# Statistical Methods for Decision Making

The world’s most valuable resource is no longer oil, but data.A century ago, the resource in question was oil. Now similar concerns are being raised by the giants that deal in data, the oil of the digital era. Data science is the art of uncovering the insights and trend in the data which surrounds us.

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Organizations are surrounded with numerical data and information. All of us in day-to-day routine use numbers in our calculations. Problems in business contain a great degree of quantitative element in the form of facts and figures. It is essential for managers to carry out data analysis and interpretation for effective decisions. In this context, they need to prepare quantitative arguments to justify their decisions. Decision making using statistical methods is the answer for accomplishing this purpose. SMDM focuses on the role of Business Statistics in helping organizations take effective decisions with minimum risk.

## Skills you will gain

• Dispersion
• Variation
• Correlation
• Hypothesis Testing
• Measures of Central Tendency
• Probability Distributions

Module 1

## Statistical Methods for Decision Making

7.0 Hrs

3 Quizzes
• Measures of Central Tendency
• Measures of Dispersion
• Working with R
• Basics of Probability
• Marginal Probability
• Bayes Theorem
• Probability Distributions
• Poisson Distribution
• Normal Distribution
• Central Limit Theorem
• Hypothesis Testing 