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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 brings a wealth of experience across diverse sectors including software development, data centre operations, manufacturing, recruitment, sales, management of a training centre, and consultancy. He started his career as a software system analyst before proceeding to technical production line supervision and IT hardware troubleshooting. His subsequent roles include P&L management of a training centre, professional IT recruitment. He is adept at handling of day‐to‐day operational challenges, notably he spearheaded the successful transfer of a new product line from US to Singapore operations during his tenure with an American MNC.

Additionally, Dr. Lim has conducted two nationwide surveys in collaboration with the Singapore Institute of Management (SIM), leading to the publication of significant research findings in the realms of computer security and practices.

Professionally accredited with a Business Continuity Certified Expert (BCCE) certification, Dr. Lim has been actively engaged in consultancy and public seminar training since 2005. He has delivered impactful public seminars and tailored in‐house certification courses for both private and public sector entities in business continuity and IT disaster recovery. His audience spans senior to mid‐level managers from the Middle East, India, and ASEAN regions.

Academically Dr. Lim holds a PhD from the University of South Australia, complemented by a Master's in Business (IT) from RMIT University and a Bachelor of Engineering from the National University of Singapore. As part of life‐long learning he also completed a MA from a local institution in 2023. He possesses formal training in teaching pedagogy from a local government institution, holding a teaching methodology certificate, and an Advanced Certificate in Training and Assessment (ACTA) for adult learning.