Considering an online Master of Business Administration? Congratulations! Wondering about some of the tougher courses you’ve heard about?ï¿½Fear not.ï¿½If the mere mention ofï¿½MBAï¿½statisticsï¿½makes you tremble withï¿½dread,ï¿½then you’ll want to read this. While it is true that mostï¿½online MBA programsï¿½require statistics as part of the core curriculum, it’s not quite as bad as you think.
If your fear ofï¿½MBA statisticsï¿½has you searching for a curriculum that doesn’t include this much-dreaded area of study, then you’re cutting yourself off from several benefits: ï¿½1) any well-regardedï¿½online MBA programï¿½will require you to take stats, so it’s doubtful you would want to invest in a program that doesn’t require statistics. ï¿½And 2) a basic knowledge of statistics really is crucial to becoming the best business leader you can possibly be.
How MBA statistics will help you in your business career
If you fear MBA statistics, then you probably don’t have the full picture of what this subject is all about.ï¿½Statistics merely means studying data and learning something from it. No matter what area of business in which you work, you can be sure thatï¿½data collection will play a roleï¿½in your success.
Even small businesses collect data about their customers. But it does no good if business owners are not able to useï¿½the data your company collects to improve operations. A few simple skills involving the foundations of quantitative reasoning will go a long, long way in the future success of your business ventures and goals.
If you plan to collect your own data in business, do you know how to design a survey so that it tells you what you need to know? How will you know theï¿½data you collect is trustworthy? Finally, how reliableï¿½will your conclusions be? Statistics courses in an online MBA program can give you the basic knowledge you need to answer these questions.
Statistics help with decision analysis
If you want to advance to the top levels of management, you will need sharp decision-making skills. Decision analysis is another area of study within MBA programs.ï¿½It is the crucial area of making complex business decisions by weighing a variety of factors, one of which is statistics.ï¿½Without courses in stats, the whole theory of decision analysis falls apart.
In short, if you are an MBA student, you will have to take statistics, but you may find it more interesting than overwhelming.
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