STAT1250 - Business stats and insight

Introduction to SGTA and Course Structure

• SGTA (Small Group Teaching Activities): Formerly known as "workshop", begins next week.

• Capacity Issues: Enrollment numbers have increased; some classes are full, monitoring for additional capacity.

• Teaching Staff: New and experienced educators leading classes, all enthusiastic to help.

Importance of Participation

• Reinforcement of Learning: Attendance is crucial for SAT1250; SGTA allows practice of material learned in lectures.

• Sequential Learning: Activities in SGTA are based on topics from previous weeks to enhance understanding before moving to new content.

• Assessment Preparation: Starting from week four, SGTA will include sessions focused on the first assessment (the report).

Weekly Structure and Resources

• Lecture Schedule: First two weeks led by main lecturer, focusing on data introduction and summarization, with a transition to Excel skills.

• Use of Laptops: Laptops are required for both statistics and Excel parts; they can be borrowed from the library if needed.

• PowerPoints: Available at the back of the lecture hall for easy access.

• Engagement with Societies: Encouragement to explore various societies, including the Maths and Stats Society.

Course Framework and Assessments

• Assessment Overview: Three assessments planned; 35% report due in week seven, online quantitative analysis task, and final exam during the exam period.

• Special Considerations: Guidelines on handling late submissions and extensions through special considerations.

Interactive Learning and Communication

• Interactive Lectures: Focus on engagement through discussion among peers.

• Feedback Mechanism: A survey taken to gauge student expectations and concerns at the start of the semester, with a word cloud summarizing the feedback.

Addressing Common Concerns

• Worries About Skills: Relaying that everyone feels the pressure regarding data analysis and workload; reassurance of support provided by instructors.

• Office Hours: Encourage students to reach out if they're feeling overwhelmed.

Introduction to Data Literacy

• Data Literacy: Defined as the ability to analyze, interpret, and question data—a critical skill in today’s data-driven environment.

• Types of Data Collection: Discussion on collecting new data versus using existing sources; various types of information handled by organizations.

Understanding Data vs. Information

• Data: Described as raw, unprocessed figures or records.

• Information: Data processed and analyzed to create meaning which aids in decision-making.

Objectives and Steps of Data Analysis

• Main Objective: To derive information about a target population via sampling methods.

• Steps in Data Analysis:

  1. Study Design: Formulating a question and identifying the target population.

  2. Data Collection: Gathering data via surveys or existing information.

  3. Data Analysis: Using tools such as Excel for quantitative analysis.

  4. Reporting: Delivering findings through report writing and presentations.

Study Design Principles

• Sample vs. Population: Defining target population and ensuring sample selection is representative and unbiased.

• Types of Studies:

  • Quantitative: Focuses on numerical data.

  • Qualitative: Encompasses descriptive data.

• Observational vs. Experimental Studies: Differentiation based on whether the researcher intervenes in data collection.

Variables in Data Analysis

• Types of Variables:

  • Numerical: Continuous (e.g., weight, age) and discrete (e.g., number of students).

  • Categorical: Nominal (no order) and ordinal (ordered categories).

• Importance of Variable Types: Influences statistical methods used and visualization techniques.

Ethical Considerations and Bias in Research

• Bias Types: Definition and examples of selection bias, measurement bias, and response bias.

• Importance of Representative Sampling: Ensuring that selected samples reflect the characteristics of the broader target population.

Concluding Remarks & Resources

• Available Support Services: Mentioned numeracy center, consultation hours, and overall encouragement for reaching out for assistance.