Basic Stats for Business (QI-03)

Service Description

Who is it For: This course is aimed at corporate employees who need to apply basic statistical concepts in their daily roles to improve reporting, data visualization, and metric calculation. It’s ideal for individuals seeking to refresh their knowledge of fundamental statistics and apply them effectively in business environments. What You Will Achieve: By completing this module, participants will gain a strong understanding of essential statistical concepts. You will learn how to interpret and apply the three moments of data distribution (mean, variance, skewness), recognize different data shapes, and use histograms and percentiles for data analysis and reporting. Refresh your understanding of basic statistical concepts. Apply the three moments of data distribution (mean, variance, and skewness) in your analysis. Recognize and interpret different shapes of data distributions (normal, skewed, and bimodal). Use histograms and percentiles to visualize and summarize data. Summary Outline: Section 1: A refresher on statistics, including key terms like mean, median, mode, variance, and standard deviation, and their importance in business. Section 2: Understanding and calculating the three moments of data distribution: mean, variance, and skewness, and their applications in decision-making. Section 3: Recognizing different data distributions (normal, skewed, bimodal) and understanding their significance in business contexts. Section 4: Using histograms and percentiles for data analysis and reporting to identify patterns and outliers effectively. This module is designed for a 2-hour session, offering interactive discussions, hands-on practice with data, and group activities to solidify the learning of key statistical concepts for business applications.