Retour à Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

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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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par SABRIOUS

•Mar 15, 2018

what a good course and i love all exercises special the 4 final exams each week and i want more exercise for practice some of exercises not easy to understand need to practice more every week

next time want to see more exercises or more outsources exams

par Alejandra H

•Mar 08, 2018

Very goo

par Valeria R

•Nov 13, 2017

As a beginner, I found the course to be extremely useful and very clear. The professor guides you through each step in all his lessons, in a way that makes the course accessible even to a complete beginner. Although the lessons are relatively short, you are given the opportunity to learn a whole set of new skills, that can be surely useful across different jobs.

Only negative point: I would have liked more tests and exercises!

par Tim L

•Apr 30, 2018

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

par Saurabh M

•Aug 02, 2017

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

par Colin P

•Apr 10, 2018

Good intro or refresher on how to apply apply basic statistical concepts to business problems. I can immediately apply the Poisson distribution to gain further insights at my current job. I thought the material was well presented by the speaker: spoke slowly, clearly, and didn't try to cover too much dense info. in each video segment. The quizes were a little bit of a stretch, from what was presented in the videos, but still relevant.

par deepak m

•Mar 28, 2018

I would like to go further in depth of the course for better understanding. I think I have got the topic but still far from understanding its business application.

par Darryl F

•Sep 18, 2018

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

par Kim K

•Aug 08, 2018

Rigorous and rewarding when you put the work in.

par Harsha M

•Apr 24, 2019

Very nice course, helped to clear my basic understanding.

par Alfonso C R

•Jun 17, 2019

Excelente course, I recommend it.

par Patrick W

•Jul 05, 2019

Useful refresher for business context of statistics

par Daniel L

•May 24, 2017

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

par Renier B

•Dec 02, 2019

Good course, learned some really new applications.

par Surapa K

•Oct 14, 2019

short, concise, informative and practical

par Dr. C J

•Oct 15, 2019

Great content

par Shreya M

•Jul 08, 2017

THE INSTRUCTOR WAS GOOD AND THE COURSE CONTENT WAS SIMPLE AND YET AMAZING. I ENJOYED EACH BIT OF THE CLASS. THANKS A TON!

par Robert H

•Aug 01, 2017

Clear and concise introduction to a number of statistical concepts. What this course lacks is application exercises in excel. It is taught well, but could benefit by expanding the course material to work with more problem sets in actual excel. For this one reason the cost of the course may not be worth it if you are unable to finish 2 to 3 courses in a month (imho).

par Hesham M H S

•Dec 01, 2019

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

par Jeonghwan J

•Jul 18, 2018

good to understand and explaination

par Paweł K

•Mar 15, 2019

Last part about Binomal and Poisson was not fully clear to me

par Courtney G

•Jun 22, 2017

Overview of normal distribution was much more comprehensive than the discrete distributions. More time/attention could have been given to explaining the concepts behind the two discrete distributions in order to use them in a practical context (i.e., business application questions).

par Davida C

•Sep 22, 2017

A bit too technical for me. I really just needed to master Excel, and I got that from Part 1 of the course.

par Noel E D

•May 06, 2018

I wish there were more business cases and deep dives. I found the content a bit short and lacking. It did however introduce the concepts well and allowed me to understand much better material googled elsewhere

par Nitish A

•Feb 02, 2018

It was a well explained course, but I believe the course should have been more extensive. Also, the reading material was exactly the same as the slides the professor already presented in the video but still have been allotted independent reading times. It feels like a topic spread out as a course.

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