CA1.2 – Business Statistics

CA1.2-Business Statistics

On completion of this module, candidates will reach a competency sufficient to be able to:

• Understand the business and organisational need for data analysis
• Summarise and categorise business and organisational data
• Apply statistical techniques accurately

Syllabus topic	Weighting (%)	LO
Business and organisational data requirements	10	1
Presenting business and organisational data	50	2 and 3
Statistical techniques	40	4

Learning outcomes

• LO1: Explain data needs of business and organisations
• LO2: Explain key statistical concepts used in business and organisational problems
• LO3: Apply methods of data collection and presentation in simple organisational related situations
• LO4: Apply statistical techniques to organisational problems

1. Understand and explain the business and organisational need for data analysis: LO1
   1. Identify data analysis needs in organisations
   2. Identify sources of data and explain the usefulness of data analysis in organisations
   3. Explain the limitations of data analysis and the importance of data interpretation and evaluation
2. Summarise and categorise business and organisational data: LO2, 3, 4
   1. Apply key statistical concepts used in business and organisations using measures of central tendency:
      1. The concept of averages
      2. The arithmetic mean
      3. The median
      4. The mode
      5. Quartiles
   2. Apply key statistical concepts of dispersion used in business and organisations using:
      1. Range
      2. Mean deviation
      3. Quartile deviation
      4. Standard deviation
      5. Variance
   3. Prepare exploratory data analysis, both visual and numerical, using descriptive statistical analysis
   4. Interpret the results of exploratory data analysis and report effectively on the analysis
3. Apply statistical techniques to organisational problems: LO4
   1. Apply statistical methods of financial and operational forecasting, using
      1. Scatter diagrams, correlation coefficients, coefficient of determination
      2. Time series
      3. Trend, seasonal variations, cyclical variations and random variations
      4. Moving averages
      5. Forecasting (b)
   2. Apply probability based techniques to business and organisational problems using:
      1. Basic rules of probability
      2. Mutually exclusive, independent and conditional probability
      3. Expected values
      4. Tree diagrams
      5. The normal distribution (c)
   3. Interpret the results of statistical methods