Understanding Business Statistics With Distance MBA Courses
Business Statistics is the science of sound decision making in an uncertain environment. The business environment is greatly influenced by internal and external factors. There is an inherent element of uncertainty as there are some factors which are beyond your control. How does one make a decision in such uncertainties? That is where business statistics employs statistical tools like probability, correlation and test of hypotheses to estimate in what conditions a business will have to operate to sustain itself in the future.
Various disciplines of running a business, like marketing research, financial analysis, production, operations employ business statistics for decision making. Irrespective of which specialization you opt for in MBA, Business Statistics will be one of the core subjects.
The course content in regular MBA courses as well as in distance MBA courses is more or less the same. The only difference is that you attend training in a classroom in a regular course, whereas you have to make time for yourself while doing an MBA through distance education. MBA graduates are much sought after for their decision making skills. A course in business statistics helps you gain knowledge of statistical techniques, which can be applied in practical situations, helping you to make business decisions with ease.
Students pursuing their MBA will learn about business statistics in the first year of their study. Concepts covered include measures of central tendency and measure of dispersion, application of inferential statistics in managerial decision making, time series, methods of estimating trends, construction of index numbers, correlation, regression, theory of estimation, and tests of hypothesis.
The above concepts are covered in detail helping management students gain expertise in statistical techniques which can help them become better decision makers.
Distance education programs conduct classes online through interactive sessions. Video tutorials are also available if you need to revise topics. These interactive sessions can be utilised optimally to understand the various concepts in business statistics. In case of further doubts, faculty can be reached via Skype for one to one interaction.
Though business statistics is a specialised subject, you can master the same while sitting at home with help from study materials, online reference books, and interactive class sessions with faculty.