The collection, evaluation, and summation business data will be explored. The course focuses on applied statistical analysis, interpretation, and representation using standard statistical methods, including descriptive statistics, probability distributions, and random variables. The testing of hypotheses, estimation, regression, and correlation analyses are carried out in the context of managerial and informed decision-making.
- Use statistics to understand the importance of data-driven business decisions,
- Describe the basic role of probability in business decision making,
- Describe the basics of business decision-analysis,
- Analyze and summarize business data numerically and graphically,
- Describe the basics of beginning predictive business modeling,
- Use different business sampling methods to collect and analyze data,
- Identify different probability distributions common in business and the relationships between sampling, probability, and uncertainty in business decision making, and
- Use model-based estimation and prediction methods with business applications.