Considering an online Master of Business Administration? Congratulations! Wondering about some of the tougher courses you’ve heard about? Fear not. If the mere mention of MBA statistics makes you tremble with dread, then you’ll want to read this. While it is true that most online MBA programs require statistics as part of the core curriculum, it’s not quite as bad as you think.
If your fear of MBA statistics has you searching for a curriculum that doesn’t include this much-dreaded area of study, then you’re cutting yourself off from several benefits: 1) any well-regarded online MBA program will require you to take stats, so it’s doubtful you would want to invest in a program that doesn’t require statistics. And 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. Statistics merely means studying data and learning something from it. No matter what area of business in which you work, you can be sure that data collection will play a role in your success.
Even small businesses collect data about their customers. But it does no good if business owners are not able to use the 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 the data you collect is trustworthy? Finally, how reliable will 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. It is the crucial area of making complex business decisions by weighing a variety of factors, one of which is statistics. Without 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.