MBA 506 - Quantitative and Statistical Methods for Managers

Credits: (3)
This initial course in statistical methods provides the MBA student with the fundamental quantitative methods to solve decision problems faced by managers in business. The course develops two important quantitative skills: 1) identification of the appropriate methodology for solving managerial problems; and 2) clearly and precisely specifying the interpretation of the analysis produced. As a result of applying the appropriate methodology and clearly reporting the interpretation of the analysis, the student can recommend a sensible and understandable business decision. The course includes the development of data analysis techniques, the study of probability and measures of uncertainty, and the application of modern statistical methods for decision making. Throughout the course, students will utilize the technology to gather, organize, and summarize the data into meaningful information. Further, students will apply the software to draw inferences from the data so that appropriate decisions can be recommended. Topics include probability models, Bayesian analysis, discrete and continuous distributions, estimation, hypotheses testing, chi-square tests, and regression analysis. Case studies will be analyzed and the reporting of analysis and recommendations will be emphasized. Prerequisite(s): Undergraduate statistics or MBAP 004, and computer competence