Chevron Left
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
stars
2,621 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

SA

Oct 17, 2021

The course was fun and easy to follow through and i liked that when encountered with problem there is a discussion forum where facilitators and fellow students helped in solving it.thank you professor

SN

Aug 20, 2021

T​his was a really enjoyable course, but challenging too. I struggled a bit with the final assignment, but nailed it in the end. My statistical knowledge base has indeed been enhanced by this course.

Filter by:

351 - 375 of 429 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions

By Alex D

•

Apr 5, 2017

Contains all basic information on data descriptors, presented in a thorough and easy to understand way. More practice exercises (quizzes) would make it even better.

By Aakash G

•

May 4, 2020

It was wonderful to get a basic idea about different distribution methods but the only thing missing was a business problem from starting, a kind of small project.

By 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.

By Faisal n K

•

Aug 21, 2020

Professor explained tough concepts in simple and plain language full marks but need to improve student support regarding queries related to concepts and quizzes.

By Shivam G

•

May 18, 2020

It was a nice experience of learning some new skills and having some practical implementation with the questions which were there in the quiz.

By Emmanuel G

•

Dec 5, 2021

It was tough but very necessary. I'd recommend random quizzes past courses from time to time to stay in touch with what we've learnt.

By Lina G B C

•

Sep 5, 2024

Buen curso, a un nivel muy básico, los ejemplos en la vida real empresarial están bien resueltos pero dejan algunas dudas

By Shreya M

•

Jul 8, 2017

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

By Viviana C

•

Mar 24, 2019

the last portion was really difficult to understand, the material was too general for the questions covered in the quiz.

By Ajay K J

•

Oct 12, 2020

Well explained and got to know how to use Excel. But it should have an optional topic to go deep if someone wants to.

By Berly E

•

Jul 31, 2020

I was not able to resolve the Question #5 using the Poisson formula. Not sure I understood this topic correctly.

By Saurabh M

•

Aug 2, 2017

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

By Chintan D

•

Jun 12, 2020

The content was good and explained in simple words. However, I would have liked more real-life examples

By MO H

•

Jan 29, 2019

Showing the key important thing for learning the basic statistical concept; Nice example and practice.

By Santiago R R

•

Jul 21, 2020

Excellent course, would really be 5 stars if the feedback on the assignments was a bit more helpful

By Ashis G

•

May 14, 2020

The interactive design of the course is instrumental in motivating the learners greatly.

By Tim L

•

Apr 29, 2018

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

By Eltaneice B

•

May 25, 2020

Clear explanations of concepts I haven't studied in any detail previously

By Daniel L

•

May 24, 2017

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

By Sam

•

May 16, 2020

Good course but the quizzes could use better feedback on wrong answers.

By shashank j

•

May 10, 2020

Course is good .It gives you business applications of all the concepts

By Darryl F

•

Sep 17, 2018

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

By adriana P

•

Dec 31, 2016

It was a clear explanation to the statistical, and the examples are

By Hesham M H S

•

Dec 1, 2019

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

By Michelle G

•

Apr 27, 2020

Topics covered well. Good basic understanding of topics covered.