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- Create and analyze binomial and Poisson discrete probability distributions, and evaluate how one can make managerial decisions.
- Analyze normal distributions and evaluate how they are used for making managerial decisions.
- Understand probability distribution.
- Understand random variables and its types: discrete vs.continuous.
- Create probability distributions and apply the concepts of mean and standard deviation of probability distributions to managerial decisions and evaluate the results.
Sampling Distributions and Confidence Intervals
- Apply the Central Limit Theorem and analyze how sampling distributions for sample means are used to make managerial decisions.
- Contrast normal distributions with sampling distributions.
- Create confidence intervals, analyze how to estimate mean and proportion, and evaluate how the estimates can be used to make management decisions.
- Estimate sample size necessary to accomplish the purpose of study.
Decision-Making using One-Sample Hypothesis Testing
- Create one- and two-tailed statistical hypotheses for one-sample data.
- Analyze Type I and Type II errors and evaluate the choice of significance levels.
- Apply the p-value method to make rejection/non-rejection decisions for evaluating the claims about means, proportions, and standard deviations.
Decision-Making Using Two-Sample Hypothesis Testing and ANOVA
- Create one- and two-tailed statistical hypotheses for two-sample independent and dependent sample data.
- Apply the p-value method to make rejection/non-rejection decisions for evaluating the claims about difference of means, proportions, and variances.
- Understand the difference between response variables, independent variables, and treatments.
- Apply One-Way Analysis of Variance (ANOVA) for managerial decisions in marketing, finance, and human resources.
- Apply Two-Way Analysis of Variance (ANOVA) for making managerial decisions in marketing, finance, and human resources.
Descriptive Statistics and Managerial Decision-Making
- Understand what statistics is and how it is useful for making managerial decisions.
- Understand the key statistical concepts: population vs. sample, descriptive vs. inferential statistics, parameter vs. statistic, variables, levels of measurement, and qualitative vs. quantitative data.
- Analyze various measures of central tendency: mean, median, and mode.
- Analyze measures of variation: range, variance, standard deviation, and coefficient of variation.
- Evaluate skewness of a distribution.
- Analyze percentiles, quartiles, and the Five-Number Summary.
- Describe what probability is and when one would use it.
- Evaluate probabilities using relative frequency approach.
Regression and Statistical Quality Control
- Explain regression analysis.
- Use ExcelÂ® to create simple linear and multiple regression models, interpret the ExcelÂ® outputs, analyze the coefficient of determination to assess modelâs strength and validity, and analyze the models to make predictions.
- Explain the meaning of quality in business.
- Create R, x Ì , p, and c control charts. Analyze and measure variation among manufactured items using control charts.
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