Introduction to Statistics: Making Better Business Decisions

Frequently Asked Questions

What is this course about? This introductory course provides you with the statistical techniques to support your business decisions. By gathering and evaluating data using sound statistical methods, you learn to analyze and present information with clarity and precision. You also learn to drive organizational results by applying probability-based tools, validate your data using appropriate statistical measures and prepare for future trend fluctuations through the use of forecasting. What background knowledge do I need? Experience with Excel at an introductory level is assumed. You should be able to: Open, close and save workbooks Reference cells Create simple formulas Access worksheets in a workbook Cut, copy and paste information from one cell to another Format numbers in a worksheet Resize columns and rows Who will benefit from this course? Anyone who needs to make business decisions amid uncertain outcomes will benefit from this course. Those who need to make decisions based on statistical findings or make estimations in uncertain situations will find this course useful. I do not have a high level of proficiency in math. Is this course right for me? Yes. This course is designed to teach participants how to use statistics to make business decisions and does not require any in-depth knowledge of mathematics or mathematical theory. Those who have reservations about math can benefit from this course. Which software tools are used in this course? The software tool used in this course is Excel. I use Excel 97/XP/2003. Will this course still be useful for me? Yes. While this course uses Excel 2007, many of the underlying features in this version have not changed from previous versions. The statistical concepts taught and demonstrated throughout the course are applicable to any version of Excel as well as other statistics-based applications. What is statistics and how does knowledge of statistics improve my decision-making? Statistics is numerical data assembled and classified so as to present significant information. This toolkit of information empowers you to reinforce your decisions, negotiations and presentations with clear facts and figures. Access to statistical data allows you to be more confident in the accuracy of your decisions. What percentage of this course is dedicated to hands-on exercises or activities? Approximately 40 percent of course time is spent on exercises, including: Selecting the best chart for a business decision Applying decision trees effectively Leveraging descriptive statistics in business decisions Identifying differences between groups Designing and analyzing surveys Preparing and validating forecasts Analyzing summary data These and other hands-on exercises provide immediate reinforcement of material covered in the course lectures. How much time is spent on each topic? Content Hours Making better business decisions 2.0 Assessing probabilities 3.0 Extracting and validating data 3.5 Applying statistical measures 2.5 Gathering data through surveys 3.0 Strengthening your forecasting techniques 2.0 Identifying misleading statistical techniques 1.0 Times, including the workshops, are estimates; exact times may vary according to the needs of each class. Is this course applicable to a Project Management Professional (PMP) certification? Yes. Although this course is not designed as preparation for the exam, it is beneficial to anyone working toward PMI's PMP certification. For those who are currently certified, completion of this course counts as 17 professional development units (Sixty units must be completed every three years to maintain certification). For more details, please see the Learning Tree PMI Registered Education Provider Q&A. If you are an experienced project manager intending to take the PMP exam, you should take Course 276, Preparing for the Project Management Professional (PMP®) Exam. In this course you learn essential PMBOK® Guide terminology, tools and techniques. You gain practical test-taking experience through PMI-style practice exams and create your own personal study plan for continued use after the course. How does this course relate to other Learning Tree courses? Other Learning Tree courses in the Management curriculum that may be of interest include: 195, Power Excel®: Analyzing Data to Make Business Decisions offers you the knowledge to perform "what if" analysis, apply statistical and financial functions, manipulate PivotTables and present your results to make better decisions for planning and budgeting 349, Project Quality Management provides valuable experience in implementing the tools and techniques needed to deliver consistent project success 286, Project Risk Management provides you with the skills needed to quantify risks and create effective risk mitigation strategies to deliver projects that will meet the expectations of your stakeholders 194, Hands-On Visio®: Designing Effective Visual Solutions offers the skills to use the Visio built-in templates and stencils to quickly create sophisticated diagrams 290, Management Skills provides a working knowledge of the key aspects of management - leadership, delegation, motivation and communication 341, Negotiation Skills: Achieving Successful Outcomes provides you with the skills needed to integrate people and process elements creating a flexible framework for your negotiation strategies and situations 345, Delivering Dynamic Presentations covers practical techniques to communicate and reinforce your message, allowing you to focus on audience needs and convey your main points in an interactive manner 319, Technical Writing: A Comprehensive Hands-On Introduction provides the skills needed to assess the needs of your users and create a variety of technical documents for paper, online and Web-based environments 219, Hands-On Business and Report Writing: The Art of Persuasion offers the skills needed to create more effective business documents and reports, by developing a clear and persuasive writing style

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