In addition, it ought to have basic statistical functions, namely mean and standard deviation or variance. Teachers should have access to computer projection technology for classroom demonstration of Excel skills. It begins with basic tools for describing or summarizing data . The course is unique in that it is also designed to emphasize at a very early point the bivariate tools for describing relationships. To reach to reliable conclusions without all of the data, probability theory must be learned and utilized.
Probability is therefore the subject of the second section of the course.
Probability is reasoning about uncertainty, which has managerial applications beyond reaching reliable statistical conclusions, particularly in the areas of decision analysis and waiting line analysis . These subjects, traditionally covered in a course in quantitative methods, are therefore covered in this course. Based on probabilistic reasoning, the course then teaches methods of statistical inference , including interval estimation and hypothesis testing . The same probabilistic reasoning behind interval estimation also forms the basis of common tools of quality improvement. Control charts for variables and attributes will be covered along with process capability indices.