From Data to Decisions
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There is ever-increasing popularity of data and model based decision making in the business world. This programme is designed to equip the participants to identify appropriate analytics methodology depending on the problem objective, to carry out and properly interpret the results of the statistical analysis. While step-by-step instructions would be provided for the various standard analytic tools, conceptual foundation would be built along the way so as to facilitate the more advanced participants to fine-tune the requisite methods depending on the specific challenges of a problem. Participants would be split into small groups to work on data analytic projects that would be assigned to them. Learning from these projects will be the key take-away from this program. All computational implementations would be carried out using MS-Excel.
- Descriptive Statistics
- Probability and Probability Distributions
- Sampling and Sampling Distribution
- Estimators and their Standard error
- Confidence interval estimation of population parameters
- Decision Trees
- Testing of Hypothesis, significance values in decision making
- Analysis of variance
- Simple and Multiple regression, Correlation Coefficient
- Basic Time Series Forecasting
- Introduction to more advanced statistical analytics (subject to time and interest)
- Project work and presentations.
On completion of this course, the participants should be able to:
- Understand the statistical principles and appreciate data analytics;
- Formulate a problem objectively and meaningfully to facilitate objective analysis;
- Carry out statistical analysis and inference using Excel;
- Interpret the findings of the results in a meaningful way.
Who should attend
The program is broadly targeted for executives who have to deal with data and/or feel the need for data-driven decision making in their role in the respective organisation. This program may help the executives who are likely to player a more important role in the organization if equipped with more analytic tools, mind-set and perspective.
While the program would start with a review of very basic statistics, and some preparatory material would be made available to the participants in advance, prior exposure to elementary statistics at 10+2 or undergraduate level will be beneficial.