What is this course about?

This fundamental course provides core analytical skills to make and support effective, evidence-based, business decisions by applying introductory business statistics to real world situations. You learn to gather, analyse and evaluate data using proven statistical methods so that your information is presented with clarity and precision.

Some of the key business skills you learn include:

• Driving organisational results by applying probability-based tools
• Ensuring the data you present is valid using powerful statistical measures
• Preparing for future trend fluctuations through the use of forecasting

What background knowledge do I need?

Because this course shows you how to use Excel's analytical tools, experience with Excel at an introductory level is assumed.

You should be able to:

• Open, close and save workbooks
• Reference cells in calculations
• Create simple formulas
• Apply and edit functions (e.g., SUM function)
• Access worksheets in a workbook
• Cut, copy and paste information from one cell to another
• Format numbers in a worksheet
• Resize columns and rows

Who will benefit from this course?

Team leaders, managers, analysts and consultants will benefit from this course, especially those involved in finance, project management, risk analysis, creating strategies, market analysis and forecasts.

I do not have a high level of proficiency in math. Is this course right for me?

Yes. This course does not require any in-depth knowledge of mathematics or mathematical theory. All calculations are performed using Excel's built-in features and functions so you can focus on understanding and mastering techniques that best support your business decisions.

Which software tools are used in this course?

The software tool used in this course is Excel.

Why is Excel used in this course rather than other statistical analysis tools (e.g., SAS and SPSS/PASW)?

Microsoft Excel is a common application used in many organisations. The analytical framework you gain from this course is beneficial no matter which statistical tool or application your organisation uses.

I use Excel 97/XP/2003. Will this course still be useful for me?

Yes. While this course uses Excel 2007, many of the underlying features in this version have not changed from previous versions. The statistical concepts taught and demonstrated throughout the course are applicable to any version of Excel as well as other statistics-based applications.

Why do I need a knowledge of statistics to improve my decision making?

Statistics is a key essential business skill used to reinforce your decisions, negotiations and presentations with clear, evidence-based, facts and figures. Understanding how to apply this valuable knowledge within your organisation will help complement and reinforce your judgment.

How does this course differ from Course 908, Making Successful Business Decisions: Getting It Right the First Time?

Course 908, Making Successful Business Decisions: Getting It Right the First Time, focuses on the skills to wade through uncertainty to reach well-considered decisions and gives you the necessary knowledge to repeat your success in the future. The course emphasizes the process of making decisions with limited time and information.

Course 196, Making Effective Decisions with Business Statistics, provides the knowledge and skills to apply a rational, analytical approach for making effective, fact-based business decisions and interpreting your business data. This course focuses on the evidence necessary to make effective business decisions.

How much time is spent on each topic?

What percentage of this course is dedicated to hands-on exercises or activities?

Approximately 40 percent of course time is spent on exercises, which are completed in Excel. Exercises include:

• Selecting the best chart for a business decision
• Applying decision trees effectively to create a business strategy
• Validating the efficacy of an improvement
• Choosing a cost-effective sample size for a survey
• Preparing and authenticating forecasts
• Identifying misleading results

These and other hands-on exercises provide immediate reinforcement of material covered in the course lectures.

Is this course applicable toward a Project Management Institute (PMI) certification?

Yes. Though this course is not designed as preparation for an exam, it is beneficial to anyone working toward, or maintaining, a PMI certification. Most PMI certifications require a specific number of PDUs in order to obtain and maintain the credential. Completion of this course provides 17 professional development units (PDUs).

Learning Tree offers several courses that help you prepare for PMI certifications, including Course 276, Preparing for the Project Management Professional (PMP)^® Exam, which prepares you for PMI's most popular certification. For more details on these courses and PMI certifications, please see the Learning Tree PMI Registered Education Provider Q&A.

How does this course relate to other Learning Tree courses?

Other Learning Tree courses in the Management curriculum that may be of interest include:

• 195, Power Excel®: Analysing Data to Make Business Decisions 
• 286, Project Risk Management 
• 290, Management Skills