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

Approx. 21 hours to complete

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Course Summary

Learn how to use descriptive statistics to analyze and interpret data in business applications. This course covers probability distributions, hypothesis testing, and regression analysis.

Key Learning Points

Understand the fundamentals of descriptive statistics and probability distributions
Learn how to apply statistical techniques to real-world business problems
Develop skills in hypothesis testing and regression analysis

Job Positions & Salaries of people who have taken this course might have

Business Analyst
- USA: $70,000 - $100,000
- India: ₹500,000 - ₹1,000,000
- Spain: €25,000 - €40,000
Data Analyst
- USA: $60,000 - $90,000
- India: ₹400,000 - ₹900,000
- Spain: €20,000 - €35,000
Marketing Analyst
- USA: $55,000 - $80,000
- India: ₹350,000 - ₹800,000
- Spain: €18,000 - €30,000

Learning Outcomes

Understand the basics of descriptive statistics and probability distributions
Apply statistical techniques to solve real-world business problems
Develop skills in hypothesis testing and regression analysis

Prerequisites or good to have knowledge before taking this course

Basic knowledge of algebra
Familiarity with Excel or other spreadsheet software

Course Difficulty Level

Beginner

Course Format

Online
Self-paced

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Description

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

Outline

Basic Data Descriptors
Meet the Professor
Descriptive Statistics
Descriptive Statistics Continued
Introduction to the Box Plot and Standard Deviation
The Standard Deviation "Rule of Thumb"
Testing the "Rule of Thumb"
Chebyshev's Theorem
Week 1 Recap
Course FAQs
Pre-Course Survey
Slides, Lesson 1
Slides, Lesson 2
Slides, Lesson 3
Slides, Lesson 4
Slides, Lesson 5
Slides, Lesson 6
Descriptive Statistics
Descriptive Statistics Continued
Introduction to the Box Plot and the Standard Deviation
The Standard Deviation “Rule of Thumb”
Testing the “Rule of Thumb”
Chebyshev’s Theorem
Basic Data Descriptors and Data Distributions

Descriptive Measures of Association, Probability, and Statistical Distributions
Covariance
Correlation
Causation
Probability and Random variables
Statistical Distributions
Week 2 Recap
Slides, Lesson 1
Slides, Lesson 2
Slides, Lesson 3
Slides, Lesson 4
Slides, Lesson 5
Covariance
Correlation
Causation
Probability
Statistical Distributions
Descriptive Measures of Association, Probability, and Data Distributions

The Normal Distribution
Probability Density Function and Area Under the Curve
The Normal Distribution
The NORM.DIST Function
The NORM.DIST Function Continued
The NORM.INV Function
Slides, Lesson 1
Slides, Lesson 2
Slides, Lesson 3
Slides, Lesson 4
Slides, Lesson 5
PDF and PMF
The Normal Distribution
The NORM.DIST Function
The NORM.DIST Function Continued
The NORM.INV Function
The Normal Distribution

Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data
Applying the Normal Distribution, Standard Normal Distribution
Population and Sample data
Central Limit Theorem
The Binomial Distribution
Business Application of the Binomial Distribution
Poisson Distribution
Weeks 3 and 4 Recap
Slides, Lesson 1
Slides, Lesson 2
Slides, Lesson 3
Slides, Lesson 4
Slides, Lesson 5
Slides, Lesson 6
End-of-Course Survey
Applying the Normal Distribution, Standard Distribution
Population and Sample data
Central Limit Theorem
The Binomial Distribution
Business Application of the Binomial Distribution
Poisson Distribution
Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data

Summary of User Reviews

This course on descriptive statistics and statistical distributions for business application has received great reviews from users. Many users have praised the course for its practical approach to teaching complex concepts.

Key Aspect Users Liked About This Course

The course has been praised for its practical approach to teaching complex statistical concepts.

Pros from User Reviews

Clear and concise explanations of statistical concepts
Useful real-world examples and applications
Interactive quizzes and assignments to reinforce learning
Engaging and knowledgeable instructors
Flexible learning schedule

Cons from User Reviews

Some users found the pace of the course to be too slow or too fast
Occasional technical issues with the online platform
Limited opportunities for interaction with other students
Some users found the course to be too basic or not challenging enough
No certification or credential offered upon completion

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