- Theoretical, problem solving
- Practical work
- No
- Assignments
- Tutor Marked Assignments
- Final Examination
What you'll read
The real module and unit structure of BUS722, taken from the course material NOUN publishes.
One paragraph, so you can see how it reads
BUS722 · UNIT 1: STATISTICS AND DECISION MAKING PROCESS
Government uses statistics as a tool for collecting data on economic aggregates such as national income, savings, consumption and gross national product. Government also uses statistics to measure the effects of external factors on its policies and to assess the trends in the economy so that it can plan future policies.
What you should be able to do
- Explain the nature of statistical information
- Collect, summarize, and present statistical data
- Compute measures of central tendency and dispersion
- Apply basic concepts in set theory and probability
- Perform correlation and regression analysis
- Conduct hypothesis testing using t-tests, F-tests, and chi-square tests
What it prepares you for
- Data Analyst
- Business Analyst
- Market Researcher
- Project Manager
- Financial Analyst
- Finance
- Marketing
- Healthcare
- Manufacturing
- Education
Where it gets hard
The units students slow down on, and what makes each one heavy.
- Module Three: Set Theorem & Probability
Unit 4: Probability Rules, Events and Bayes' Theorem
Understanding and applying Bayes' Theorem requires a solid grasp of conditional probability and event relationships, making calculations complex.
- Module Five: Statistical Test
Unit 1: T–test
The assumptions and application of t-test can be confusing, especially when determining appropriate degrees of freedom.
A suggested way through it
13 weeks, about 84 hours in total. Yours will differ.
- Week 1Module One: Statistical Meaning and Presentation
Unit 1: Statistics and Decision Making Process · 6 hours
Understand definitions of statistics. Describe uses of statistics. Define basic concepts in statistics.
Unit 2: Statistics and Decision Making Process · 6 hours
Know nature of primary and secondary data. Identify sources of micro/macro-statistical information. Describe methods of data collection.
- Week 2Module One: Statistical Meaning and Presentation
Unit 3: Summarizing Data · 6 hours
Arrange data in ordered form. Prepare frequency distributions. Construct relative/cumulative frequency.
- Week 3Module One: Statistical Meaning and Presentation
Unit 4: Graphical Presentation of Data · 6 hours
Plot histogram, frequency polygon, ogive. Construct bar charts. Draw pie chart.
- Week 4Module One: Statistical Meaning and Presentation
Unit 5: Research Methods · 6 hours
Explain meaning of research. Describe types of research. Plan a research.
- Week 5Module Two: Central Tendency
Unit 1: Measure of Central Tendency I The Arithmetic Mean · 6 hours
Compute mean of grouped/ungrouped data. List properties of arithmetic mean. Compute weighted mean.
- Week 6Module Two: Central Tendency
Unit 2: Measure of Central Tendency 2, Geometric Mean and Harmonic Mean · 6 hours
Compute geometric mean. Compute harmonic mean. List uses of geometric/harmonic means.
- Week 7Module Two: Central Tendency
Unit 3: Measure of Central Tendency 3, Median and Mode · 6 hours
Compute median for grouped/ungrouped data. Estimate median from cumulative frequency curve. Compute mode for grouped/ungrouped data. Estimate mode from histogram.
- Week 8Module Two: Central Tendency
Unit 4: Measures of Dispersion · 6 hours
Compute range. Compute semi-interquartile range. Compute mean deviation. Compute standard deviation. Compute coefficient of variation.
- Week 9Module Three: Set Theorem & Probability
Unit 1: Set Theory · 6 hours
Understand set and basic concepts in set theory. Perform basic operations in set theory. Use Venn Diagram to solve problems.
- Week 10Module Three: Set Theorem & Probability
Unit 2 Permutations and Combinations · 6 hours
Compute factorials. Compute permutations for different objects. Compute permutations for non-different objects. Compute value of combination.
- Week 11Module Three: Set Theorem & Probability
Unit 3: Some Elementary Probability Concepts · 6 hours
Understand views of probability. Understand properties of probability. Compute probability of an event.
- Week 12Module Three: Set Theorem & Probability
Unit 4: Probability Rules, Events and Bayes' Theorem · 6 hours
Understand addition/multiplication rules. Explain independent/complimentary events. Solve joint probability problems. Apply Bayes' Theorem.
- Week 13Module Three: Set Theorem & Probability
Unit 5 Probability Distribution of a Discrete Random Variable · 6 hours
Construct probability distribution table. Compute mean/variance of probability distribution.
Preparing for the exam
- Create flashcards for key statistical terms and formulas from Units 1-4
- Practice solving numerical problems from TMAs in Units 5-9 weekly
- Develop decision trees for selecting appropriate statistical tests (t-test, F-test, Chi-Square) from Units 10-13
- Review assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions from statistical analyses in all units
- Create concept maps linking Units 3-5 measures of central tendency and dispersion
- Practice applying Bayes' Theorem from Unit 12 with real-world examples
- Review all solved examples and exercises in the course material
- Allocate sufficient time for revision and practice problems in the weeks leading up to the final examination
- Attend tutorial sessions and clarify any doubts with your tutor
- Form study groups with fellow students to discuss and solve problems together
- Use online resources and textbooks to supplement your understanding of the course material
- Practice time management during mock exams to improve speed and accuracy
- Get enough rest and maintain a healthy lifestyle during the exam period to stay focused and alert
- Stay calm and confident during the exam, and attempt all questions to the best of your ability
- Review all units and focus on key concepts and formulas
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
- Review all TMAs
- Focus on key concepts
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
- Review all TMAs
- Focus on key concepts
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
- Review all TMAs
- Focus on key concepts
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
- Review all TMAs
- Focus on key concepts
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
- Review all TMAs
- Focus on key concepts
- Practice solving problems under timed conditions
- Understand assumptions and limitations of each statistical test
- Focus on interpreting results and drawing valid conclusions
- Create concept maps linking related topics
- Attend tutorial sessions and clarify doubts
- Form study groups and discuss problems
- Use online resources and textbooks for additional practice
- Practice time management during mock exams
- Stay calm and confident during the exam
- Attempt all questions to the best of your ability
Questions students ask about this course
What is BUS722 about?
This course introduces the nature of Statistical Information, Collection, Summarizing, and Presentation. It also analyzes statistical information for decision-making. Students will learn about data collection, processing, and presentation, as well as elementary concepts in probability. The course covers important probability distributions of both discrete and continuous random variables and introduces research methods. It aims to equip students with the basic knowledge for data analysis and interpretation.
How many units does BUS722 have?
BUS722, Business Statistics, has 22 units across 5 modules, over 260 pages of course material. You can read it one unit at a time.
How many credit units is BUS722?
BUS722 carries 2 credit units, at 700 level in Management Sciences.
Is BUS722 hard?
BUS722 is rated intermediate level, with intermediate mathematical content. It is mostly theoretical and problem solving work.
How long does BUS722 take to study?
About 200 hours of study, spread across its 22 units.
How is BUS722 assessed?
BUS722 is assessed by Assignments, Tutor Marked Assignments and Final Examination.
What can I do with BUS722?
Data Analyst, Business Analyst, Market Researcher, Project Manager and Financial Analyst.