Statistics for Business Analytics: Probability from edX

This course is divided into three topics:

In Topic 1, we talk about the basics of probability – ideas like whether or not events can happen together, whether events can influence each other, and processes for calculating probabilities in simple situations.
Topic 2 is about conditional probability ; that is, the idea that we can become more certain about particular outcomes when we know the circumstances under which they are occurring.
In Topic 3, we discuss the "big 5" probability distributions ; powerful tools that can be used to calculate probabilities in a variety of complex situations. These distributions form the "heart" of the course and have practical applications in a wide range of real-life scenarios.

What you'll learn

Upon successful completion of this course, you will be able to:

Describe the basic concepts of probability.
Calculate basic probabilities for mutually exclusive, non-mutually exclusive and multiple independent events.
Calculate conditional probabilities in simple and complex situations.
Determine the probability of a given number of successes for discrete variables using binomial, Poisson and hypergeometric distributions.
Determine the probability of outcomes above or below a threshold for continuous variables using normal and exponential distributions.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces fundamental concepts in probability including joint probability, conditional probability, and independence

Prepares students to determine the likelihood of outcomes

Covers essential probability distributions, namely binomial, Poisson, normal, exponential, and hypergeometric

Suitable for students with an interest in grounding themselves in foundational probability and foundational probability distributions

Facilitates applying principles to calculate probabilities in various domains

Can be used as foundational preparation for more advanced probability and statistics courses

Reviews summary

Excellent introduction to probability

Learners say that this is a fantastic primer on probability. They describe clear explanations and engaging examples.

Learners found the course engaging.

" Engaging throughout"

Learners were impressed with the usage of examples to explain concepts.

"clear explanations and well-structured examples."

Learners say that the content is exceptional, with clear explanations.

"Fantastic primer on probability, with clear explanations and well-structured examples"

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Statistics for Business Analytics: Probability with these activities:

Review Probability and Statistics Concepts

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Refresh foundational knowledge in probability and statistics.

Browse courses on Probability

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Review lecture notes.
Re-read textbook chapters.

Review Core Probability and Statistics Concepts

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Review the foundational concepts of probability to level the playing field.

View Probability & Statistics for Engineers &... on Amazon

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Review the chapter on probability fundamentals.
Complete the practice problems at the end of the chapter.

Discuss Probability Concepts with Peers

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Engage with peers to clarify and reinforce understanding of probability concepts.

Browse courses on Probability

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Join a study group or online forum.
Discuss probability concepts with peers.

Six other activities

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Solve Probability Problems Using Sample Spaces

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Practice solving probability problems using sample spaces to solidify understanding.

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Review the concept of sample spaces.
Solve a variety of probability problems using sample spaces.

Probability and Statistics Workshop

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Immerse in a workshop environment to enhance understanding and skills in probability and statistics.

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Find a probability and statistics workshop.
Attend the workshop.
Engage with experts and peers.

Conditional Probability with Bayes' Theorem

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Explore conditional probability and its applications using Bayes' Theorem.

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Follow an online tutorial on conditional probability.
Apply Bayes' Theorem to solve real-world problems.

Probability and Statistics Competition

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Test and refine understanding by participating in a probability and statistics competition.

Browse courses on Probability

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Find a probability and statistics competition.
Prepare for the competition.
Participate in the competition.

Probability Distribution Project

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Apply probability distributions to analyze real-world data.

Browse courses on Probability Distributions

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Choose a probability distribution to investigate.
Collect data that fits the chosen distribution.
Analyze the data using the probability distribution.
Create a report summarizing the findings.

Contribute to Probability and Statistics Open-Source Projects

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Gain practical experience by contributing to open-source projects in probability and statistics.

Browse courses on Probability

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Find open-source projects in probability and statistics.
Contribute to the project.
Collaborate with other contributors.

Career center

Learners who complete Statistics for Business Analytics: Probability will develop knowledge and skills that may be useful to these careers:

Statistician

Statisticians apply their expertise in probability and statistics to solve real-world problems. This course provides a comprehensive overview of probability theory, including conditional probability and the big 5 probability distributions, which are essential for conducting statistical analysis and drawing valid conclusions.

See salaries and explore the career path for Statistician

Financial Analyst

Financial Analysts apply their knowledge of probability and statistics to assess financial risks and opportunities. This course provides a solid foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for understanding financial data and making sound investment decisions.

See salaries and explore the career path for Financial Analyst

Quantitative Analyst

Quantitative Analysts use probability and statistics to develop and evaluate financial models. This course provides a strong foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for building and testing financial models.

See salaries and explore the career path for Quantitative Analyst

Actuary

Actuaries apply probability and statistics to assess financial risks and develop insurance policies. This course provides a strong foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for understanding insurance risks and pricing policies.

See salaries and explore the career path for Actuary

Insurance Underwriter

Insurance Underwriters use probability and statistics to assess insurance risks and set insurance premiums. This course provides a solid foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for understanding insurance risks and pricing policies.

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Operations Research Analyst

Operations Research Analysts use probability and statistics to optimize business processes. This course provides a solid foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for understanding business operations and developing efficient solutions.

See salaries and explore the career path for Operations Research Analyst

Data Analyst

Data Analysts use probability and statistics to analyze data and extract meaningful insights. This course helps build a foundation in the fundamentals of probability, allowing Data Analysts to better understand data distributions and make more accurate predictions.

See salaries and explore the career path for Data Analyst

Risk Manager

Risk Managers use probability and statistics to assess and manage risks. This course provides a comprehensive overview of probability theory, including conditional probability and the big 5 probability distributions, which are essential for understanding risk factors and developing effective risk management strategies.

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Epidemiologist

Epidemiologists use probability and statistics to study the causes and spread of disease. This course provides a strong foundation in the basics of probability, conditional probability, and the big 5 probability distributions, which are essential for understanding epidemiological data and developing effective public health strategies.

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Biostatistician

Biostatisticians apply probability and statistics to analyze biological data and draw conclusions about health and disease. This course provides a comprehensive overview of probability theory, including conditional probability and the big 5 probability distributions, which are essential for understanding biological data and making valid conclusions.

See salaries and explore the career path for Biostatistician

Data Scientist

Data Scientists use probability and statistics to analyze data and extract meaningful insights. This course helps build a foundation in the fundamentals of probability, allowing Data Scientists to better understand data distributions and make more accurate predictions.

See salaries and explore the career path for Data Scientist

Business Analyst

Business Analysts use probability and statistics to analyze business data and make recommendations. This course provides a foundation in the basics of probability, including conditional probability and the big 5 probability distributions, which are essential for understanding business trends and making informed decisions.

See salaries and explore the career path for Business Analyst

Machine Learning Engineer

Machine Learning Engineers apply probability and statistics to develop and deploy machine learning models. This course provides a solid foundation in the fundamentals of probability, including conditional probability and the big 5 probability distributions, which are essential for understanding machine learning algorithms.

See salaries and explore the career path for Machine Learning Engineer

Market Researcher

Market Researchers use probability and statistics to conduct market research and analyze consumer behavior. This course provides a foundation in the basics of probability, including conditional probability and the big 5 probability distributions, which are essential for understanding market trends and making informed marketing decisions.

See salaries and explore the career path for Market Researcher

Software Engineer

Software Engineers use probability and statistics to develop and test software. This course provides a foundation in the basics of probability, including conditional probability and the big 5 probability distributions, which are essential for understanding software behavior and improving software quality.

See salaries and explore the career path for Software Engineer