Advanced Statistics – Problem Solving Workshop

Predict the future! Statistics is the art and science of using historical data to predict the future.

This workshop is for process improvement practitioners who want to work at the highest levels of problem solving. Created by our President, Mitch Millstein, who is a Business School Professor of Statistics and Supply Chain Management, the workshop highlights solving real business problems using statistical tools.

Too often business professionals make decisions using only subjective criteria. Statistical testing adds an important quantitative element to business decision making. Instead of making simple yes-no decisions, participants will understand the importance of confidence levels and risk.

This workshop teaches the three main tools of Business Statistics:

  1. Hypothesis Testing
    • When you improved the process, did you make a difference, and how confident
      are you?
  2. Experimental Design
    • Experimenting with changes in multiple variables
  3. Regression
    • Predict the future using historical data

Throughout this workshop, these tools will be used on real business problems. The participants will be required to present the use of statistical tools on a problem from their firm.

Benefits of Advanced Statistical Problem Solving:

  • Add quantitative tools to the decision making process
  • Understand risk and confidence levels
  • Predict future performance based on key leading indicators

Participants will:

  • Learn the formulas used in statistics
  • Use MS-Excel to conduct statistical testing
  • Use statistics to solve real business problems

See Advanced Statistics Workshop Outline