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Interpreting Statistics in Business Decision Making

Organizations are continually confronted with data and information from which timely decisions are to be made. This generally necessitates staff to quickly grapple, consolidate and interpret the many summary statistical data into meaningful information for decision making. Such skills necessitate a basic understanding of suitability of data obtained, their interpretation and implications for decision situations at hand. A good grasp of key ideas underlying such skills would be essential to help employees in organizations to participate effectively in real-time decision making.

Objective

This 1-day workshop will present participants with a broad perspective of key managerial issues and challenges surrounding interpretation of statistical information as part of day-to-day decision making. It aims to:

• Create awareness on the importance of obtaining data from the correct sources.
• Attune participants to lookout for instances of inappropriately interpreted data.
• Prepare and equip participants to effectively interpret statistical information that contribute to managerial decision making.

Outline

1. Validity and reliability of data source

• Importance of getting data from the right sources
• How do you know your data is reliable and valid?
• Small group exercise and discussion

2. Interpretation of statistical data

• Issues of data interpretation
• How do you ensure correct interpretation?
• Summary statistics and inference
• Small group case study and presentation

Who should attend

This course is suitable for the following categories of decision makers:

• Those needing to gather data as part of their job purview.
• Supervisory level and management staff who need to collate and interpret data for presentation and decision making as part of their job responsibilities.

Methodology

As part of workshop, illustrations and mini case scenarios will be presented to enrich the participants' learning journey. Participants will be led to discuss issues pertaining and leading to correct interpretation of data as part of decision making. Key concepts and good practices will be provided to guide and facilitate case study workshop discussion

Profile of Dr. Lim Yew Ban

PhD, MBus(IT), B.Eng, BCCE, ACTA

Dr Lim Yew Ban has worked in engineering, recruitment, sales, data centre operations, management of a training centre, training and consultancy. His roles in these organizations run the gamut of technical production line supervision and troubleshooting, managing the P&L of departments, recruitment of IT professional for clients and dealing with general day-to-day operational issues. He was responsible to implement the transfer of a new product line from US to Singapore operations while working as an engineer with an American MNC.

He had conducted 2 nation-wide surveys under the auspices of the Singapore Institute of Management (SIM). The analysis and survey findings were published by SIM as - Computer Security & Practices in Singapore 1994: Survey Findings and Computer Security and Practices in Singapore 1999: Research Monograph of Findings.

Professionally Yew Ban holds a Business Continuity Certified Expert (BCCE) professional certification and has been involved in consultancy and training – both public seminars and customized in-house certification courses for private and public sector organizations in business continuity and disaster recovery since 2005. Participants in public seminars range from senior to mid-level managers from Middle East, India and Asean regions.

Dr Lim holds teaching pedagogy / methodology certificate, and also the Advanced Certificate in Training and Assessment (ACTA).

He is also actively engage in teaching post graduate and doctoral level courses as well as supervision of doctoral candidates.