This course introduces quantitative and business statistics concepts for managerial decision making and problem solving. The course first focuses on the nature of statistical studies and the differences between observational and experimental studies. Methods for producing data, including sampling techniques, process monitoring, and designed experiments will be discussed. Students learn graphical and numerical methods for descriptive statistics. Foundations for statistical inference are covered, including basic probability, discrete and continuous probability distributions, and sampling distributions of statistics. Students then learn how to apply the two basic inferential methods of statistics, statistical estimation, and tests of statistical hypotheses. These methods are used to make inferences about population parameters including means, proportions, and standard deviations. The students also learn to identify sample size requirements.
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