This is not an advanced math class. However, learning to follow the formulas will help reinforce concepts, theories, and analysis. The focus is on the effective application of some very powerful tools. Adults use statistical processes every day to describe groups, make predictions, form hypotheses, and test theories. Businesspeople use statistical information to convince others and analyze issues. This course will address these activities on a systematic level.
Business managers often implement changes to address a problem or promote improvement. If an increase of some kind follows, do they know for sure that it is the result of their change? Could it have been a coincidence or the result of another factor? This course is about using statistical tools to make more informed decisions. It is about statistical thinking—approaching a problem as a scientist. It begins with an understanding of data and the use of descriptive statistics. Then students will learn to identify variables and work with sampling distributions. From there they will move on to hypothesis testing and making inferences. Students will also explore experimental design and analysis of variance (ANOVA). These concepts and tools will be applied in a case study.
Upon completion of this course, you will be able to
- Demonstrate how managers can effectively use statistical tools to make decisions
- Use data to determine the relationships among variables
- Use statistical tests applicable to a normal distribution
- Create statistical tools for future use in business applications
- Apply theories of probability to make an informed managerial decision
- Create effective displays of quantitative information
- Apply research findings to a business situation
- Apply statistical thinking by developing and testing a hypothesis related to an identified business problem