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Inferential and Predictive Statistics for Business

Fataneh Taghaboni-Dutta, Ph.D., PMP, CSM, CSPO

This course provides an analytical framework to help you evaluate key problems in a structured fashion and will equip you with tools to better manage the uncertainties that pervade and complicate business processes. To this end, the course aims to cover statistical ideas that apply to managers by discussing two basic themes: first, is recognizing and describing variations present in everything around us, and then modeling and making decisions in the presence of these variations. The fundamental concepts studied in this course will reappear in many other classes and business settings. Our focus will be on interpreting the meaning of the results in a business and managerial setting.

While you will be introduced to some of the science of what is being taught, the focus will be on applying the methodologies. This will be accomplished through use of Excel and using data sets from many different disciplines, allowing you to see the use of statistics in very diverse settings. The course will focus not only on explaining these concepts but also understanding the meaning of the results obtained.

You will be able to:

• Test for beliefs about a population

• Compare differences between populations

• Use linear regression model for prediction

• Use Excel for statistical analysis

This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

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Syllabus

Course Orientation

In the course orientation, you will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

Module 1: Hypothesis Testing

Watch any infomercial and you hear many outrageous promises. Use this cream and your skin will look 80% firmer! Use this supplement and you will lose 10 pounds in the first 10 days! Are they telling you the truth? Are they all lying? The only way to know the answer to any of these questions is to scientifically test the claim being made – that is what we call hypothesis testing and what we will learn in this module.

Module 2: Statistical Inference Based on Two Samples

Does the medicine a person is taking to treat his condition really work better than a sugar pill? Is the new chip-enabled credit card more secure than the magnetic card? How do you know whether the claims being made about anything being “better than” or “faster than” a competitor are true? In this module we will learn to make this comparison.

Module 3: Simple Linear Regression

Does your job involve a lot of sitting? If so, you are at higher risk of coronary heart disease. How do I know this? We got to know the relationship between coronary heart disease and sitting when researchers studied a cohort of London bus drivers and bus conductors from 1947 to 1972. If you want to know more, then read on!

Module 4: Multiple Linear Regression

You are trying to predict next month’s sales numbers. You know that dozens, maybe even hundreds, of things like the weather, competitor’s promotions, rumors, etc. can impact the number. You talk to five people and each one has an idea about what makes the biggest impact, and the only thing they offer is “trust me.” Do you wish there was a better way of doing this rather than relying on blind faith? Well, there is. We can use Multiple Regression to sort through this mess and bring the focus to factors that really do matter.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Taught by Fataneh Taghaboni-Dutta, Ph.D., PMP, CSM, CSPO with a strong reputation in their field

Emphasizes real-world application of statistical concepts, catering to business managers

Provides a comprehensive foundation in statistical analysis for beginners

Leverages Excel and diverse data sets, ensuring practical relevance

Belongs to a suite of online programs from Gies College of Business, indicating credibility

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Reviews summary

Highly rated inferential statistics course

Learners say this statistics course provides an easy to digest approach to key statistical concepts utilizing real world examples, such as models for business and economics, and practical applications. Many reviews mention the instructor's clear explanations and engaging style. Small class size, great instructor, well-structured content.

Challenging content, but great content.

"The first two weeks are tough, but be patient with yourself and trust the instructor."

"Overall, these concepts are very important and are the foundational elements of every research study."

The use of Excel after the lecture to be more useful in the real life.

"The lessons also include great little video clips on how to use Excel to run calculations."

"One of the best statistics courses in Coursera because it contains videos for the concepts and Excel."

"Excel was a crucial factor because that's one of the most important tools in modern data analytics."

"the class is fun, and the professor's excel examples are very practical examples, and helps alot in understanding the concepts."

Professor Taghaboni-Dutta's Coursera Series. This course is particularly a unique gem because it integrate statistics lessons into actual practice.

"learners consistently rank her as one of the best teachers at the school."

"Professor Taghaboni-Dutta's lessons are easy to follow and understand"

"One of my friends is an engineer who has recently moved to management and had been struggling. "They just don't understand anything," she cried. She took the course as part of the iMBA program. She told me that it has helped her learn how to talk with her non-quant executive board and tweak her messaging so that they understand."

The lessons also include great little video clips on how to use Excel to run calculations.

"For business students and professionals who really want to understand and apply statistics to their business"

"this course is particularly a unique gem because it integrate statistics lessons into actual practice."

"It's worth the effort! This class teaches inferential and predictive statistics and the early steps of model building."

"What really makes this course sizzle is that students also learn how to integrate statistics into business management."

Learned new skills

"you don't have to be a quant or know calculus to get through this."

"Overall, these concepts are very important and are the foundational elements of every research study."

"I'm taking this course as part of the University of Illinois iMBA program"

"I plan on immediately applying the lessons I've learned in this course at work."

Just be prepared to spend the time, it's not "statistics light.

"The first two weeks are tough, but be patient with yourself and trust the instructor."

