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

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

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About this course: 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 introd…

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When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: 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

Created by:  Rice University
  • Taught by:  Sharad Borle, Associate Professor of Management

    Jones Graduate School of Business
Basic Info Course 2 of 5 in the Business Statistics and Analysis Specialization Commitment 4 weeks of study, 1-3 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.7 stars Average User Rating 4.7See what learners said Coursework

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Syllabus


WEEK 1


Basic Data Descriptors



8 videos, 8 readings, 6 practice quizzes expand


  1. Video: Meet the Professor
  2. Reading: Course FAQs
  3. Reading: Pre-Course Survey
  4. Video: Descriptive Statistics
  5. Reading: Slides, Lesson 1
  6. Practice Quiz: Descriptive Statistics
  7. Video: Descriptive Statistics Continued
  8. Reading: Slides, Lesson 2
  9. Practice Quiz: Descriptive Statistics Continued
  10. Video: Introduction to the Box Plot and Standard Deviation
  11. Reading: Slides, Lesson 3
  12. Practice Quiz: Introduction to the Box Plot and the Standard Deviation
  13. Video: The Standard Deviation "Rule of Thumb"
  14. Reading: Slides, Lesson 4
  15. Practice Quiz: The Standard Deviation “Rule of Thumb”
  16. Video: Testing the "Rule of Thumb"
  17. Reading: Slides, Lesson 5
  18. Practice Quiz: Testing the “Rule of Thumb”
  19. Video: Chebyshev's Theorem
  20. Reading: Slides, Lesson 6
  21. Practice Quiz: Chebyshev’s Theorem
  22. Video: Week 1 Recap

Graded: Basic Data Descriptors and Data Distributions

WEEK 2


Descriptive Measures of Association, Probability, and Statistical Distributions



6 videos, 5 readings, 5 practice quizzes expand


  1. Video: Covariance
  2. Reading: Slides, Lesson 1
  3. Practice Quiz: Covariance
  4. Video: Correlation
  5. Reading: Slides, Lesson 2
  6. Practice Quiz: Correlation
  7. Video: Causation
  8. Reading: Slides, Lesson 3
  9. Practice Quiz: Causation
  10. Video: Probability and Random variables
  11. Reading: Slides, Lesson 4
  12. Practice Quiz: Probability
  13. Video: Statistical Distributions
  14. Reading: Slides, Lesson 5
  15. Practice Quiz: Statistical Distributions
  16. Video: Week 2 Recap

Graded: Descriptive Measures of Association, Probability, and Data Distributions

WEEK 3


The Normal Distribution



5 videos, 5 readings, 5 practice quizzes expand


  1. Video: Probability Density Function and Area Under the Curve
  2. Reading: Slides, Lesson 1
  3. Practice Quiz: PDF and PMF
  4. Video: The Normal Distribution
  5. Reading: Slides, Lesson 2
  6. Practice Quiz: The Normal Distribution
  7. Video: The NORM.DIST Function
  8. Reading: Slides, Lesson 3
  9. Practice Quiz: The NORM.DIST Function
  10. Video: The NORM.DIST Function Continued
  11. Reading: Slides, Lesson 4
  12. Practice Quiz: The NORM.DIST Function Continued
  13. Video: The NORM.INV Function
  14. Reading: Slides, Lesson 5
  15. Practice Quiz: The NORM.INV Function

Graded: The Normal Distribution

WEEK 4


Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data



7 videos, 7 readings, 6 practice quizzes expand


  1. Video: Applying the Normal Distribution, Standard Normal Distribution
  2. Reading: Slides, Lesson 1
  3. Practice Quiz: Applying the Normal Distribution, Standard Distribution
  4. Video: Population and Sample data
  5. Reading: Slides, Lesson 2
  6. Practice Quiz: Population and Sample data
  7. Video: Central Limit Theorem
  8. Reading: Slides, Lesson 3
  9. Practice Quiz: Central Limit Theorem
  10. Video: The Binomial Distribution
  11. Reading: Slides, Lesson 4
  12. Practice Quiz: The Binomial Distribution
  13. Video: Business Application of the Binomial Distribution
  14. Reading: Slides, Lesson 5
  15. Practice Quiz: Business Application of the Binomial Distribution
  16. Video: Poisson Distribution
  17. Reading: Slides, Lesson 6
  18. Practice Quiz: Poisson Distribution
  19. Video: Weeks 3 and 4 Recap
  20. Reading: End-of-Course Survey

Graded: Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data

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