What you’ll learn

  • Recognise the role and value of experimental methods in managerial decisions.
  • Master the key elements and concepts of an experiment such as randomisation, control groups, and treatment groups.
  • Learn the core qualities of good experiments including feasibility, reliability, and causality criteria.
  • Understand and overcome major obstacles to adopting a culture of experimentation within organisations.

Description

A fundamental shift is taking place in the way companies make decisions. Traditionally, conducting experiments and adhering to the scientific method were reserved for scientists alone. Still, leaders in all industries have embraced a culture of experimentation, which has grown exponentially in recent years.

Experiments drive innovation. They can provide proof of concept and confidence in new ideas before taking greater risks and scaling up. Experiments can also counter faulty intuition, inaccurate assumptions, or overconfidence when conducted properly, with data collected and interpreted objectively.

Thanks to the availability of massive amounts of consumer data, improved computing power, and the fact that it’s easier and cheaper than ever to randomize participants, companies today often face perfect conditions for the rise of the experimental revolution in business.

As companies increasingly demand actionable data to inform their decisions based on experiments, this course provides students with the understanding, tools, and skills to harness the power of experiments in their future positions. This course aims to familiarize learners with the fundamentals of experiments and A/B tests, enabling them to exploit experiments better and work effectively in an increasingly data-driven world. Learners are also introduced to the fundamental concepts involved in experiments. Finally, they explore the managerial challenges of designing and interpreting experiments.

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