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Learner Reviews & Feedback for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions by Rice University

4.7
stars
1,829 ratings
305 reviews

About the 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...

Top reviews

GG
Aug 22, 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.

CA
Jun 14, 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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251 - 275 of 300 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By Saurabh M

Aug 2, 2017

This course was a little difficult compared to the previous course and involved a lot of theoretical concepts.

By Chintan D

Jun 12, 2020

The content was good and explained in simple words. However, I would have liked more real-life examples

By MO H

Jan 29, 2019

Showing the key important thing for learning the basic statistical concept; Nice example and practice.

By Santiago R R

Jul 21, 2020

Excellent course, would really be 5 stars if the feedback on the assignments was a bit more helpful

By Ashis G

May 14, 2020

The interactive design of the course is instrumental in motivating the learners greatly.

By Tim L

Apr 29, 2018

Very good introduction to statistical distributions as it relates to business problems.

By EV B

May 25, 2020

Clear explanations of concepts I haven't studied in any detail previously

By Daniel L

May 24, 2017

Overall, great course and straightforward expectations for the end goals.

By Samuel G

May 16, 2020

Good course but the quizzes could use better feedback on wrong answers.

By shashank j

May 10, 2020

Course is good .It gives you business applications of all the concepts

By Darryl F

Sep 17, 2018

Tough Course at the end. Definitely needed to review multiple times

By adriana P

Dec 31, 2016

It was a clear explanation to the statistical, and the examples are

By Hesham M H S

Dec 1, 2019

it is interesting, but with more examples it would add more value.

By Michelle G

Apr 27, 2020

Topics covered well. Good basic understanding of topics covered.

By Dhiraj J

Jun 27, 2020

The course was really good and was a good learning experience

By Catherine S

May 21, 2020

A bit slow but well explained which make it somewhat easy.

By David A

Aug 2, 2020

that was a lot harder than course 1 and really tests you.

By Harsha M

Apr 23, 2019

Very nice course, helped to clear my basic understanding.

By Patrick W

Jul 5, 2019

Useful refresher for business context of statistics

By Renier B

Dec 2, 2019

Good course, learned some really new applications.

By Kim K

Aug 8, 2018

Rigorous and rewarding when you put the work in.

By Surapa K

Oct 14, 2019

short, concise, informative and practical

By VAIBHAV A J

Jun 4, 2020

need more practice sums with each video

By Jeonghwan J

Jul 18, 2018

good to understand and explaination

By NIKHIL S

Jul 15, 2020

It was a very informative course.