Course: SOM 591. Statistics and Stochastic Models for Managers (3)
Prerequisite: Permission of the director of graduate programs. Statistical methods and stochastic models to support decision making by managers. Topics include: exploratory data analysis, probability distributions and assessment, expected value, variation, estimation of means and proportions, hypothesis testing for one and several populations, F test, chi square test, simple and multiple regression and correlation, time series and forecasting, decision trees, waiting lines and simulation. Applications in service organizations and small businesses are provided along with applications for production organizations and large businesses. A key element is a group project involving the application of one or more course topics to a current business problem.