Statistics as a Managerial Tool

Managing today can require good instincts. However, instinct is not enough to manage the huge amounts of available data and the complex variables of the business world. Statistics can help managers and leaders make sense of these complexities, back-up their assertions, and feel confident about when to take the risks and when to pump the breaks. This intermediate-level course examines statistics as a managerial tool. It also looks at common graphical representations of data and how these can be effective tools to explain situations and support persuasive arguments for a course of action. Learning Outcomes Describe how statistics are used in different settings Describe common problems with, and misuse of, statistics Identify criteria for evaluating statistics Explain the key fundamentals of probability and their real-world application Identify the fundamental concepts of descriptive statistics (populations and samples, measures of central tendency, measures of variability, measures of distribution) and their real-world application Evaluate data from several different graphical displays of a distribution of a categorical variable (bar chart, pie chart) and of a quantitative variable (histogram, stem plot, box plot) Explain the fundamental concepts of inferential statistics and their real-world application Relate the probability of an event to the likelihood of the event occurring Apply fundamental statistics to a real-world situation Translate statistical data into a graphical presentation based on a brief case study