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

2,375 ratings

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


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.


Aug 26, 2020

This is one of the best courses i have atended since, the exercises are all related to the topic.Great job. .

Thanks to Mr Sharad Borle for explaining very well the content in this course .

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351 - 375 of 401 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By Sam

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 Sanmay M

Mar 28, 2022

some questions in exam are not very clear

By Surapa K

Oct 14, 2019

short, concise, informative and practical

By Beāta K

Jan 9, 2021

The feedback from lecturers is missing.


Jun 4, 2020

need more practice sums with each video

By Joshua A

Jun 8, 2022

very tough and exciting course.......


Dec 23, 2021

helped me with my collage course also

By Jeonghwan J

Jul 18, 2018

good to understand and explaination


Jul 15, 2020

It was a very informative course.

By Alfonso R

Jun 16, 2019

Excelente course, I recommend it.

By shahabuddin m s

Sep 1, 2020

Great course! great learning

By Allen L

Jul 19, 2020

Very basic. Easy to learn.

By Aditya S

Dec 3, 2020

Sensational course!