This course provides students with an analytical framework so that they can evaluate problems in a structured manner as well as equip students with tools for the management of uncertainties that pervade and complicate business processes. It covers statistical concepts commonly used by managers. Emphasis of the course will be on the interpretation of the meaning of statistical analyses in order to inform decision making in a business and managerial setting.
By the end of this course it is expected that students will be able to:
- Summarize complex data sets in graphical, tabular and numerical forms.
- Thoroughly comprehend the importance of appropriate sampling.
- Critically analyze normal distribution and the different ways this can be used in a variety of settings.
- Harness sample information to make inferences about specific population at given levels of confidence about the accuracy of the estimations.