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

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2,673 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

DP

Mar 6, 2020

Learned good statistics on practical problems. I love the fact that instructor provides enough discussion so when faced with real world problems, you know how to proceed.

AB

Feb 27, 2018

Statistical concepts were made very clear in this course. Very useful course if someone wants to implement stats in real business scenarios. I've ENJOYED thoroughly!!

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251 - 275 of 435 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By GABRIEL G R

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Apr 17, 2021

A well structured course

By Hemavathi L

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Jun 4, 2020

It is a very nice course

By JONATHAN J F E

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Jun 20, 2022

EXCELENTE ENTRENAMIENTO

By Rais S R

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Aug 25, 2020

the course very helpful

By Savinay K S

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Jan 1, 2020

Great... I am loving it

By Mustahid H

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May 19, 2020

Exercises are awesome.

By Scott S

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Sep 7, 2017

Great practical course

By arun b

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Dec 28, 2020

simple and elegant.

By Aiswarya P

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Oct 17, 2020

It was good section

By Roxanna J Z P

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Jan 25, 2021

Excellent Course!!

By Juan C G

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Apr 10, 2018

It's simply great!

By Ram M

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Dec 6, 2020

Great instructor!

By Aparna C

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Oct 1, 2020

Excellent Course.

By Benjamìn A G

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Feb 3, 2019

All is excellent!

By Mahua M

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Feb 3, 2018

very good course.

By Isabel

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May 31, 2017

Good explanations

By Xin G

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Mar 3, 2017

Useful for excel!

By Thalari A

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May 17, 2022

super experience

By Mubarak A M

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Nov 17, 2021

Excellent course

By Sofie W

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Sep 29, 2021

it was educative

By Joash D

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Feb 24, 2021

exceptional work

By Shubham C

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Sep 12, 2020

Nice explanation

By Me

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Jun 27, 2020

Very Good Course

By Venkatesan J

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Jun 27, 2020

Excellent Course

By Ankita R

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Jul 19, 2018

Excellent course