Statistical Analysis & Decision Making

Overview

This two-evening Statistical Analysis & Decision Making offers the basic principles of probability and statistics to plan/predict outcomes and alternatives. Statistical analysis allows us to make inferences about and identify problems with populations from data, to select feasible approaches, and to assess their implementations. The entire arc of planning and predicting the course of a project involves statistics, including: sampling methods; collecting, summarizing, and modeling data; recognizing patterns, trends, and relationships; formulating and evaluating plans of action; and presenting results.

Who Should Attend

Anyone interested in using mathematics to better direct and foresee the course of a project from start to finish.

Learning Objectives

• Execute Three-Point Estimates and Monte Carlo Analyses
• Interpret Confidence Limits
• Form and test Hypotheses
• Manage Dependencies

Topics Covered

• Expected Value and Standard Deviation
• Distributions, including the Uniform, Triangular, and Normal
• The Central Limit Theorem and Law of Large Numbers
• Conditions for Inference

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