STAT 361 Statistics for Management I

Course syllabus for STAT 361 Statistics for Management I Course description: Introduces the managerial approach to statistical analysis. Statistics is a field of study concerned with gathering, transforming and analyzing numerical data for the purpose of making meaningful statements and drawing appropriate conclusions. The field of statistics can be separated into several branches. Two major ones studied in this course are description, and inference. Statistical description is concerned with techniques for communicating statistical information. These techniques involve condensing, summarizing, and reporting data to distinguish the important regularities and patterns of variation. Statistical inference involves making valid generalizations about a reference group\u27s relevant characteristics, based on results obtained by studying or examining only some members, not all, of the reference group. The reference group is called the statistical population and the relevant characteristics are called population parameters. The process of selecting the members to be studied is called sampling, and the selected members constitute a sample from the population. The basic methodology of statistical inference involves the use of probability theory to study the patterns of estimation errors arising from the sampling process