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

2,360 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


Aug 20, 2021

This 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.


Aug 26, 2020

This is one of the best courses i have atended since, the exercises are all related to the topic.Great job. .

Thanks to Mr Sharad Borle for explaining very well the content in this course .

Filter by:

76 - 100 of 398 Reviews for Basic Data Descriptors, Statistical Distributions, and Application to Business Decisions


Mar 12, 2022


May 10, 2020

By Harshit D

May 9, 2020

By Vipul J

Jul 10, 2020

By Jitka S

Mar 6, 2020

By Matthew

Sep 8, 2020

By Swetha P

Oct 30, 2020

By Gianina J C T

Aug 19, 2020


May 29, 2020

By Tran H D

Jul 8, 2021

By Abhijeet B

Apr 14, 2020

By sutan m

Mar 17, 2019

By Kartik V

Dec 29, 2017

By kaila v d r

Jun 19, 2017

By Andras F

Feb 2, 2018

By Linglu M

May 23, 2017

By Vincent R

Feb 15, 2021

By Rajesh k

Nov 1, 2020

By Cynthia N

Aug 15, 2020

By Avichit M

Aug 7, 2017

By Deleted A

Sep 3, 2020

By M B

Jun 6, 2020

By udaya a s

Feb 6, 2018


Oct 21, 2022

By Lucia C B

Feb 21, 2021