Data Analysis for Business
UndergraduateTAS-BEA1402024
Course information for 2024 intake View information for 2025 course intake
A business statistics course that covers the mathematics of finance. You’ll learn about the statistical process and get hands on with basic tools. Use data practically to solve real-world problems in economics and business.
Enrolments for this course are closed, but you may have other options to start studying now. Book a consultation to learn more.
- Study method
- 100% online
- Assessments
- Subject may require attendance
- Entry requirements
- No ATAR needed, No prior study
- Duration
- 14 weeks
- Loan available
- HECS-HELP and FEE-HELP available
Data Analysis for Business
About this subject
Upon completion of this subject, the student should be able to:
- Apply basic statistical concepts to common situations in business and economics.
- Inform and communicate evidence-based decisions using data description and probability concepts
- Draw conclusions and communicate properties about sample populations
- Quantify an association between two variables, explain variation and improve outcome prediction.
- Module 1: Mathematics of Finance
- Interest, present and future values of a single amount, solution for time and interest rate. Effective and equivalent rates
- Perpetuities, simple annuities. Solving for R, N, i. Partial payments
- Amortization & sinking funds (including dealing with changes in interest rate, missed/extra payments), 'flat rate' problems
- Module 2: Data & Summary Statistics
- The statistical process. Sources of data. Sources of error and bias. Types of sampling. Types of variables.
- Univariate statistics (mean, median, mode, standard deviation, variance, range, IQR, percentiles). Plots for univariate data. Measuring grouped data.
- Working with bivariate data. Scatterplots. Computing and interpreting the correlation coefficient. Linear regression
- Module 3: Probability
- Probability concepts, laws, trees and tables, independence, Bayes' rule.
- Discrete probability distributions - expectations, Poisson, binomial
- Continuous probability distributions; normal, z-scores, approximations of the binomial and Poisson by the normal
- Sampling distributions. Central Limit Theorem, finite population correction factor, the Student's t distribution
- Module 4: Inferential Statistics
- Estimation and inference estimation - point and interval estimates, determination of optimal sample size, Inference - on sample tests of mean and proportion, types of error, one and two tailed tests, significance.
- Bivariate Inference: tests for existence of linear relationship, confidence interval for slope.
- Chi-squared test of independence.
TAS-BEA140 Data Analysis for Business is a foundation unit in business statistics and the mathematics of finance, and is a core subject in the Bachelor of Economics and Bachelor of Business degrees. It is also a nominated elective in a wide range of other programs throughout the University of Tasmania.
This subject is intended to provide a background capacity in mathematics of finance and statistical description and analysis, appropriate for a business student. The subject also includes an introduction to the basic use of tools such as Excel as an aid to analysis and presentation. The focus of the subject is on the practical use of data in business and economic decision environments, especially in an environment of risk and uncertainty.
The subject is an introduction to the exciting world of applying mathematics and statistics to business problems. By studying a variety of examples based on real world problems, the unit highlights the application of quantitative methodologies to assist managers and decision makers in dimensioning and communicating risks and opportunities.
- Online Skill Checks (18%)
- Online Test (32%)
- Final Examination (20%)
- Assignment (30%)
For textbook details check your university's handbook, website or learning management system (LMS).
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- 20
- Times Higher Education Ranking 2024:
- 19
Entry requirements
No entry requirements
Additional requirements
- Software requirements - CALCULATORS It is essential to have a calculator with the ability to take square roots, raise to powers and with a memory. It is advantageous, but not necessary, to have a calculator with basic inbuilt statistical functions. It is possible to obtain a calculator for less than $30 that will suffice. If in doubt, check with a tutor. It is essential that you are competent in basic calculator operation. It is probably wise to avoid buying a second hand calculator if the original owner has lost the instruction manual. Any handheld battery powered calculator may be used in the end of year exam, providing it does not have communications capability. i.e. calculators with Wi-Fi, GSM, Bluetooth or NFC are not permitted. You may not use a smart phone or smart watch as a calculator in the examination, nor may you use a tablet. MICROSOFT EXCEL You will be instructed and provided with some learning resources on how to use aspects of Excel. The ability to interpret a standard Excel regression output is examinable. You may find Excel a quick and convenient way to check your calculations in assignments and practice problems. Spreadsheet skills are very transferable, both to other subjects and to the workplace.
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
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What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
Bachelor of Business and Bachelor of Psychological Science
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