040501 VO Principles of Data Analysis for Marketing and Management Decisions (MA) (2024W)

Sound knowledge of statistics and data analysis is an important requirement for business practice and marketing decisions – more than one would expect! The present course discusses (a) key concepts of statistics and statistical inference (e.g., NHST, Type I and II error, confidence intervals, statistical power, effect sizes) and (b) different methods of data analysis (e.g., t-test, χ2 test, AN(C)OVA, regression analysis) in a series of lectures that combine theory with illustrative, practical examples.

The course does not focus on programming/coding nor it aims to demonstrate how to use a specific statistical software (e.g, R, Excel, SPSS, JMP, Minitab, etc). Instead, it focuses on the logic, the implementation, and the interpretation of statistical data analysis in general – regardless of the program employed! Students who successfully complete DAMD will be equipped with a solid foundation of quantitative data analysis and be able to effectively understand, interpret, and communicate a wide range of analytical approaches; an essential asset for their professional development and career prospects.

The sessions involve theory discussions accompanied by practical cases and hands-on examples. Data simulations and visualization tools are also employed to illustrate the theoretical/computational concepts discussed. Lectures typically provide background knowledge in understanding the theory and logic behind the statistical techniques and then illustrate how to interpret quantitative data analytic methods. Note that successful completion of DAMD depends greatly on whether students systematically review the relevant reading material.