2104 111997 `NZDB430` Quantitative Business Methods

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

151 `NC5121` New Zealand Diploma in Business 642 `NC5121` New Zealand Diploma in Business (Accounting Technicians) 151 `NC5121` New Zealand Diploma in Business 20.0 4 Business 200.0 Students 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 – y Students 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 ? adjustment Students 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