Day 3: Statistical Analysis-

Session 1: Recap and Introduction

  • Start the day with a brief recap of Days 1 and 2, highlighting key takeaways.
  • Introduce the importance of statistical analysis in business decision-making.
  • Outline the objectives for Day 3.

Session 2: Introduction to Statistical Concepts

  • Provide an overview of fundamental statistical concepts.
  • Discuss the difference between descriptive and inferential statistics.
  • Cover concepts such as populations, samples, variables, and distributions.

Session 3: Hypothesis Testing and Confidence Intervals

  • Explain the concept of hypothesis testing in the context of business.
  • Discuss the steps involved in hypothesis testing.
  • Introduce confidence intervals and their role in estimating population parameters.

Session 4: Regression Analysis for Business Insights

  • Introduce regression analysis as a tool for modeling relationships between variables.
  • Explain the simple linear regression model.
  • Demonstrate how to perform regression analysis in Excel.
  • Provide examples of business applications for regression analysis.

Session 5: Hands-on Exercise: Hypothesis Testing and Regression Analysis

  • Present participants with a business scenario that requires hypothesis testing.
  • Guide participants through the steps of formulating hypotheses and conducting a test.
  • Instruct participants to perform a regression analysis on a provided dataset.
  • Encourage participants to interpret the results and draw actionable insights.

Session 6: Practical Exercises in Statistical Analysis

  • Provide additional practice problems related to hypothesis testing and regression analysis.
  • Break participants into groups to work on these exercises.
  • Facilitate group discussions and encourage participants to share their approaches.

Session 7: Q&A and Wrap-Up

  • Address any questions or challenges participants encountered during the exercises.
  • Summarize the key statistical concepts covered during the day.
  • Assign any homework or readings for preparation for Day 4, if necessary.
  • Provide contact information for instructor assistance.