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| BUSINESS SCHOOL |
Is it required for an MBA student to learn about
statistics? The answer is ‘Yes’. A basic course on statistics is inevitable for
an MBA program. Nowadays, managers in the business world face some important
questions regarding their production and sales.
What combination of features of a product is most desirable for
consumers? Given the previous observations can we forecast future production
and sales? How did we do last month? Can we compare between different
industries on the basis of some criterion, such as profit, production, sales,
input cost, etc? To that end, statistical analysis provides a systematic
approach to answer these questions.
Realizing its importance in business
analysis, many MBA and PGDM programs are already placing greater emphasis on statistics,
especially on quantitative data analysis in their core curricula. The courses
develop the skills and insights required to make effective use of statistical
methods in the area of business analysis. The course structure on statistics
should range from a rigorous training in the fundamentals of statistics, such
as data analysis to applications of popular methodologies, such as sampling techniques,
regression analysis and forecasting. Special importance should be given on the
topics related to sampling methods, distribution of data and testing of
hypothesis. Several schools also provide exposure to computer software (such
as, SPSS, STATA, EViews) that implements key techniques.
However, a general fact is that the MBA students are
less interested in statistics or more specifically the theoretical part of it,
finding it too abstract. In this regard, teachers can play a crucial role. They
can engage the students in a suitable way with statistics, challenging them
with real-world exercises like finding errors in reported studies, designing
experiments to test hypotheses in the real world, and analyzing real data which
involves an understanding of how analytical and graphical techniques can be
employed to summarize, display, and analyze data.
For
More Information :- Asia-Pacific Institute of Management
Email
Id:-admissions@asiapacific.edu
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