Decision-making is at the very heart of management. In the Digital Age, there is an abundance of data available on consumer actions, motivations and objectives that can used to improve managerial decision-making. Managerial statistics allows one to draw conclusions based on sample data, to test portfolio strategies, to testing for managerial bias, and to estimate product or service reliability. The course covers the fundamental tools and concepts of statistics as they apply to management: causation, descriptive statistics, exploratory data analysis, sampling, statistical relationships, and statistical inference. Students completing this course will have a detailed understanding of basic statistical measures and analyses, as well as a proficient grasp of regression as a data-analytic methods used daily in business.
Course Hours : 15 or 30 hours
- Learning Goals
This course is designed to develop the fundamental knowledge and skills for leveraging statistics in dealing with current management challenges. Course methods include descriptive statistics, probability distributions, sampling, confidence intervals, hypothesis testing and the use of SAS computer software for statistical applications. Course topics are organized around practical case studies of business analytics in a wide variety of industries.
- Learning Outcomes
On successful completion of the course, the students shall be able to :
- Understand the statistical skills required in management today
- Explore best practices in managerial decision making
- Propose a framework for improving data-based processes in organizations
- Analyze and evaluate the limitations of business analysis
- Given a research question, formulate appropriate hypotheses, choose test statistics, describe the evaluation criteria, and draw an appropriate business conclusion
- Concepts and theories to which students are exposed during the course