Business Statistics

Managers depend on both descriptive and inferential statistics in order to inform their decision-making processes. Descriptive statistics refers to the use of simple descriptions to provide summaries about a given set of data whereas the process of analyzing data to understand its underlying properties and draw conclusion is known as statistical inference. Both approaches are predicated on the informed use of statistical calculations and tools. This course is an introduction to statistics that aims to provide the student with the basic statistical tools necessary for both descriptive and inferential statistical approaches.

In this introductory course we will begin with a conceptual understanding of how data analyses inform decision making in the business setting. Once that foundation is established, we will shift our focus to learning the mechanics and the applications of the statistical tools that inform decision-making in the business setting. The learning process will include practicing statistical calculations and applying them to various business situations.