The study of statistical data process involving the collection,
analysis and interpretation of data from business and other
information sources; the mathematics of finance

151NC5121New Zealand Diploma in Business642NC5121New Zealand Diploma in Business (Accounting Technicians)151NC5121New Zealand Diploma in Business20.04Business200.0Students will identify data types, calculate and compare statistical measures, present the data in graphical formats using computer software and comment on features.
Key elements
a) Data types:
• categorical
• numerical:
? continuous
? discrete
b) Statistical measures:
• mean
• median
• mode
• quartiles
• range
• inter-quartile range
• standard deviation
c) Graphical formats using computer software:
• graph types:
? two dimensional frequency table
? histogram
? box plot
? column/bar
• graph excellence:
? type
? labelling
? use
d) Features:
• shape/skewness
• outliers
Students will use methods of correlation and regression to analyse a given data set, and interpret the results.
Key elements
a) Scatter plot.
b) Correlation coefficient:
• value:
? interpretation
c) Coefficient of determination:
• value:
? interpretation
d) linear regression:
• equation
• equation coefficients:
? interpretation
• y and y:
? reliability of y
? interpretation of y – yStudents will plot time series, identify their features, then produce and explain forecasts using computer software.
Key elements
a) Plots and features:
• components:
? trend
? seasonal
? cyclical
? irregular
• time series models:
? additive
? multiplicative
b) Forecasts:
• trend component:
? moving averages
• seasonal component:
? indices
? adjustmentStudents will describe sampling techniques and errors, use simple and one other random sampling technique to select samples.
Key elements
a) Sampling and non-sampling errors.
b) Sampling techniques:
• random sampling:
? simple
? systematic
? stratified
? cluster
• non-random sampling:
? judgment
? quota
? convenience
? self selection
Students will describe the Consumer Price Index (CPI), compare single commodity index series, and deflate financial time series.
Key elements
a) CPI, three of:
• selection process
• base weights
• commodity groups
• review/updated
• Laspeyres index.
b) Single commodity:
• calculation
• comparison including change of base
c) Financial time series for deflation may include but not limited to:
• salary or wages
• value of exports
• retail sales
• other
Students will apply financial mathematics.
Key elements
a) Simple and compound interest for lump sum amounts:
• Present Value
• Future Value
• nominal and effective interest rates
b) Simple ordinary annuities:
• Present Value
• Future Value
• payment
Students will apply probability distributions, find and interpret confidence intervals for population means and proportions.
Key elements
a) Probability distributions:
• normal distribution:
? probabilities
? inverse probabilities
• t-distribution:
? table values
b) Confidence interval for population mean:
• assessing a claim
• sample size calculation
• margin of error
c) Confidence interval for population proportion:
• assessing a claim
• sample size calculation
• margin of error
Students will discuss the use of statistics as it relates to quality control, create and interpret control charts.
Key elements
a) Process variation:
• controlled
• uncontrolled
b) Control charts:
• mean control chart:
? control limits
? out of control indicators
• range or standard deviation control chart:
? control limits
? out of control indicators