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 Inferential and Predictive Statistics for Business with these activities:

Review of statistics basics

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Reviewing the basic concepts of statistics will provide a strong foundation for the course materials.

Browse courses on Statistics

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Review the definition and types of data.
Review the measures of central tendency: mean, median, and mode.
Review the measures of dispersion: range, standard deviation, and variance.
Review the basic principles of probability.

Review P-value interpretation and Confidence Intervals

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Familiarize yourself with concepts essential to this course and gain a more robust foundation for later lessons.

Browse courses on P-Values

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Go over your class notes or textbooks on P-value interpretation.
Review examples of confidence intervals and their applications in real-world scenarios.

Review the basics of probability and distributions

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Strengthen your foundation in probability and distributions for a better understanding of statistical concepts.

Browse courses on Probability

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Review online tutorials or textbooks covering the fundamentals of probability.
Focus on understanding key concepts such as random variables, probability distributions, and Bayes' theorem.
Practice solving problems to reinforce your learning.

14 other activities

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Read "Statistics for Managers Using Microsoft Excel"

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Gain practical insights into statistical concepts and their application using Microsoft Excel.

View Study Guide and Student's Solutions Manual... on Amazon

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Obtain a copy of the book.
Read the chapters relevant to the course topics.
Focus on understanding the statistical concepts and their relevance to business decision-making.

Learn about statistical software

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Enhance your ability to use statistical software for data analysis.

Browse courses on Excel

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Identify statistical software that aligns with your needs and interests.
Enroll in online tutorials or workshops to learn the basics of the software.
Practice using the software by completing guided exercises and projects.

Discussion forum participation

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Engaging in discussions with peers will foster understanding of course material and different perspectives.

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Read the assigned readings and participate in weekly discussion forums.
Ask questions and share insights related to the course topics.
Comment on and provide feedback to other students' posts.

Practice Hypothesis Testing Exercises

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Reinforce your understanding of hypothesis testing by working through practice problems.

Browse courses on Hypothesis Testing

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Solve hypothesis testing problems from online resources or textbooks.
Compare your answers with solutions to identify areas for improvement.

Complete practice problems on hypothesis testing

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Reinforce your understanding of hypothesis testing by solving practice problems.

Browse courses on Hypothesis Testing

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Review the concepts of hypothesis testing.
Access practice problems from the course materials or textbooks.
Solve the problems, taking your time and ensuring accuracy.
Check your answers against the provided solutions.

Excel exercises

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Practice using Excel for data analysis and statistical calculations will enhance understanding of course concepts.

Browse courses on Excel

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Import data into Excel and create basic charts.
Use Excel formulas to calculate mean, median, and standard deviation.
Create a scatterplot and fit a linear regression line.
Perform hypothesis testing using Excel functions.

Solve Statistics Problems Regularly

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Engaging in consistent practice will enhance your problem-solving skills and solidify your understanding of statistical concepts.

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Dedicate time each day to solving statistics problems.
Review the course material and identify areas where you need additional practice.
Utilize online resources, textbooks, or practice exams for problem sets.

Participate in discussion forums on statistical concepts

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Engage in discussions with peers to deepen your understanding of statistical concepts and clarify any doubts.

Browse courses on Statistical Concepts

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Identify online discussion forums or groups相关 to the course content.
Actively participate in discussions, asking questions and sharing insights.
Engage with other students' perspectives and alternative viewpoints.

Compile a collection of statistical resources and tools

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Expand your knowledge and access to relevant statistical materials and software.

Browse courses on Statistical tools

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Identify and gather resources such as online articles, tutorials, and software tools related to statistics.
Organize the resources into a structured format, such as a website, document, or spreadsheet.
Share the compilation with other students or online communities for collaboration and knowledge sharing.

Attend a workshop on data visualization

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Develop skills in presenting statistical information effectively through visualization techniques.

Browse courses on Data Visualization

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Identify and register for a workshop on data visualization.
Attend the workshop and actively participate in the activities and discussions.
Practice creating data visualizations using the techniques learned.

Kaggle competitions

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Participating in Kaggle competitions will provide practical experience in applying statistical techniques to real-world datasets.

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Select a Kaggle competition related to course topics.
Follow tutorials and documentation to learn the necessary techniques.
Develop and submit your own statistical model.
Analyze results and compare with other participants.

Develop a statistical model for a real-world problem

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Apply your knowledge of statistical modeling to solve a practical problem.

Browse courses on Linear Regression

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Identify a real-world problem that can be addressed using statistical modeling.
Collect and analyze data relevant to the problem.
Develop a statistical model using the data and appropriate techniques.
Evaluate the performance of the model and refine it as needed.
Present your findings and recommendations based on the model's results.

Data visualization project

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Creating data visualizations will enhance understanding and communication of statistical findings.

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Choose a dataset related to course topics.
Clean and prepare the data for visualization.
Select appropriate data visualization techniques.
Create data visualizations using tools like Tableau or Power BI.

