If you have not done so please view the Course Introduction Video from your instructor

Module Overview

The module for week 1 will focus on getting oriented to the course and the materials, reading, assignments, and participating in a discussion as well as introductions. We hope the course is interesting and challenging for you and if you have any questions as you work through the material please send a message to your instructor via Canvas Inbox.

Importance of Statistics in Business

Statistics are important in business because they help companies understand their present and predict their future. This can help organizations save money, find new opportunities, and improve their efficiency.

Here are some reasons why statistics are important in business:

Decision-making

Statistics help businesses make decisions based on historical data and ongoing trends. Statistics are probably the best tool for businesses to make decisions because they can make decisions with information on the historical happenings of the company.
Market research

Companies use statistical analysis to gather and interpret data on consumer behavior, market trends, and competitive activity. This helps them make strategic decisions about product development, marketing, and sales.
Regression analysis

Regression analysis is one of the most important statistical techniques for business applications. It's a statistical methodology that helps estimate the strength and direction of the relationship between two or more variables.
Descriptive statistics

Descriptive statistics is a vital point of any business strategy. Raw data comes in the form of a huge spreadsheet filled with numbers and it's not often organized properly.
Statistical inference

Statistics in business play a vital role in making inferences about several populations' characteristics based on the data contained in a random sample obtained from the entire population. It is mainly applied in marketing research, financial analysis, as well as in production.

Getting Started
As you get started in the course please review the following resources:

Be sure you have read over the Course Syllabus and the START HERE: Important Course Information content before beginning module 1.

Lesson Objectives for Module 1:

By the end of Module 1, you will be able to...

Analyze and Interpret data displayed in tables and graphically.
Analyze tools used in an experiment and determine how to control for confounding variables.
Identify possible confounding variables in a study.
Distinguish between descriptive and inferential statistics.