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Course Outline
What Statistics Can Offer to Decision Makers
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Descriptive Statistics
- Basic statistics - determining which statistical measures (e.g., median, mean, percentiles, etc.) are most relevant for different distributions
- Graphs - understanding the significance of accuracy in visualization (e.g., how the method of graph creation influences decision-making)
- Variable types - identifying which variables are easier to manage
- Ceteris paribus - recognizing that conditions are always changing
- The third variable problem - how to identify the true influencer
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Inferential Statistics
- Probability value - understanding the meaning of the P-value
- Repeated experiments - how to interpret results from repeated trials
- Data collection - acknowledging that while bias can be minimized, it cannot be entirely eliminated
- Understanding confidence levels
Statistical Thinking
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Decision making with limited information
- How to determine sufficient information levels
- Prioritizing goals based on probability and potential return (benefit/cost ratio, decision trees)
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How errors accumulate
- The butterfly effect
- Black swans
- Understanding Schrödinger's cat and Newton's Apple in a business context
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The Cassandra Problem - how to evaluate forecasts when the course of action has changed
- Google Flu Trends - analysis of its failures
- How decisions render forecasts obsolete
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Forecasting - methods and practical applications
- ARIMA
- Why naive forecasts are often more responsive
- How far back should a forecast look?
- Why having more data can sometimes lead to worse forecasts
Statistical Methods Useful for Decision Makers
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Describing Bivariate Data
- Univariate data versus bivariate data
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Probability
- Why results vary with each measurement?
- Normal Distributions and normally distributed errors
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Estimation
- Independent sources of information and degrees of freedom
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Logic of Hypothesis Testing
- What can be proven, and why the outcome is often contrary to what we desire (Falsification)
- Interpreting Hypothesis Testing results
- Testing Means
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Power
- How to determine an optimal (and cost-effective) sample size
- False positives and false negatives, and why this is always a trade-off
Requirements
Proficiency in mathematics is required. Additionally, prior exposure to basic statistics (such as working with individuals who conduct statistical analysis) is necessary.
7 Hours
Testimonials (3)
knowledge of the trainer, tailor based, all topics covered
eleni - EUAA
Course - Forecasting with R
The variation with exercise and showing.
Ida Sjoberg - Swedish National Debt Office
Course - Econometrics: Eviews and Risk Simulator
The real life applications using Statcan and CER as examples.
