Introduction to Business Statistics

Description

This course will introduce you to the importance of statistics in the business world. Statistics is the science of collecting, organizing, and analyzing data in order to make more effective decisions. Understanding statistical techniques can help any manager responsible for marketing, management, accounting, sales, or other business functions.

Objectives

Upon successful completion of this course participants will be able to:

• Differentiate between descriptive and inferential statistics
• Distinguish between the 4 different scales of measurement: nominal, ordinal, interval, and ratio
• Identify the appropriate graphical or tabular method for presenting your data
• Create frequency distributions
• Create meaningful presentations and graphs including:
  • frequency polygons
  • bar graphs
  • pie charts
  • line graphs
  • histograms
• Calculate probability and explain its practical application
• Compute the mode, median, and mean of a dataset
• Calculate the variance and standard deviation of a dataset
• Interpret sampling with and without replacement
• Explain the significance of the area under a curve

Intended Audience

This course is targeted to individuals who meet or exceed the following professional demographics:  

• Entry-level public procurement and central warehouse professionals who serve as assistants, coordinators, buyers, or equivalent functions within their respective entities.   

• Non-procurement managers and supervisors who are responsible for either the procurement function or staff who provide procurement functions under delegated authority.   

• Professionals who are employed by governing entities and special authorities (such as K-12 and higher education, publicly-owned utilities, transportation providers, and other publicly-funded or created organizations) that either serve within or manage the procurement function.  

• Suppliers or representatives of suppliers seeking to understand the public procurement function from a holistic level, including the policies, standards, and procedures by which public entities must function.