Course Objectives

1
Course Objectives
This course introduces basic statistical methods
with applications for management. Management of
business involves working with target
populations. An example of a target population
is a companys customers. Another example is all
outputs from an internal process, say, a
workstation. Yet another example is the economic
system or the market within which the company
operates. A population is a collection of units
that vary from one unit to the next, and is
therefore difficult to understand. To make them
intelligible, a manager must collect data on the
target population and interpret them. Also, a
manager needs to measure the degree of
uncertainty about what result one achieves when
acting on the population. Statistical methods
are tools for these purposes.
2
Skills for Learning
Statistical tools you will learn in this
course TS1. descriptive statistics for
classifying, summarizing, and
displaying data. TS2. probability for measuring
the uncertainty. TS3. inference for a few key
characteristics of the
population. TS4. models for the relationship
between two variables. TS5. using Excel for
implementing these skills