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

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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.

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.

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por Mohammed T C

•May 16, 2020

Excellent Course with 100% practical based learning. Learned a lot. Thanks

por Lalit J

•Oct 30, 2018

Love the way course was designed and the way example problems were solved.

por John D I

•Aug 28, 2018

Great course and great instructor. Very clear explanations of each topic.

por Mohammad M

•Nov 05, 2016

One of the most practical courses in business analytic I've ever enrolled.

por José A G U

•Feb 07, 2018

Excelente curso para aprender los principios básicos del manejo de datos.

por Dr C S B

•May 09, 2020

Nice course planned. And excellent explanation by the course instructor.

por Shittu I

•Jan 14, 2019

Absolutely a powerful and awesome course.

Thank you for this opportunity

por Charles E

•Nov 24, 2019

Very good course with well structured course materials and assessments

por Elsayed k

•Dec 17, 2019

very useful and insightful content, I really liked the instructor.

por Krishna B

•Apr 11, 2020

It has been always nice learning under the professor. Thanks Sir.

por Hector M F

•Feb 12, 2020

Very informative course! I learned a great deal about statistics!

por Atis R

•Feb 11, 2019

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

por 张悦

•Jan 11, 2019

very helpful if you actually think about all the things learned.

por Jaime M

•Sep 07, 2017

Great course to identify and analyse statistical distributions.

por shadrack B

•Dec 11, 2016

Absolutely great course. Learnt a lot of useful information.

por Andy L

•Mar 22, 2020

Great 'business relevant' example questions and scenarios

por Kelechi I

•May 23, 2019

Excellent course. Straight to the point. Great professor.

por Pratyush

•Jul 25, 2017

Easy to grasp, good amount of practice, and well taught.

por Narges S H

•Apr 17, 2020

The lessons are easy but quizzes are really challenging

por Muskan G

•Dec 13, 2019

Amazing start for basic statistics and probability

por David L C F

•Apr 24, 2019

Great course. From basic to practical application.

por Aline C

•Oct 21, 2018

well designed and useful, great course !

por Johnson D

•Mar 21, 2018

Good Course, gives a basic introduction

por Jennifer R B

•Mar 25, 2020

The basic college refresher I needed.

por Wellington G S

•Aug 08, 2017

Important part of the specialization.