The course will cover fundamentals of probability and statistics. Students will get skilled at acquiring, organizing, presenting and processing data to make meaningful inferences that will help in the decision making process. Students will be exposed to rules of probability, conditional probability and probability distributions. Various estimation techniques and determining the confidence of such estimations will be covered. Students will learn to evaluate the relationships between multiple business-variables based on data. This course will expose the students to the application of statistics in a variety of areas including Marketing, Economics, Finance, Insurance, Operations, Human Resources Management and Information systems.
Student Learning Outcomes
On successful completion of the course, students will be able to
- Collect and describe discrete data graphically, compute measures of centrality and dispersion and use these values in making managerial decisions.
- Compute probabilities of events by modeling sample spaces and applying rules of permutations and combinations, additive and multiplicative laws and conditional probability
- Evaluate expected values of variables that can take varying values with different probabilities and use that to estimate key business parameters like return on investment
- Choose the appropriate sampling technique to arrive at the sample that is representative of the population. True sampling is critical to accurate analysis of the population.
- Analyze data recorded over time, fit it to a suitable curve and project the curve to forecast a value of the variable.