Course

Objective:

Learning Outcomes:

• apply statistics in business decision making, forecasting, management control, and data analysis
• calculate descriptive summary measures for a population or frequency distribution including mean, median, mode, and standard deviation
• use the spread or dispersion of a set of numbers to understand risk, price volatility, market homogeneity, and other business applications
• properly present and interpret data visualizations including graphs, data plots and charts
• apply probability concepts including Bayes theorem to analyze possible outcomes
• use binomial, Poisson, and hypergeometric distributions to solve business problems
• select and apply the most appropriate sampling technique and determine the sample size needed to ensure valid statistical predictions for specific business situations
• design and analyze experiments to test hypotheses about the population mean, variance and proportion
• apply nonparametric methods for statistical analysis using chi-square testing and contingency tables
• identify when to use and how to perform a linear regression analysis, and how to develop and use multiple regression analysis.

General Topics: