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

Business Statistics and Analysis,

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. ________________________________________ 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 ________________________________________ 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 ________________________________________ 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 ________________________________________ 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

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Rating 4.6 based on 160 ratings
Length 5 weeks
Effort 4 weeks of study, 1-3 hours/week
Starts Mar 15 (5 weeks ago)
Cost $79
From Rice University via Coursera
Instructor Sharad Borle
Download Videos On all desktop and mobile devices
Language English
Subjects Data Science Business
Tags Data Science Data Analysis Business Business Essentials

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What people are saying

easy to follow

Not easy to follow, but the professor did such a good job laying out the course and explain quiz questions on discussion board!

Prof Borle's voice was crisp, loud and easy to follow, which to me was crucial.

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real world

Coming from a technical background, it really helped me to understand how we can apply the concepts and techniques to real world/practical problems.

Excellent Course that simplifies the explanation of statistical concepts such as probability distribution for continuous and discrete variables and their business applications in the real world.

It gives you knowledge that you can immediately apply in the real world.

Sequenced nicely, and great real world examples.

Would need to be supplemented with more real world practice before i would feel comfortable using at work.

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statistical distributions

Very good introduction to statistical distributions as it relates to business problems.

I got exactly what I needed, a good and compact summary on statistical distributions that can be used in a business environment.

If you have no or little statistical background, you will need to read about statistical distributions from other sources in order to successfully complete the tests and quizzes.

Teacher is excellent Very useful concepts in statistical distributions.

Over a short span of a month, it feels as though I've progressed from extremely less to significantly good knowledge on Data descriptors and statistical distributions on a business perspective thanks to the course.

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well explained

Good Course, gives a basic introduction what a good course and i love all exercises special the 4 final exams each week and i want more exercise for practice some of exercises not easy to understand need to practice more every week next time want to see more exercises or more outsources exams Nice course and well explained.

Straight into the materials and their explanations, with examples, well explained, and all in very well paced videos.

The theory is well explained, and the pratices on examples help to understand deeper.

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but still

The quizes were a little bit of a stretch, from what was presented in the videos, but still relevant.

I think I have got the topic but still far from understanding its business application.

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other courses

i don't know if any other courses in this section from other sites , cant get simpler and easy to understand like this very good course.

Looking forward to other courses of the specialisation.

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statistical analysis

It covered a lot of useful topics to help you understand and apply statistical analysis methods.

Excel is a spreadsheeting tool that is readily available in (almost) all business environments and many people can leverage their investment on it by learning how to do statistical analysis using it before going to more sophisticated techniques after.

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so much

Thank you so much sir!

I learned so much.

for beginners

Really helpful and understandable for beginners.

Just the right pace for beginners.

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well designed

The course is very well designed, well explained, and avoids theoretical details to the benefit of the focus on the statistical business application.

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

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business problems

Good intro or refresher on how to apply apply basic statistical concepts to business problems.

Excellent resource to master such crucial skills as the application of statistics method to business problems.

Careers

An overview of related careers and their average salaries in the US. Bars indicate income percentile.

Personal Outcome Measures Interviewer $31k

Core Measures Abstractor - Quality Assurance - Full Time Days $37k

Specialist - Performance Measures $49k

Senior Quality Measures Abstraction Specialist $79k

Program Manager - Measures of Success $93k

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Rating 4.6 based on 160 ratings
Length 5 weeks
Effort 4 weeks of study, 1-3 hours/week
Starts Mar 15 (5 weeks ago)
Cost $79
From Rice University via Coursera
Instructor Sharad Borle
Download Videos On all desktop and mobile devices
Language English
Subjects Data Science Business
Tags Data Science Data Analysis Business Business Essentials

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