Managerial Statistics

1.5 Credits · Level: Graduate

Statistics is the science and art of extracting useful information from data. It is both Descriptive and Inferential. While the former deals with methods of organizing, summarizing and presenting numerical data, the latter is concerned with methods for making inferences and drawing conclusions about characteristics of a population based on sample information. Managerial statistics introduces MBAs to concepts, methods, and techniques that are used extensively in business decision-making activities, both in the public and private sectors. The techniques introduced in this course are used in all functional areas of business, including accounting, finance, marketing, production and personnel management. These techniques and methods are tools for analysis, communication, and decision-making in the international business environment. Because the business environment is characterized by uncertainty, statistics also provides business managers with tools necessary to arrive at conclusions and to make decisions in uncertain situations.