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.
By the end of this course, I was able to...
• 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 • Measures of association, the covariance and correlation measures; causation versus correlation • Probability and random variables; discrete versus continuous data
• Introduction to statistical distributions
• 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
• Various applications of the Normal distribution
• The Binomial and Poisson distributions
• Sample versus population data; the Central Limit Theorem
Statistics
Statistical Analysis
Normal Distribution
Poisson Distribution
Grade Achieved: 84.2%
Completed by Priyank Goyal at Sunday, December 31, 2017 5:56 AM GMT
4 weeks of study, 1-3 hours/week
Sharad Borle
Rice University
Course URL:https://www.coursera.org/learn/descriptive-statistics-statistical-distributions-business-application
Achievement: https://www.coursera.org/account/accomplishments/certificate/876FE6SYFSWN