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Introduction to Statistics: Making Better Business Decisions

 
Course: 196     Type: Hands-On Training     Duration: 3 Days

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You Will Learn How To
  • Bolster business decisions with proven statistical principles for interpreting and applying data
  • Drive organizational results by administering probability-based tools
  • Validate your data using appropriate statistical measures
  • Leverage survey techniques to effectively evaluate data
  • Prepare for future trend fluctuations through the use of forecasting
  • Account for variability in your data results

Course Benefits
In today's working environment, professionals face large volumes of data from which they must make informed and accurate decisions. This introductory course provides you with the statistical techniques to support your business decisions. By gathering and evaluating data using sound statistical methods, you learn to analyze and present information with clarity and precision.

Who Should Attend
Those who use data to support their business decisions, including anyone who manages quality, people, processes or any quantifiable resource. No prior knowledge of statistics or data analysis is assumed.

Hands-On Training
Exercises reinforce the statistical concepts and skills taught in class, including:
  • Selecting the best chart for a business decision
  • Applying decision trees and payoff tables effectively
  • Leveraging descriptive statistics in business decisions
  • Identifying differences between groups
  • Designing and analyzing surveys
  • Preparing and validating forecasts
  • Analyzing summary data

Course 196 Content
Introduction and Overview
  • The need for sound data in the decision making process
  • Defining key statistical terminology
  • Types of data: qualitative, quantitative
  • Selecting the right charts to support decisions
Assessing Probabilities
Fundamentals of probabilities
  • Three ways of estimating probabilities
  • Combining probabilities for a stronger outcome
  • Weighing the probabilities of related and unrelated events
Making decisions with decision trees
  • Blueprinting the decision tree architecture
  • Harnessing decision trees in competitive analysis
Allowing for uncertainty with payoff tables
  • Exploring the structure of a payoff table
  • Maximizing payoffs and minimizing investments
Extracting and Validating Data
Exploiting effective measuring techniques
  • Interpreting data with statistical measures
  • When to use the mean and other measures
  • Exploring key measures of dispersion, such as standard deviation
Identifying distribution types
  • Quantifying skewness
  • Detecting outliers
Applying Statistical Measures
Estimating population characteristics
  • Selecting confidence intervals
  • Estimating the mean and standard deviation
Testing hypotheses for future application
  • Developing your hypothesis with tangible data
  • Minimizing Type I and Type II errors
  • Choosing one- or two-tailed tests
Comparing statistical measures between groups
  • Checking for equality of measures
  • Performing measures of dispersion testing
  • Discovering the sources of variability in your data
Obtaining substantive results through testing
  • Matching your data with a distribution
  • Selecting the best test to apply
Gathering Data Through Surveys
Deciding on a sampling method
  • Random
  • Systematic
  • Cluster
  • Stratified
  • Picking the right sample size
Structuring your survey
  • Selecting survey question types
  • Avoiding bias
  • Ordering questions for accurate results
Strengthening Your Forecasting Techniques
Incorporating the appropriate trend type
  • Linear regression
  • Polynomial
  • Exponential
  • Allowing for seasonality
Determining your level of confidence
  • Calculating the correlation coefficient
  • Testing for significance
Alternative Statistical Techniques
Initiating run tests
  • Recognizing sequences
  • Assessing randomness
Spearman's rank correlation coefficient
  • Calculating the coefficient
  • Deciding whether rankings are related
The Chi-Square method
  • Analyzing tables of data
  • Calling out systematic differences
How (Not) to Lie with Statistics
Uncovering techniques used to mislead
  • Data dredging
  • Biased samples
Presenting data and conclusions accurately
  • Communicating the main points
  • Sidestepping common graphical mistakes

Related Courses
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Introduction to Statistics: Making Better Business Decisions
Upcoming Dates
Jun 4 - 6, 2008
 Washington, DC (Reston, VA)
Jun 11 - 13, 2008
 New York
Jul 23 - 25, 2008
 Ottawa
Jul 30 - Aug 1, 2008
 Toronto
Aug 13 - 15, 2008
 Washington, DC (Rockville, MD)
Sep 10 - 12, 2008
 New York
Nov 26 - 28, 2008
 Toronto
Dec 3 - 5, 2008
 Washington, DC (Reston, VA)
Dec 10 - 12, 2008
 New York

Introduction to Statistics: Making Better Business Decisions
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Course Tuition
$ 2,250 Standard Tuition
Tuition with a Savings Plan
$ 1,245 10-Day Pass
$ 1,665 Training Passport
$ 1,830 Flex-Pass
$ 2,095 Voucher 10-Pack
$ 2,025 Alumni Gold Discount
$ 2,000 Government Discount
 

 

Introduction to Statistics: Making Better Business Decisions
Introduction to Statistics: Making Better Business Decisions
Participants interpreting data using standard deviation.

Certification Core Course CPE 17 Credits PMI 17 PDU 1 Hour(s) College Credit
Customer Service or Enroll: 1-800-843-8733