Statistical Decision Making for Hospitality Managers

Predict future behavior from existing data. Make effective decisions by using statistical tools, identifying significant trends, and analyzing organizational data.

Description

Being able to discern meaningful and statistically significant trends in your organization’s data will allow you to make more effective decisions. For example, do your company’s sales correlate with the age or income level of the buyer? How might the answer affect your marketing and promotion plan and budget? This course presents several hospitality scenarios designed to help you answer these questions. You will learn about correlation, regression, and probability - tools that will help you predict future behavior based on existing data. The course includes several hands-on activities and labs to reinforce the key concepts.

Who Should Take This Course?

This course is important for managers and individuals at any level who need to analyze data for their organization--especially those responsible for project and business planning, market research, revenue management, or designing customer or employee satisfaction surveys.

We strongly recommend this course to those who have completed or plan to complete eCornell courses in scenario planning, hospitality marketing, and restaurant revenue management.

Course Format

eCornell takes a problem-based approach to learning, and our courses are built around realistic case studies and scenarios. All courses are self-paced and are facilitated by an eCornell instructor who leads the online discussions and is available to answer any questions about the course content. This course includes the following modules:

Relating Data - Correlation and Regression

• Correlation
• Regression

Using Data - Probability and Significance

• Calculating Probability
• Determining Significance

This course is the second in the two-course "Statistical Decision Making" program. eCornell strongly suggests that students complete the first course in this program, "Data Gathering and Analysis in the Hospitality Industry," prior to enrolling in this course.

Benefits to the Learner

After completing this course, participants will be able to:

• Calculate and define correlation and regression
• Calculate the probability of a given event occurring
• Determine if the results of a data analysis are statistically significant

Authoring Faculty

Sheryl E. Kimes, Ph.D., Professor

Sponsoring School

Cornell University's School of Hotel Administration

Total Learning Time

Approximately 5-6 hours over a period of two weeks

Certificate Information

This course can be applied toward the following certificate:

• Hospitality Marketing