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

4.7

964 ratings

•

151 reviews

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.

Jun 15, 2017

This course was great. Although the concepts introduced are complex, the instructor breaks them down and gives relatable, real-world style examples to easily explain the application.

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By Mitthi J S

•Aug 06, 2019

The course was very well structured. It helped a lot in understanding the basics of all the distribution and using them efficiently in excel!

By Jean-Philippe M

•Aug 02, 2019

Wish had more exercises but this was an excellent course. Teacher is excellent

By Lalit G

•Aug 02, 2019

Very useful concepts in statistical distributions.

By Lin Y

•Jul 26, 2019

A truly fascinating course. Keep in mind, this is an introductory course, and it is very useful for either refreshing your memory, or teach something useful and practical.

By Kalaiselvan P

•Jul 21, 2019

Excellent Content, takes me back to the college days

By Nazmus S S

•Dec 21, 2018

Professor Sharod Borle is a fantastic professor. I learned a lot of new concepts from this course.

By Benjamìn A G

•Feb 03, 2019

All is excellent!

By enrique a r

•Feb 07, 2019

fantastic!

By Gregory R G J

•Nov 20, 2018

Thumbs Up!

By Shady N S T

•Nov 26, 2018

People with Statistics background will enjoy this course and the whole specialization as well.

By Emil R

•Nov 28, 2018

Great course. Excellent Instructor

By 张悦

•Jan 11, 2019

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

By Atis R

•Feb 11, 2019

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

By Klaus G

•Mar 13, 2019

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

By ARVIND K S

•Mar 14, 2019

One of the best courses It has been my pleasure to complete! And by pleasure, I mean I really enjoyed the learning process. Nicely articulated through video lectures and handouts (for future reference), this course makes seemingly abstract concepts very clear and easy to comprehend. Lays the groundwork for hitherto unthinkable applications in a vast array of business scenarios. The quizzes reinforce the learning through videos.

By jittu s

•Mar 17, 2019

good

By sutan a m

•Mar 18, 2019

concrete example and direct application. using excel, it should be easy to conduct basic statistical analysis. I learned so much.

By Taylor N

•Jan 12, 2019

While not super-duper comprehensive, I appreciated all the business applications and practice. Good stuff.

By Shittu I

•Jan 14, 2019

Absolutely a powerful and awesome course.

Thank you for this opportunity

By Sabarish V

•Dec 29, 2018

The course content was concise enough to breeze through it in under a dozen hours (for an engineer). The assignments and practice quizzes were very helpful. I was a bit disappointed that the content was very basic, but then again, this was not advertised as an advanced course.

By Priyanka P

•Aug 08, 2018

Questions of the last week are very tricky. Would appreciate if you could provide the answers with an explanation , it would help us to understand better.

By Esther K

•Aug 13, 2018

Great course!

By Ankita

•Jul 19, 2018

Excellent course

By Karen S Z

•Jul 21, 2018

The instructor is very good. While he has an accent, he isn't hard to understand (and you can rewind if you do miss something :)) This course went step-by-step and explained everything clearly, with examples. The final quiz was just hard enough to know that you understood the material, but not so hard that you couldn't complete it. There were a couple of questions I had trouble with and I went out on the discussion forum to get help on them. (All of them were already out there so lots of people had trouble with them!)

By Ruiqi D

•Sep 07, 2018

Excellent course! Thank you!