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Course Description

To make effective decisions, a business needs data. Yet collecting data has costs, and if we want to minimize that cost, we need to understand how much data we actually need to be able to make the correct choices. In this lesson, you will apply the principles of statistics and probability to solving this problem. Once data has been collected, it can then be used to better predict the probabilities of particular outcomes. You will also examine how to work in the other direction, from the desired prediction accuracy to how much data would need to be collected. Both of these approaches are valuable in business planning. For the best result, complete "Data Analysis and Probability: Create Effective Graphs," "Data Analysis and Probability: Calculate the Probability of an Outcome," "Decision Analysis: Create a Decision Tree," and "Continuous Distributions: Apply Normal Distribution and the Z Table" prior to taking this lesson.

Benefits to the Learner

  • Use data from a population sample to draw conclusions about the entire population
  • Calculate the confidence interval for a measurement based on the sampled data
  • Decide the appropriate sampling method for a particular scenario and business goal
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Type
self-paced (non-instructor led)
Dates
Mar 29, 2024 to Dec 31, 2030
Total Number of Hours
1.0
Course Fee(s)
Regular Price $0.00
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