About the content
Want to know how to avoid bad decisions with data?
Making good decisions with data can give you a distinct competitive advantage in business. This statistics and data analysis course will help you understand the fundamental concepts of sound statistical thinking that can be applied in surprisingly wide contexts, sometimes even before there is any data! Key concepts like understanding variation, perceiving relative risk of alternative decisions, and pinpointing sources of variation will be highlighted.
These big picture ideas have motivated the development of quantitative models, but in most traditional statistics courses, these concepts get lost behind a wall of little techniques and computations. In this course we keep the focus on the ideas that really matter, and we illustrate them with lively, practical, accessible examples.
We will address questions like: Given a choice of variables to collect about customers, which ones will be worth the cost and effort to collect and store? How do we connect modern, easy to produce visualizations with the statistical models that give us confidence in our decisions? Can you tell with a quick look whether someone has fabricated part of the data they are using in a presentation?
This course will be good preparation for students with a bachelor’s degree contemplating graduate study in a business field, or anyone eager to have a framework for good decision-making.
Opportunities in analytics are abundant at the moment. Specific techniques or software packages may be helpful in landing first jobs, but those techniques and packages may soon be replaced by something newer and trendier. Understanding the ways in which quantitative models really work, however, is a management level skill that is unlikely to go out of style.
This course is part of the Business Principles and Entrepreneurial Thought XSeries.
- Variability in the real world and implications for decision making
- Data types and data quality with appropriate visualizations
- Apply data analysis to managerial decisions, especially in start-ups
- Making effective decisions from no data to big data (what should we collect and then what do we do with all this data?)
- Rick Cleary
- Nathan Karst
- Davit Khachatryan
- George Recck
- Babak Zafari
Founded in 1919, Babson College is the top-ranked college for entrepreneurship education. We believe that entrepreneurship is the most positive force on the planet for generating sustainable economic and social value, and Babson is a dynamic living and learning laboratory where more than 3,000 students from over 70 countries work together with faculty and staff to address the problems of business and society. In our collaborative community, students gain the fundamental business skills and liberal arts knowledge necessary to cultivate an entrepreneurial mindset. They then use that mindset to put what they learn into practice, making an impact on campus and around the world.
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