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Online Course

Statistics as a Managerial Tool


Total Credits: 5 Online Course

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Description

Managing today can require good instincts. However, instinct is not enough to manage the huge amounts of available data and the complex variables of the business world. Statistics can help managers and leaders make sense of these complexities, back-up their assertions, and feel confident about when to take the risks and when to pump the breaks. This intermediate-level course examines statistics as a managerial tool. It also looks at common graphical representations of data and how these can be effective tools to explain situations and support persuasive arguments for a course of action.

 

Learning Outcomes

  • Describe how statistics are used in different settings
  • Describe common problems with, and misuse of, statistics
  • Identify criteria for evaluating statistics
  • Explain the key fundamentals of probability and their real-world application
  • Identify the fundamental concepts of descriptive statistics (populations and samples, measures of central tendency, measures of variability, measures of distribution) and their real-world application
  • Select appropriate graphic methods for displaying descriptive statistics
  • Explain the fundamental concepts of inferential statistics and their real-world application
  • Evaluate a scenario in order to determine the appropriate statistic to use
  • Apply fundamental statistics to a real-world situation
  • Evaluate the appropriateness of statistics used
  • Use statistics to identify the most appropriate decision alternative
  • Translate statistical data into a graphical presentation based on a brief case study

Key Features

  •  Expert-supported
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  •  Mobile-friendly
  •  Accessible
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  •  Badge and credit-awarding
  •  Games & Flashcards
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  •  Video content
  •  Real-world case studies
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  •  Audio-enabled in app

Notes

This course has an "Ask the Expert" feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.

This course does not require any additional purchases of supplementary materials.

Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEU credit. Learners will have three attempts at all graded assessments.

Project Management Institute, PMI, the Registered Education Provider logo, Project Management Professional, PMP, Project Management Body of Knowledge, PMBOK, PMI Agile Certified Practitioner, PMI-ACP, PMI Risk Management Professional, PMI-RMP, the PMI Talent Triangle, and the PMI Talent Triangle logo are marks of the Project Management Institute, Inc.

Information in this course has been taken from A Guide to the Project Management Body of Knowledge, (PMBOK®Guide) — Sixth Edition, Project Management Institute Inc., 2017.

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