Statistics as a Managerial Tool
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Today, instinct is not enough to manage the flood of available data and the complexities of the business world. Statistics helps today's leaders make sense of these complexities, back-up their assertions, and feel confident about when to take the risks that lead to successful outcomes. This 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.
After completing this module, you should be able to:
- 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
- Select appropriate graphic methods for displaying descriptive statistics
- Explain the fundamental concepts of inferential statistics and their real-world application
- Evaluate a scenario in order to determine the appropriate statistic to use
- Apply fundamental statistics to a real-world situation
- Evaluate the appropriateness of statistics used
- Use statistics to identify the most appropriate decision alternative
- Translate statistical data into a graphical presentation based on a brief case study
Preview a few course pages by clicking through the slideshow below:
Target Audience: This course is designed for adult learners who are interested in data analytics.
Estimated time to complete: 5 hours
Ask the Expert: This course has an "Ask the Expert" feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.
Required Material: This course does not require any additional purchases of supplementary materials.
Successful Completion Requirement for IACET CEU: Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEU credit. Learners will have three attempts at all graded assessments.