Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions に戻る

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The ability to understand and apply Business Statistics is becoming increasingly important in the industry. A good understanding of Business Statistics is a requirement to make correct and relevant interpretations of data. Lack of knowledge could lead to erroneous decisions which could potentially have negative consequences for a firm. This course is designed to introduce you to Business Statistics. We begin with the notion of descriptive statistics, which is summarizing data using a few numbers. Different categories of descriptive measures are introduced and discussed along with the Excel functions to calculate them. The notion of probability or uncertainty is introduced along with the concept of a sample and population data using relevant business examples. This leads us to various statistical distributions along with their Excel functions which are then used to model or approximate business processes. You get to apply these descriptive measures of data and various statistical distributions using easy-to-follow Excel based examples which are demonstrated throughout the course.
To successfully complete course assignments, students must have access to Microsoft Excel.
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WEEK 1
Module 1: Basic Data Descriptors
In this module you will get to understand, calculate and interpret various descriptive or summary measures of data. These descriptive measures summarize and present data using a few numbers. Appropriate Excel functions to do these calculations are introduced and demonstrated.
Topics covered include:
• Categories of descriptive data
• Measures of central tendency, the mean, median, mode, and their interpretations and calculations
• Measures of spread-in-data, the range, interquartile-range, standard deviation and variance
• Box plots
• Interpreting the standard deviation measure using the rule-of-thumb and Chebyshev’s theorem
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WEEK 2
Module 2: Descriptive Measures of Association, Probability, and Statistical Distributions
This module presents the covariance and correlation measures and their respective Excel functions. You get to understand the notion of causation versus correlation. The module then introduces the notion of probability and random variables and starts introducing statistical distributions.
Topics covered include:
• Measures of association, the covariance and correlation measures; causation versus correlation
• Probability and random variables; discrete versus continuous data
• Introduction to statistical distributions
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WEEK 3
Module 3: The Normal Distribution
This module introduces the Normal distribution and the Excel function to calculate probabilities and various outcomes from the distribution.
Topics covered include:
• Probability density function and area under the curve as a measure of probability
• The Normal distribution (bell curve), NORM.DIST, NORM.INV functions in Excel
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WEEK 4
Module 4: Working with Distributions, Normal, Binomial, Poisson
In this module, you'll see various applications of the Normal distribution. You will also get introduced to the Binomial and Poisson distributions. The Central Limit Theorem is introduced and explained in the context of understanding sample data versus population data and the link between the two.
Topics covered include:
• Various applications of the Normal distribution
• The Binomial and Poisson distributions
• Sample versus population data; the Central Limit Theorem...

Aug 23, 2017

The course has been designed in a manner to give maximum understanding of the concept. The Quizzes are really grilling. and helps you strengthen the knowledge gained from the lecture videos.

Jun 15, 2017

This course was great. Although the concepts introduced are complex, the instructor breaks them down and gives relatable, real-world style examples to easily explain the application.

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by Kalaiselvan P

•Jul 21, 2019

Excellent Content, takes me back to the college days

by Prachi M

•Jul 08, 2019

binom.inv is not explained. Also, determining the number of trials needed for a specific probability is not explained as asked in the test for week 4

by Patrick W

•Jul 05, 2019

Useful refresher for business context of statistics

by Alfonso C R

•Jun 17, 2019

Excelente course, I recommend it.

by Suhas K

•Jun 01, 2019

Topics are taught in the best possible way with hands on experience in using them real time.

by EDILSON S S O J

•May 26, 2019

Amazing Course!

by Kelechi I

•May 23, 2019

Excellent course. Straight to the point. Great professor.

by Carlos J B A

•May 05, 2019

A rewarding experience because I have been able to learn very valuable information. It is an excellent course. It has helped me in the personal and professional field. Thank you.

by David L C F

•Apr 24, 2019

Great course. From basic to practical application.

by Harsha M

•Apr 24, 2019

Very nice course, helped to clear my basic understanding.

by Nichole D

•Apr 02, 2019

The class was great. I learned a lot and the material was easy to follow. The only thing that was unfortunate was the lack of engagement on the discussion boards from the class, and more so the professors. I commented in week 1 and it took over a week for a reply. I stopped participating because the forums were months old since the last post. My other courses were so much more involved. I value the discussion boards which is why this class receives less stars.

by José R H

•Apr 01, 2019

The course is excellent! It gives you knowledge that you can immediately apply in the real world. Thanks!

by Viviana C

•Mar 25, 2019

the last portion was really difficult to understand, the material was too general for the questions covered in the quiz.

by sutan a m

•Mar 18, 2019

concrete example and direct application. using excel, it should be easy to conduct basic statistical analysis. I learned so much.

by renu m

•Mar 17, 2019

Too much focus on the excel functions. I had to use supporting materials to understand the concepts better so that the excel application can be put into context.

by jittu s

•Mar 17, 2019

good

by Paweł K

•Mar 15, 2019

Last part about Binomal and Poisson was not fully clear to me

by ARVIND K S

•Mar 14, 2019

One of the best courses It has been my pleasure to complete! And by pleasure, I mean I really enjoyed the learning process. Nicely articulated through video lectures and handouts (for future reference), this course makes seemingly abstract concepts very clear and easy to comprehend. Lays the groundwork for hitherto unthinkable applications in a vast array of business scenarios. The quizzes reinforce the learning through videos.

by Klaus G

•Mar 13, 2019

Very clear explanation of basic statistical concepts with very well designed quizes and exercises.

by Albert C

•Feb 21, 2019

Too basic, not enough of actual Excel usage

by Atis R

•Feb 11, 2019

It was a very good Excel and statistics refersher course for me.

by enrique a r

•Feb 07, 2019

fantastic!

by Benjamìn A G

•Feb 03, 2019

All is excellent!

by MO H

•Jan 30, 2019

Showing the key important thing for learning the basic statistical concept; Nice example and practice.

by Shittu I

•Jan 14, 2019

Absolutely a powerful and awesome course.

Thank you for this opportunity