Implementing Scientific Decision Making
Summary statistics are one way to forecast uncertain outcomes, and the statistical results can be used to make decisions or guide strategy. Since summary statistics are based on a data sample, they typically inform intuitive decision-making. That is, the model requires interpretation which relies on the business intuition of the person using it.
In this course you will learn how to examine sample data scientifically to limit any generalizations to only the patterns that have the strongest statistical support. As always, intuition and business knowledge play an important role in the process, but this course will prepare you to apply a level of scientific rigor that will lead to better results.
Who Should Take this Course?
This course is appropriate for anyone from analyst to the SVP with no background in statistics. It is designed for individuals who need to perform analysis to support decision making. The course content draws on examples across all business types.
Participants who complete this course will be able to...
- Formulate a question as a null and alternate hypothesis
- Calculate a test statistic from sample data
- Identify the statistical test most appropriate for testing your hypothesis
- Determine the likelihood of finding a result at least as extreme as the test statistic assuming the null hypothesis
Module 1: Define a Hypothesis
Module 2: Test the Hypothesis
Module 3: Testing and Conclusions
- Christopher Anderson, Professor, School of Hotel Administration