Statistical Methods for Management Decisions

Course Objective

This course introduces students to essential statistical techniques used for managerial decision-making. It emphasizes data interpretation, hypothesis testing, and predictive modeling using Excel and statistical software, enabling students to make informed and evidence-based business decisions.

Learning Outcomes

• Apply statistical tools to analyze business data
• Make data-driven decisions based on descriptive and inferential statistics
• Communicate statistical insights effectively using charts, models, and dashboards

Statistical Methods for Management Decisions Syllabus T30

Session No.	Topics	Tool/Reading/Activity	Skill Focus
1	Introduction to Statistics	Real-World Case Discussion	Data Thinking
2	Types of Data	Data Classification Workshop	Structuring Information
3	Descriptive Statistics	Excel Descriptive Tools	Summary Analysis
4	Measures of Dispersion	Variance, SD, CV with Excel	Data Spread Analysis
5	Data Visualization	Power BI / Excel Dashboards	Visual Analytics
6	Probability Basics	Coin Toss + Dice Simulation	Probability Logic
7	Probability Distributions	Normal, Binomial in SPSS	Distribution Application
8	Sampling Methods	Stratified & Random Sampling Lab	Research Design
9	Central Limit Theorem	Sampling Distribution Demo	Statistical Generalization
10	Hypothesis Testing Basics	Null vs Alternative Setup	Experimental Framing
11	t-test / z-test	Excel/SPSS Implementation	Group Mean Comparison
12	Chi-square Test	Cross-Tab in SPSS	Association Testing
13	ANOVA	SPSS One-Way ANOVA Lab	Multi-Group Comparison
14	Correlation & Covariance	Scatterplots + Heatmaps	Relationship Mapping
15	Regression Basics	Simple Linear Regression	Trend Modeling
16	Multiple Regression	Multivariate Analysis in Excel	Predictive Modeling
17	Time Series & Forecasting	Excel Time Series Functions	Business Forecasting
18	Statistical Inference & Errors	Type I & II Error Simulation	Decision Accuracy Awareness
19	Project Work	End-to-End Statistical Project	Application and Storytelling
20	Final Presentation	Dashboard + Insight Communication	Executive-Level Reporting

 

Textbook & Resources

• Primary Tools & Techniques: Microsoft Excel, SPSS, R, Power BI, Data Visualization Templates

Recommended Books:

• Statistics for Business and Economics – Anderson et al.
• Business Statistics – Levine & Stephan