The Society believes that statistics is an important foundation for any Cost/Management Accountant. We even recommend it in our Management Accounting Professors Curriculum Resource Guide. When you were sitting there trying to remember the difference between mean, medium, and mode, did you ever think how valuable these would be in real life?
While an instructor in Cost Accounting, it was amazing to me how many of my students, many of whom had been undergraduate business majors, had little recollection of statistics, and more important concepts, like the Pareto Disribution, they had no recolllection of at all. Business students should not receive a general statistics course, but a course targeted specifically with business concepts and examples.
We would like to hear your thoughts on this subject and particularly how and how often you use statistics.
And from the SCM Bookstore, some of our favorite titles on this topic:
Statistical Analysis: Microsoft Excel 2010 by Conrad Carlberg
The 80/20 Principle: The Secret to Achieving More with Less By Richard Koch