The 6 concepts of Statistical Thinking

This course is for everyone

Without firm foundations, it can be difficult to build anything. This course takes you through the 6 key concepts that underlie all statistical thinking and analysis. These are

• Expectation -Mean, median & mode; which should you use?

• Variance - What is it? The importance of within & between variance.

• Probability - What is the difference between absolute & conditional probability?

• Risk - Why we have to assess risk as likelihood & impact.

• Distribution - The importance of the normal and binomial distributions.

• Correlation - What does it mean and why it is NOT cause & effect!

Using a mixture of stimulating discussions and exercises, each concept will be carefully explained, its relevance to business problems highlighted and how the relevant calculations can be done in Excel. This course makes an excellent prequel to all of our other courses.