Management Sciences 2320 Business Statistics
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The overall objectives of the course are (a.) to familiarize you with the use of statistical procedures for the purpose of generating decision-making information from data, and (b.) to help you develop behavioral habits suitable for a professional, business environment, as well as effective communication tools.
The following ideas will be discussed:
- Problem identification and formulation
- Model selection and use. The Normal and Binomial models will be stressed because of their general applicability.
- They will be used for assessing the probability of specified events, setting confidence intervals, and conducting hypothesis tests.
- Interpretation of the results of a statistical analysis. Proper selection of the model, accurate measurement, and a correct analysis are necessary but not sufficient for the solution of management problems. The final and most important step is the interpretation of the results of the analysis. What should the manager do given the statistical results? What kinds of mistakes might result from this course of action?
Moore, McCabe, Duckworth, Alwan, The Practice of Business Statistics Using Data for Decisions ,3rd edition, W.H. Freeman and Company, 2010.
- Mrs. Bonnie Schroeder
- Dr. John Draper