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

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

4.7
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2,686 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

CA

Jun 14, 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.

SL

Jul 3, 2018

Loved studing and learning about normal distributions, continuous vs discrete data and how to estimate probabilities by different distributions approach. Learning is fascinating

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426 - 436 of 436 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By Zaid R

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Apr 20, 2025

having a interactive tutor would have been beneficial

By Anza T

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Apr 14, 2020

the questions were tricky

By Renu M

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Mar 17, 2019

Too much focus on the excel functions. I had to use supporting materials to understand the concepts better so that the excel application can be put into context.

By Lyn S

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Aug 10, 2017

Using the internet and its loads of detailed info and teachings to support this learning. Just wading thru this to get the certificate.

By Daniela M

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Jul 25, 2021

Quizzes were more confusing than the actual lessons.

By Albert C

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Feb 21, 2019

Too basic, not enough of actual Excel usage

By Billy V

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Jun 13, 2024

Supporting resources is lacking.

By Daniel C

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Nov 3, 2020

Very difficult course

By Doru I

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May 3, 2024

From bad to worse, this course was painful on many levels. I'm sorry to be so negative, but not all people have the gift of teaching; this tutor is an example. He is unable to express essential concepts clearly in an engaging manner.

By Timothea N S E

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May 4, 2020

barely any explanations when answer is wrong.

By Mindaugas

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Oct 25, 2020

bulshit