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  3. Quantitative Methods for Business

Quantitative Methods for Business (ECOM90009)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Year of offer2019
Subject levelGraduate coursework
Subject codeECOM90009
Semester 1
Semester 2
FeesSubject EFTSL, Level, Discipline & Census Date

The subject introduces students without a strong mathematical background to some of the methods used to collect, present and analyse data and to provide illustrative applications to decision problems faced by business managers. Topics will be chosen from: sources of data; sampling and collection of primary data; presentation and summary measures of data; random variation of data and some implications for hypothesis testing and forecasting; an introduction to decision models with uncertainty; the use and interpretation of estimated regression equations; some forecasting methods used by business.

Intended learning outcomes

On successful completion of this subject students should be able to:

  • Explain how statistical theory applies to decision-making;
  • Explain how data is sampled, collected and presented using a range of summary measures;
  • Construct and analyse relevant measures of the random variation of data;
  • Construct and explain the implications of hypothesis tests and estimates of regression equations;
  • Explain some forecasting methods;
  • Evaluate evidence to inform decision making.

Generic skills

On successful completion of this subject, students should have improved the following generic skills:

  • Evaluation of ideas, views and evidence
  • Synthesis of ideas, views and evidence
  • Strategic thinking
  • Critical thinking
  • Application of theory to economic policy and business decision making
  • Accessing economic and other information
  • Summary and interpretation of information
  • Application of Windows software
  • Problem solving skills
  • Negotiation and bargaining
  • Written communication

Last updated: 3 April 2019