MDX341 - Introduction to Business Statistics

Course Description

This course will introduce you to the importance of statistics in the business world. Statistics is the science of collecting, organizing, and analyzing data in order to make more effective decisions. Understanding statistical techniques can help any manager responsible for marketing, management, accounting, sales, or other business functions.

After completing this course, you'll be able to:

• Differentiate between descriptive and inferential statistics
• Distinguish between the 4 different scales of measurement: nominal, ordinal, interval, and ratio
• Identify the appropriate graphical or tabular method for presenting your data
• Create frequency distributions
• Create meaningful presentations and graphs including:
• frequency polygons
• bar graphs
• pie charts
• line graphs
• histograms


• Calculate probability and explain its practical application
• Compute the mode, median, and mean of a dataset
• Calculate the variance and standard deviation of a dataset
• Interpret sampling with and without replacement
• Explain the significance of the area under a curve

Target Audience: This course is designed for adult learners and/or non-financial managers.

Level/Prerequisites: Introductory/No Prerequisites

Estimated time to complete: 3-5 hours

Ask the Expert: This course has an "Ask the Expert" feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.

Required Material: This course does not require any additional purchases of supplementary materials.

Successful Completion Requirement for IACET CEU: Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEUs. Learners will have three attempts at all graded assessments.