Volunteering at a research lab

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Volunteering in a research lab will provide practical experience in applying statistical techniques in real-world research.

Show steps

Contact research labs to inquire about volunteer opportunities.
Assist with data collection, analysis, or interpretation under the guidance of researchers.
Attend lab meetings and seminars to stay updated on research methods.

Career center

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

Statistician

Statisticians use data to solve problems and make informed decisions. The course in Inferential and Predictive Statistics for Business would be particularly useful for Statisticians, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Statisticians to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Statisticians to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Statistician

Business Analyst

Business Analysts help companies improve their operations by analyzing data and identifying areas for improvement. The course in Inferential and Predictive Statistics for Business would be particularly useful for Business Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Business Analysts to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Business Analysts to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Business Analyst

Data Analyst

Data Analysts use data to make informed decisions. The course in Inferential and Predictive Statistics for Business would be particularly useful for Data Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Data Analysts to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Data Analysts to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Data Analyst

Financial Analyst

Financial Analysts use data to make informed investment decisions. The course in Inferential and Predictive Statistics for Business would be particularly useful for Financial Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret financial data. The course would also help Financial Analysts to develop the critical thinking skills needed to identify and evaluate investment opportunities. Additionally, the course would help Financial Analysts to communicate their findings to clients and investors in a clear and concise manner.

See salaries and explore the career path for Financial Analyst

Quantitative Analyst

Quantitative Analysts use data to make informed investment decisions. The course in Inferential and Predictive Statistics for Business would be particularly useful for Quantitative Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret financial data. The course would also help Quantitative Analysts to develop the critical thinking skills needed to identify and evaluate investment opportunities. Additionally, the course would help Quantitative Analysts to communicate their findings to clients and investors in a clear and concise manner.

See salaries and explore the career path for Quantitative Analyst

Risk Analyst

Risk Analysts use data to identify and assess risks. The course in Inferential and Predictive Statistics for Business would be particularly useful for Risk Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Risk Analysts to develop the critical thinking skills needed to identify and evaluate risks. Additionally, the course would help Risk Analysts to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Risk Analyst

Product Manager

Product Managers use data to make informed decisions about product development and marketing. The course in Inferential and Predictive Statistics for Business would be particularly useful for Product Managers, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Product Managers to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Product Managers to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Product Manager

Business Intelligence Analyst

Business Intelligence Analysts use data to help businesses make informed decisions. The course in Inferential and Predictive Statistics for Business would be particularly useful for Business Intelligence Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Business Intelligence Analysts to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Business Intelligence Analysts to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Business Intelligence Analyst

Market Researcher

Market Researchers use data to understand consumer behavior and trends. The course in Inferential and Predictive Statistics for Business would be particularly useful for Market Researchers, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret market research data. The course would also help Market Researchers to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Market Researchers to communicate their findings to clients in a clear and concise manner.

See salaries and explore the career path for Market Researcher

Sales Manager

Sales Managers use data to make informed decisions about sales strategies and tactics. The course in Inferential and Predictive Statistics for Business would be particularly useful for Sales Managers, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Sales Managers to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Sales Managers to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Sales Manager

Marketing Manager

Marketing Managers use data to make informed decisions about marketing campaigns and strategies. The course in Inferential and Predictive Statistics for Business would be particularly useful for Marketing Managers, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Marketing Managers to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Marketing Managers to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Marketing Manager

Chief Executive Officer

Chief Executive Officers (CEOs) use data to make informed decisions about the strategic direction of their companies. The course in Inferential and Predictive Statistics for Business would be particularly useful for CEOs, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help CEOs to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help CEOs to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Chief Executive Officer

Project Manager

Project Managers use data to manage projects effectively. The course in Inferential and Predictive Statistics for Business would be particularly useful for Project Managers, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Project Managers to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Project Managers to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Project Manager

Operations Research Analyst

Operations Research Analysts use data to improve the efficiency of business operations. The course in Inferential and Predictive Statistics for Business would be particularly useful for Operations Research Analysts, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Operations Research Analysts to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Operations Research Analysts to communicate their findings to stakeholders in a clear and concise manner.

See salaries and explore the career path for Operations Research Analyst

Management Consultant

Management Consultants use data to help businesses improve their operations. The course in Inferential and Predictive Statistics for Business would be particularly useful for Management Consultants, as it would provide them with the skills and knowledge needed to collect, analyze, and interpret data. The course would also help Management Consultants to develop the critical thinking skills needed to identify and solve problems. Additionally, the course would help Management Consultants to communicate their findings to clients in a clear and concise manner.

See salaries and explore the career path for Management Consultant

Reading list

We've selected 14 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Inferential and Predictive Statistics for Business.

Legal Construct, Social Concept

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This textbook provides a mathematically rigorous introduction to statistics and helpful reference for learners with a strong foundation in mathematics.

Inferential and Predictive Statistics for Business

Three deals to help you save

What's inside

Syllabus

Good to know

Save this course

Reviews summary

Highly rated inferential statistics course

Activities

Career center

Reading list

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