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