ADM 2304: Applications of Statistical Methods in Business

ADM 2304 provides an introduction to statistical data analysis with a focus on practical applications in business, public, and non-profit sectors. The course emphasizes the conceptual, intuitive, and computational foundations necessary for critical thinking and decision-making using quantitative methods. Students will explore techniques such as estimation, hypothesis testing (including nonparametric methods), and chi-square analysis for categorical data. Additionally, the course covers experimental design, analysis of variance (ANOVA), and regression modeling, enabling students to analyze relationships and trends effectively. These skills are fundamental for advanced quantitative courses, including operations management, simulation, data mining, market research, econometrics, and forecasting.

Key topics include sampling distributions, estimation and testing for proportions and means, and comparing two means (independent or paired samples). Nonparametric methods, such as the Kruskal-Wallis test and comparing medians, are also introduced. Students will gain expertise in chi-square goodness-of-fit tests, one- and two-factor ANOVA, and regression analysis, with a focus on model building and residual diagnostics. By the end of the course, students will be prepared to apply statistical methods to real-world problems and pursue further study in quantitative fields.