Subject Description Form
Subject Code AMA1501
Subject Title Introduction to Statistics for Business
Credit Value 3
Level 1
Pre-requisite/ Nil
Co-requisite/
Exclusion
Objectives This subject aims to:
(i) provide students with a variety of basic techniques in understanding
and interpreting data;
(ii) allow students to develop skills in analyzing scenarios and problems
in commerce and industry by applying statistical methods. The
emphasis will be on applications of elementary statistical methods to
commerce and industry.
Intended Learning Upon completion of the subject, students will be able to:
Outcomes a. use a variety of basic techniques in understanding and interpreting data;
b. apply elementary statistical methods in analyzing business scenarios and
problems;
c. think critically and creatively about the uses and limitations of statistical
methods in business;
d. use statistical package and interpret the output, appreciate the applications
of information technology for statistical analysis in business.
Subject Synopsis/ Descriptive Statistics
Indicative Presentation of business data in tabular, diagrammatic and graphic forms;
Syllabus misleading presentations. Summary measures of location and spread.
Probability
Concepts of probability. Probability rules. Bayes’ Theorem. Random
variables and expected values; uses and limitations in decision making.
Common probability distributions: Binomial, Poisson and Normal.
Estimation
Simple random samples. Sampling distributions: mean, proportion and
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differences. Confidence intervals: mean, proportion and differences.
Hypothesis Testing
Hypothesis testing: mean, proportion and differences.
Chi-square Test
Test of goodness of fit. Test of independence.
Relationships between Variables
Exploratory data analysis. Linear relationships: ordinary least squares.
Correlation coefficients.
Multiple Regression
Multiple regression equation. Inferences about parameters. Modelling
techniques
Teaching/Learning The lectures aim to provide the students with an integrated knowledge
Methodology required for the understanding and application of statistical concepts and
techniques. To develop students’ ability for logical thinking and effective
communication, tutorial and presentation sessions will be held.
Assessment
Methods in Specific assessment % Intended subject learning outcomes to
Alignment with methods/tasks weighting be assessed (Please tick as
Intended Learning appropriate)
Outcomes a b c d
1. Assignment and
20%
Presentation
2. Mid-term Test 30%
3. Examination 50%
Total 100 %
Explanation of the appropriateness of the assessment methods in assessing the
intended learning outcomes:
The subject focuses on knowledge, skill and understanding of Business
Statistics, thus, Exam-based assessment is the most appropriate assessment
method, including 30% test and 50% examination. Moreover, 20% worth of
assignments and presentations are included as a component of continuous
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assessment so as to keep the students in progress.
Student Study Class contact:
Effort Expected
Lecture 26 Hrs.
Tutorial and Student
13 Hrs.
Presentation
Other student study effort:
Assignments 20 Hrs.
Self-study 58 Hrs.
Total student study effort 117 Hrs.
Reading List and Study Guide:
References
Introduction to Statistics for Business, Department of Applied Mathematics,
The Hong Kong Polytechnic University
Reference Books:
Hung, K.F., Kwan, C.K., Pong, T.Y., Foundation Mathematics & Statistics,
2nd edition, 2013
Aczel, A.D., Complete Business Statistics, 7th ed., McGraw-Hill, 2009.
Levin, Richard I. and Rubin, David S., Statistics for Management, 7th ed.,
Prentice-Hall, 1998.
David S. Moore, George P. McCabe, Bruce A. Craig, Introduction to the
practice of Statistics, 9th ed., W. H. Freeman and Company, 2017.
McClave, J. T., Benson, P. George and Sincich, Terry., A First Course in
Business Statistics, 8th ed., Prentice Hall, 2001.
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