Skills you’ll Learn
Hypothesis Testing
Type I and Type II error
Chi-Square test
ANOVA
Module
1. Introduction to Statistical Decision Making
- Importance of statistics in business and decision-making.
- Types of statistical analysis: Descriptive vs. Inferential.
- Role of data in evidence-based decision-making.
2. Descriptive Statistics for Decision Making
- Measures of central tendency: Mean, Median, Mode.
- Measures of dispersion: Variance, Standard Deviation, Range.
- Data visualization techniques (histograms, box plots, bar charts).
3. Probability and Probability Distributions
- Basic probability concepts (independence, conditional probability).
- Discrete vs. Continuous probability distributions.
- Common distributions: Normal, Binomial, Poisson.
- Expected value and decision-making under uncertainty.
4. Inferential Statistics and Hypothesis Testing
- Sampling methods and central limit theorem.
- Confidence intervals and margin of error.
- Hypothesis testing (Null & Alternative Hypotheses).
- T-tests, Chi-square tests, ANOVA.
- Business applications of hypothesis testing.
5. Correlation and Regression Analysis
- Understanding correlation and causation.
- Simple and multiple linear regression.
- Interpreting regression coefficients for predictions.
- Decision-making with regression models.
6. Decision Making Under Uncertainty
- Risk analysis using probability.
- Bayesian decision-making approach.
- Decision trees and expected value computations.
- Sensitivity analysis.
7. Case Study: Real-World Applications
- Applying statistical methods to a business or economic problem.
- Hands-on analysis using Excel, Python, or R.
- Data-driven recommendations and insights.
8. Conclusion and Best Practices
- Summary of key statistical techniques.
- Ethical considerations in data-driven decision-making.
- Next steps: Advanced statistical modeling for business.
Description
The Statistical Methods for Decision Making course aims to teach you to understand sampling, normal distributions, hypothesis testing, and its different types, type 1 and type 2 errors, chi-square testing, and ANOVA. The course will fix the concepts in your mind through demonstrated examples and solved samples for the aforesaid concepts. You will have to take up the quiz/assessment at the end of the course to test your skills and evaluate your gains to secure the certificate.
James –
“This course, Statistical Methods for Decision Making, provided a solid foundation in the statistical tools needed to analyze data and make informed decisions. The material was presented clearly, and the examples were relevant to real-world scenarios. I especially appreciated the emphasis on practical application, which helped me understand how to use these methods in my day-to-day work.”
Susan –
“This course, Statistical Methods for Decision Making, was excellent in providing practical applications of statistical concepts. The instructor explained complex ideas clearly and provided useful examples that helped me understand how to use statistics to make better decisions in real-world scenarios. I found the course well-structured, engaging, and highly valuable for improving my analytical skills.”
Okwudili –
“Statistical Methods for Decision Making was an excellent course! It provided a solid foundation in statistical concepts and, more importantly, showed how to apply them to real-world business problems. The instructor was knowledgeable and engaging, making complex topics easy to understand. I feel much more confident in my ability to analyze data and make informed decisions because of this course.”
Eniola –
“This course, Statistical Methods for Decision Making, provided me with a strong foundation in statistical concepts and their practical applications. The material was presented clearly, and the examples were relevant to real-world decision-making scenarios. I especially appreciated the focus on interpreting results and communicating them effectively, which has significantly improved my ability to analyze data and make informed choices. It helped me in understanding core concepts very well.”
Tabitha –
“This course, “Statistical Methods for Decision Making”, was excellent! The material was presented in a clear and understandable way, even for someone like me who doesn’t have a strong background in statistics. I found the real-world examples and applications to be incredibly helpful in understanding how to use these methods in my own work. I definitely feel more confident in my ability to analyze data and make informed decisions as a result of taking this course. It truly helped me bridge the gap between theoretical concepts and practical application.”