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Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions
  • Level Foundation
  • Duration 21 hours
  • Course by Rice University
  • Offered by

About

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

Modules

Meet the Professor

    • 1 Videos
    • 2 Readings
Show info about module content

1 Videos

  • Meet the Professor

2 Readings

  • Course FAQs
  • Pre-Course Survey

Lesson 1 - Descriptive Statistics

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Descriptive Statistics

1 Videos

  • Descriptive Statistics

1 Readings

  • Slides, Lesson 1

Lesson 2 - Descriptive Statistics Continued

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Descriptive Statistics Continued

1 Videos

  • Descriptive Statistics Continued

1 Readings

  • Slides, Lesson 2

Lesson 3 - Introduction to the Box Plot and Standard Deviation

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Introduction to the Box Plot and the Standard Deviation

1 Videos

  • Introduction to the Box Plot and Standard Deviation

1 Readings

  • Slides, Lesson 3

Lesson 4 - The Standard Deviation "Rule of Thumb"

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The Standard Deviation “Rule of Thumb”

1 Videos

  • The Standard Deviation "Rule of Thumb"

1 Readings

  • Slides, Lesson 4

Lesson 5 - Testing the "Rule of Thumb"

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Testing the “Rule of Thumb”

1 Videos

  • Testing the "Rule of Thumb"

1 Readings

  • Slides, Lesson 5

Lesson 6 - Chebyshev's Theorem

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Chebyshev’s Theorem

1 Videos

  • Chebyshev's Theorem

1 Readings

  • Slides, Lesson 6

Week 1 Recap

    • 1 Videos
Show info about module content

1 Videos

  • Week 1 Recap

Basic Data Descriptors Quiz

    • 1 Assignment
Show info about module content

1 Assignment

  • Basic Data Descriptors and Data Distributions

Lesson 1 - Covariance

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Covariance

1 Videos

  • Covariance

1 Readings

  • Slides, Lesson 1

Lesson 2 - Correlation

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Correlation

1 Videos

  • Correlation

1 Readings

  • Slides, Lesson 2

Lesson 3 - Causation

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Causation

1 Videos

  • Causation

1 Readings

  • Slides, Lesson 3

Lesson 4 - Probability and Random Variables

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Probability

1 Videos

  • Probability and Random variables

1 Readings

  • Slides, Lesson 4

Lesson 5 - Statistical Distributions

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Statistical Distributions

1 Videos

  • Statistical Distributions

1 Readings

  • Slides, Lesson 5

Week 2 Recap

    • 1 Videos
Show info about module content

1 Videos

  • Week 2 Recap

Descriptive Measures of Association, Probability, and Statistical Distributions Quiz

    • 1 Assignment
Show info about module content

1 Assignment

  • Descriptive Measures of Association, Probability, and Data Distributions

Lesson 1 - Probability Density Function and Area Under the Curve

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • PDF and PMF

1 Videos

  • Probability Density Function and Area Under the Curve

1 Readings

  • Slides, Lesson 1

Lesson 2 - The Normal Distribution

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The Normal Distribution

1 Videos

  • The Normal Distribution

1 Readings

  • Slides, Lesson 2

Lesson 3 - The NORM.DIST Function

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The NORM.DIST Function

1 Videos

  • The NORM.DIST Function

1 Readings

  • Slides, Lesson 3

Lesson 4 - The NORM.DIST Function Continued

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The NORM.DIST Function Continued

1 Videos

  • The NORM.DIST Function Continued

1 Readings

  • Slides, Lesson 4

Lesson 5 - The NORM.INV Function

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The NORM.INV Function

1 Videos

  • The NORM.INV Function

1 Readings

  • Slides, Lesson 5

The Normal Distribution Quiz

    • 1 Assignment
Show info about module content

1 Assignment

  • The Normal Distribution

Lesson 1 - Applying the Normal Distribution, Standard Normal Distribution

    • 1 Videos
    • 1 Readings
    • 1 Assignment
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1 Assignment

  • Applying the Normal Distribution, Standard Distribution

1 Videos

  • Applying the Normal Distribution, Standard Normal Distribution

1 Readings

  • Slides, Lesson 1

Lesson 2 - Population and Sample data

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Population and Sample data

1 Videos

  • Population and Sample data

1 Readings

  • Slides, Lesson 2

Lesson 3 - Central Limit Theorem

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Central Limit Theorem

1 Videos

  • Central Limit Theorem

1 Readings

  • Slides, Lesson 3

Lesson 4 - The Binomial Distribution

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • The Binomial Distribution

1 Videos

  • The Binomial Distribution

1 Readings

  • Slides, Lesson 4

Lesson 5 - Business Application of the Binomial Distribution

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Business Application of the Binomial Distribution

1 Videos

  • Business Application of the Binomial Distribution

1 Readings

  • Slides, Lesson 5

Lesson 6 - Poisson Distribution

    • 1 Videos
    • 1 Readings
    • 1 Assignment
Show info about module content

1 Assignment

  • Poisson Distribution

1 Videos

  • Poisson Distribution

1 Readings

  • Slides, Lesson 6

Weeks 3 and 4 Recap

    • 1 Videos
    • 1 Readings
Show info about module content

1 Videos

  • Weeks 3 and 4 Recap

1 Readings

  • End-of-Course Survey

Quiz - Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data

    • 1 Assignment
Show info about module content

1 Assignment

  • Working with Distributions (Normal, Binomial, Poisson), Population and Sample Data

Auto Summary

This foundational course, led by Coursera, dives into Business Statistics within the Data Science & AI domain. Over four weeks, you'll explore descriptive statistics, probability, and key statistical distributions using Excel. Learn to summarize data, interpret measures of central tendency and spread, and apply Normal, Binomial, and Poisson distributions to business scenarios. With flexible subscription options, this course is ideal for professionals looking to enhance their decision-making skills through statistical analysis.

Sharad Borle
Instructor

Sharad Borle