Make Better Decisions With Statistical Sampling

This course is for decision makers in all fields

Here are three scenarios that occur all the time in business. In each case, the consequences of making the wrong decisions would be very costly. What would your business do?

Scenario 1: A fault has occurred in your production line and you suspect that the last 24 hours production may contain products with defects. Would you

• A. Release all products for sale and take the risk of selling defective products?
• B. Scrap all products since you don't want to take any risks?
• C. Inspect a sample of products and make a decision based on the results?

Scenario 2: You have developed a radical new product which requires substantial investment to build a new factory and you have to decide whether to go ahead with the project. Would you

• A. Build the new factory since you believe that demand will justify the investment?
• B. Try to find a way to manufacture the product without building a new factory?
• C. Carry out a survey of potential consumers to see if there is sufficient demand to justify the investment?

Scenario 3. You are evaluating a logistics company who claim they can deliver your products faster than your existing supplier for the same price. Do you

• A. Change supplier because you believe what they say?
• B. Don't change supplier because it's not worth the risk and hassle of changing?
• C. Agree a trial with the potential supplier to see if they can substantiate their claim?

Answered C in all Scenarios? You Need This Course!

The proper use of statistical sampling ideas and tools is essential if you want to make sound data-driven decisions and reduce the chances and consequences of making wrong decisions. You will learn about

• The different types and methods of sampling
• How to define success and failure
• How to quantify the risks of making wrong decisions
• How to identify measurement issues
• How to decide on a sample size and decision rule by using an Excel based tool