Newcastle University

Aims

To provide an appreciation of the theoretical and practical issues in the application of statistical techniques to marketing and business decision making. Also to develop an understanding of the statistical methods for the analysis and interpretation of quantitative data, with particular reference to business and marketing applications. The module aims to develop an appreciation and understanding of the theoretical and practical issues in the application of statistical methods in marketing and business decision making. The module builds on descriptive statistical techniques developed in stage 1, extending these to inferential methods and models which help us to test hypotheses and answer specific questions about the population from which sample data were collected. In addition, this course will provide a foundation for advanced quantitative techniques module at stage 3 and contribute to students’ development of analytical skills necessary for their final year dissertation. By the end of this module, students should be able to apply appropriate statistical techniques to process data, interpret the results and appreciate the implications of the results to a marketing or business context. The module will incorporate use of lectures to deliver key aspects of theory and statistical concepts. Computer based practical sessions will provide students the opportunity to apply the statistical tools introduced in the lectures to real world data or problems. Assessment will be both continuous and exam based.

Outline Of Syllabus

1. Review of data types, descriptive and inferential statistics
2. Data collection methods: Surveys and Experiments
3. Hypothese testing
4. Analysis of Variance (ANOVA)
5. Decision Analysis
6. Multiple regression
7. Logistic regression
8. Analysis of time series data and forecasting
9. Statistical process control

Teaching Rationale And Relationship

Lectures are used to deliver the theory and fundamental concepts in statistics, supplemented by small group teaching that will provide students with relevant practical illustrations. Small group teaching is also aimed at providing students an opportunity to work through typical exam questions and clarify any misunderstandings about the methods discussed in the lectures. Computer practical sessions enable students to practice applying statistical methods taught in the lectures to real world situations, help students recognize practical situations in which specific methods of analysis are applied and provide them an opportunity to develop the skills of data analysis and interpretation. Calculations are carried out on computers using Minitab statistical software and they are intended to enable students to develop their computing and analytical skills.

Assessment Rationale And Relationship

Continuous or in-course assessments evaluate student understanding of the material covered in class and their ability to problem-solve, and encourages students to revise course material as they go along and work steadily throughout the entire course.

The unseen written examination provides students the opportunity to demonstrate their understanding of statistical tools and their application to specific problems.