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

4.7
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2,266 ratings
385 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

SN

Aug 20, 2021

This was a really enjoyable course, but challenging too. I struggled a bit with the final assignment, but nailed it in the end. My statistical knowledge base has indeed been enhanced by this course.

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.

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226 - 250 of 382 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By ken k

Aug 25, 2020

Thanks. So interesting !!!!

By bhola p

May 11, 2018

Sharad sir is just amazing.

By MIHIR P

Sep 7, 2021

Great course for beginners

By David E

May 7, 2020

Excellent course material.

By Ann A o

Nov 12, 2021

it was a great experience

By Sahib Q

Jan 31, 2021

Thank you for the course!

By Pablo b

May 30, 2020

Detailed and interesting!

By Riky I

Mar 25, 2017

Clear and concise, great!

By Shivam B

Dec 30, 2021

this cource is very good

By GABRIEL G R

Apr 17, 2021

A well structured course

By Hemavathi

Jun 4, 2020

It is a very nice course

By Rais S R

Aug 25, 2020

the course very helpful

By Savinay K S

Jan 1, 2020

Great... I am loving it

By Mustahid H

May 19, 2020

Exercises are awesome.

By Scott S

Sep 7, 2017

Great practical course

By arun b

Dec 28, 2020

simple and elegant.

By Aiswarya P

Oct 17, 2020

It was good section

By Roxanna J Z P

Jan 25, 2021

Excellent Course!!

By Juan C G

Apr 10, 2018

It's simply great!

By Ram M

Dec 6, 2020

Great instructor!

By Aparna C

Oct 1, 2020

Excellent Course.

By Benjamìn A G

Feb 3, 2019

All is excellent!

By Mahua M

Feb 3, 2018

very good course.

By Isabel

May 31, 2017

Good explanations

By Xin G

Mar 3, 2017

Useful for excel!