Unit 5: Quantitative Techniques for Business
Introduction to Statistics
Data Collection and Survey Methodoogy
Outcomes
- Use statistical techniques to collect and analyse data;
- Produce forecasts based on formalised procedures;
- Apply quantitative techniques to business situations.
Statistical Techniques
- prepare and implement a plan for the collection of primary and secondary information for a given business problem;
- classify and record data;
- solve problems involving the analysis and calculation of statistical quantities from frequency distributions.
Data Sources
- Primary - consists of data collected “first-hand”
- Secondary - is data collected by others
Survey Methodology
- Face-to-face
- Telephone
- Postal
- Observation
