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 company’s 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.

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