Businesses rely heavily on data to make informed decisions. Yet data collection comes with
its own costs. To optimize this process, it is key to assess how much data you truly need to
gather to make precise decisions.
In this course, you will apply the science of sampling, using data from a sample of a population to draw conclusions about the entire population. You will identify the appropriate sampling method for a particular scenario and business goal. Once you have this data, you will utilize it to predict outcome probabilities with improved accuracy. Finally, you will also explore the reverse process: understanding how much data collection is required from a set accuracy goal. Both these methodologies hold substantial value in business planning and will set you up for a more optimized approach to data collection for your business.
You are required to have completed the following courses or have equivalent experience before taking this course:
- Data Analysis and Probability
- Decision Analysis
- Continuous Distributions