Business and Management Statistics Using Excel

Statistics consists of ways to analyze data and make informed decisions. However, to be able to deploy statistical methods appropriately and properly, one needs to have a firm understanding of the available statistical methodologies and continuously build on the basic information acquired from classes like this one. Therefore, statistics is a powerful tool needed by business managers, engineers, political scientists, medical and biological researchers in the data-driven world of today.

Recent and evolving advances in information technology have expanded the role of data and "big data," in all areas of endeavor, especially in the business, marketing, and medicine, among others. Huge volumes of the available data cannot be utilized properly unless they are summarized and visualized effectively. Business analytics provides methodologies that enable decision makers to effectively use large data sets that would not be practical by any other means.

Those who are familiar with visualization tools like Tableau routinely encounter analysis that are statistics-based. This course teaches the basics of data analysis and summary statistics, visualization of data, pivot table, probabilities, hypothesis testing, ANOVA, and regression analysis. For instance, regression models may be used as basic tools of forecasting sales, costs, spread of diseases, among other uses.

The tool we use is MS Excel. In most situations, once data are extracted using other tools such as SQL, Excel becomes the main platform for analysis.