OPIM-174 Business Statistics
This course introduces the basic concepts of Statistics and their application in managerial decision-making. In the first part of the course, we consider the steps of data collection, preliminary data analysis (numerical and graphical), probability and uncertainty, statistical inference. In the second part of the course, we examine statistical model building for the purposes of understanding variability and making forecasts. A detailed development of multiple regression analysis is complemented by some study of time series analysis. The objective is to demonstrate the effectiveness of statistical modeling in guiding managerial decision-making. The statistical analysis of large data sets is an integral part of modern business practice. Accordingly, both spreadsheets and statistical software will be used throughout the course. [Students may not take both OPIM-172 and OPIM-174 for credit]
Prerequisites: MSB Students, Sophomores only or with special permission from the Undergraduate Dean’s office.
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