The aim of the subject is to provide you with the basic statistical tools required to analyse data encountered in a wide range of managerial situations and make effective decisions based on this data. This subject focuses on ‘statistics for managers’ for use in everyday life.
- Explain statistics and how they lead to better business decisions.
- Analyse different types of data, apply appropriate statistical techniques to summarise information usefully and informatively.
- Understand the concepts of probability distributions and random variables then apply these concepts to real life situations from the service industries and evaluate the conclusions.
- Calculate and interpret various relevant statistics from a sample and make inferences with regard to the population they represent.
- Test hypothesis regarding populations by analysing sample information and draw conclusions regarding the underlying population.