Business Statistics Course for the Non-Statistically Minded II

Business Statistics Course for the Non-Statistically Minded II

Business Statistics courses in Sydney. Make good business decisions based on your data.

Learn Business Statistics with Business Statistics courses in Sydney – short courses created for you by the University of Newcastle.

This business statistics course follows on from Business Statistics Course for the Non-Statistically Minded I. This business statistics course will build on your capability to make evidence based judgments. You will develop practical skills in manipulating data sets to form judgements based on statistical principles. To do so, this course introduces you to a taxonomy of statistical tests. The types of frequency distributions from which data was obtained is first examined and then depending on the assumptions made, we will then choose either a parametric or non-parametric statistical test for any hypotheses made in relation to the data sets being examined. We will evaluate the conclusions drawn using significance levels.

In addition to utilising classical inferential statistics, we will also apply Bayesian analysis for deriving additional meaning from our data sets. This will include an examination of confidence intervals and the ‘new statistics’.

This business statistics course will also examine forecasting data into future time periods. We will explore the area of statistical process control from a quality perspective and look at the ways in which data analysis can enable us to more effectively manage risk from a quantitative perspective.

Although this course will integrate its learning outcomes, Business Statistics Course for the Non-Statistically Minded I is not a prerequisite for this course.

Learning Outcomes

At the completion of this business statistics course you will be able to:

  1. Determine an appropriate statistical test for a set of data Discerning between a z-test and a t-test for normal data distributions and whether the test should be 1-tailed or 2-tailed.
  2. Understand significance levels and p-values Apply non-parametric tests when no assumption is made about the underlying normality of the data set.
  3. Examine data using Bayesian principles to determine what the data and only the data says about a research problem.
  4. Draw conclusions using confidence intervals around summarised data Forecast data using time-series analysis.
  5. Understand the basis and application of statistical quality control principles.
  6. Refine your quantitative decision-making skills when confronted with commercial risk.

Course Content

Taxonomy of statistical tests.

Discrete vs continuous distributions

  • Binomial distribution.
  • Poisson distribution.
  • Normal distribution.
  • Exponential distribution.

Parametric statistics

  • Z tests and t-tests.

Non-parametric statistics

  • Runs test.
  • Mann-Whitney U Test.
  • Sign test.

Bayesian Statistics

The New Statistics and Confidence Intervals

Time-series forecasting

  • Smoothing techniques.
  • Trend analysis.
  • Seasonal effects.
  • Index numbers.
  • Multiple linear regression.

Statistical Quality Control

  • Flowcharts.
  • Control charts.
  • Pareto Analysis.
  • Cause and effect (fish bone diagrams).
  • Six Sigma.

Decision-making under risk

  • Decision table.
  • Maximax, Maximin, Minimax.
  • Decision trees.
  • Expected values.
  • Utility and risk preference.

Intended Audience

This business statistics course takes those with a fundamental understanding of statistics to the next level. This business statistics course can also be taken as a refresher course for people who need to interpret simple statistics in reports and the media and for those who wish to employ some basic statistical analysis in the work they do.

Delivery Style

This business statistics course will be delivered as an interactive workshop consisting of an instructor-led tuition, supported by class activities. This training approach allows participants to work through concepts introduced by the instructor in an application-focused teaching environment.

Course Prerequisites

This business statistics course has no prerequisites and is open to all members of the public.

Course Features

Available course dates

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