QMB 850 - Statistical Methods for Business

MBA Core - Foundation Course

Critical thinking and problem definition - two issues faced everyday by managers. This course emphasizes both of those concepts and enhances a student's knowledge in those areas by discussing how to select and fit a suitable model to the data, what data are appropriate, and how to utilize and interpret model outputs. QMB 850 covers selected topics in statistical methods used in business. It includes a review of basic probability and statistics and emphasizes times series and forecasting, statistical decision theory, methods of quality control, significance testing, correlation and simple regression, and multiple regression. Application of these methods covered in the course will occur in homework, project, or article review. For example, a finance student might develop a model for predicting the movements of various financial and economic variables. An MBA student working in sales may attempt to model a company's product sales. By utilizing the practical approach to the application of these models to real-world scenarios, students will be able to synthesize the material and interpret it for the non-academician in the classroom (and ultimately in the firm). QMB 850 is a prerequisite course for MKT 850, Marketing Management, and FIN 850, Strategic Financial Management.

Course stresses:

• Problem solving
• Critical thinking

Catalog Description:

This course focuses on statistical model selection, model building, forecasting, and the interpretation of statistical results for decision making. Emphasizes critical thinking and analysis skills.

Course Prerequisites:

QMB 200 or equivalent with a grade of "C-" or better.