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ACCOUNTING, MICROECONOMICS & STATISTICS
Statistics Essentials
Targeted Skill Level: Basic
Duration: 4 - 5 hours
COURSE DESCRIPTION
The essential concepts of statistics and probabilities are central to analyzing data and making effective business decisions. Statistics Essentials explores both descriptive statistics (e.g., mean, variance, and standard deviation) and inferential statistics (e.g., sampling single and dual populations, hypothesis testing, confidence intervals and regression analysis).
GOALS
After completing this course you will be able to:
- Calculate the mean, variance and standard deviation and use these measures analytically
- Apply the fundamental concepts of a normal probability distribution
- Standardize a normal distribution to facilitate comparisons between samples of populations
- Apply the concept of a sampling distribution to the assessment of a population's statistics
- Understand how to construct and use hypothesis testing
- Understand how to test for the differences between two populations
- Understand how to use regression analysis and how to analyze the results of a regression
- Developed with Professor Peter Klibanoff of the J.L Kellogg School of Management at Northwestern University.
CASE SIMULATION
You follow the managers of Café Caliente, a fictitious specialty coffee retailer. You'll learn how those managers use statistics to solve a variety of
business problems that range from missed sales targets and uneven financial results to new-product testing and sub-optimal store staffing.
INSTRUCTIONAL PATH CONTENT
- Measuring a Variable
- Instruction and Exercises on Probability Distributions
- Instruction and Exercises on Mean, Variance and Standard Deviation
- Instruction and Exercises on Normal Distributions
- Instruction and Exercises on t-Distributions
- Instruction on the Two Roles of Statistics
- Estimating with Data
- Instruction and Exercises on Data Sampling
- Instruction and Exercises on Estimating the Mean
- Instruction and Exercises on Estimating the Variance and Standard Deviation
- Instruction and Exercises on the Sampling Distribution of an Estimator
- Instruction and Exercises on Confidence Intervals
- Hypothesis Testing
- Instruction and Exercises on Hypothesis Testing
- Instruction and Exercises on Formulating and Conducting a Hypothesis Test
- Instruction and Exercises on Determining the Test Statistic
- Instruction and Exercises on Calculating the P-Value
- Dual Population Testing
- Instruction and Exercises on Dual Population Testing
- Instruction and Exercises on Sampling Two Populations
- Instruction and Exercises on Sampling Distribution of the Estimated
- Difference in Means
- Instruction and Exercises on Hypothesis Testing of Two Means
- Regression
- Instruction and Exercises on Structuring a Regression Analysis
- Instruction and Exercises on Linear Relationships
- Instruction and Exercises on Estimating the Conditional Mean
- Instruction and Exercises on Estimating the Conditional Standard Deviation
- Instruction and Exercises on Sampling Distribution of Regression Estimates
- Instruction and Exercises on Hypothesis Tests around Coefficients
- Instruction on the Key Assumptions of Regression
JUST-IN-TIME CONTENT
- Glossary
- Frequently asked questions
- Interactive Animation of the Standard Normal Distribution
- Interactive Animation of the Sample Distribution of Estimators
- Interactive Animation of Hypothesis Testing
- Interactive Animation of Dual Population Testing
- Interactive Animation of Regression
- Stories of real-world applications of statistics
Presented in the Interactive Directed Learning Model™
Call us at 610.388.0969 or use our convenient contact form.
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