COURSE OVERVIEW:
Statistics is the science of data. It involves collecting, classifying, summarising, organising, analysing, and interpreting data. The main objective of Business Statistics is to make inferences about certain characteristics of a population in the business domain whether the population is people, objects, or collections of information. A population is an entire set of data and any real-life sample is normally only a subset of data contained in the population. The condition for randomness is essential to make sure the sample is representative of the population when it is used to make predictions or decisions about the population.
Therefore, Business Statistics is the science of intelligent decision making in the face of uncertainty and is used in many disciplines, such as financial analysis, econometrics, auditing, production and operations, and marketing research. It provides knowledge and skills to interpret and use statistical techniques in a variety of business applications.
People in business want to make good decisions and implement them. When we do, our businesses flourish, we solve problems, we make money, we succeed in developing new opportunities, etc. In the work of implementation— executing business plans—statistics can’t play much of a part. But in the making of good decisions—in planning, choosing among options, finding out what our customers, our manufacturing plants, or our staff are thinking and doing, and controlling the work of people and machinery—business people need all the help we can get. And statistics can help a great deal.
This course will help participants learn what statistics is for and how it ties into business. The first part expands on and clarifies the issues raised: What is statistics, what statistics can and cannot do and how does it help us make business decisions? We also explore the basis of statistics, and explain why knowing how to do bad statistics is essential to not being fooled by them, and also for doing good statistics.
The second part covers the four very important topics of statistics: Measurement, error, sampling, and analysis. First, we pick what we are going to measure, then we measure it, then we calculate the statistics.
LEARNING OUTCOMES:
By the end of this course, you will be able to understand:
- What business statistics is?
- The importance of business statistics in business decisions
- How to use statistics to find out when not to use statistics?
- Why statistics are cheap?
- The things that lead to the underuse of statistics
- The things that lead to the overuse of statistics
- How statistics can be used to misinform, rather than inform?
- Statistical assumptions of statistical technique situations
- Math and statistics
- Where is statistics used?
- Descriptive and inferential statistics
- Examples of questions that call for descriptive statistics
- Examples of questions that call for inferential statistics
- The statistical study
- The statistical report
- What is measurement?
- Values that aren’t numbers
- What is data in statistics?
- The different levels of measurement
- What is error in statistics?
- How to clean your data?
- Two ways of being wrong: validity and reliability
- What is a sampling in statistics?
- The most common types of samples
- What is a population?
- What is analysis in statistics?
- How to summarise data?
- When is a number a statistic?
- What is a statistical technique?
COURSE DURATION:
The typical duration of this course is approximately 2-3 hours to complete. Your enrolment is Valid for 12 Months. Start anytime and study at your own pace.
COURSE REQUIREMENTS:
You must have access to a computer or any mobile device with Adobe Acrobat Reader (free PDF Viewer) installed, to complete this course.
COURSE DELIVERY:
Purchase and download course content.
ASSESSMENT:
A simple 10-question true or false quiz with Unlimited Submission Attempts.
CERTIFICATION:
Upon course completion, you will receive a customised digital “Certificate of Completion”.