Business Statistics Fundamentals
Business Statistics Fundamentals
Business Statistics Fundamentals
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Description
Data has become the most powerful tool for businesses today. Use of data has become so pervasive that you will hardly come across a sector or field where data is not used. So, whether you are a working professional, student or entrepreneur, understanding data and statistics is not an optional subject, but a vital ingredient of your success in career.
The objective of this course is to develop a strong foundation of all the important concepts of business statistics. Every concept is thoroughly explained with the help of explanatory videos and step by step calculation of example data. Also, you will get a feel of real world data analysis from the MS Excel exercises.
This course is divided into 11 chapters. It starts from understanding the basic concepts of statistics like definition, types of data, branches of statistics etc. Second chapter discusses the graphical representation of data where you will learn about different types of graphs and diagrams and also which is to be used for what kind of data. In the next few chapters, we discuss about various data analysis tools, descriptive and inferential statistics, probability, index numbers and statistical quality control.
Basic knowledge
• Understanding of basic algebra and mathematical concepts
What will you learn
• Basic concepts of statistics
• Deep dive into important statistical tools
• Art of presenting data
• Using statistical tools for business decision making
Course Curriculum
Course Overview
Introduction to the Course
Basic Concepts
• Statistics - Definition
• Business Statistics
• Types of Data
• Important Terms - I
• Important Terms - II
• Chapter-2 Summary
• Quiz : Section - 1
Graphical Representation
• Introduction
• Bar Charts
• Line and Area Charts
• Pie Charts
• Other Charts - I
• Other Charts - II
• Frequency Distribution Plots
• Chapter-3 Summary
• Section Quiz
Excel Exercise - Graphical Representation
• Overview of Excel Exercise
• Bar Charts - Excel
• Line and Area Charts - Excel
• Scatter Diagram
• Pie Diagram - Excel
• Stock Plot
• Radar Diagram
• Histograms
Measures of Central Tendency
• Definition
• Arithmetic Mean - I
• Arithmetic Mean - II
• Geometric and Harmonic Mean
• Median
• Quartiles and Percentiles
• Mode
• Chapter-5 Summary
• Quiz - Section 5
Measures of Dispersion
• What is Dispersion
• Quartile Deviation
• Mean Deviation
• Standard Deviation
• Chapter-6 Summary
• Quiz - Section 6
Skewness and Kurtosis
• Skewness and Kurtosis - Definition
• Moments
• Measures of Skewness - I
• Measures of Skewness - II
• Measures of Kurtosis
• Chapter-7 Summary
• Quiz - Section 7
Bivariate Analysis
• What is Bivariate Analysis
• Covariance and Correlation - I
• Covariance and Correlation - II
• Linear Regression
• Interpolation and Extrapolation - I
• Interpolation and Extrapolation - II
• Chapter-8 Summary
• Quiz - Section 8
Index Numbers
• What are Index Numbers
• Construction of Index Numbers
• Tests of Adequacy
• Fixed Base and Chain Base Indices
• Deflating, Base Shifting and Splicing
• Chapter-9 Summary
• Quiz - Section 9
Time Series Analysis
• Components of Time Series
• Secular Trend - I
• Secular Trend - II
• Seasonal Fluctuation - I
• Seasonal Fluctuation - II
• Chapter-10 Summary
• Quiz - Section 10
Probability
• What is Probability
• Commonly Used Terms
• Basic Concepts - I
• Basic Concepts - II
• Additive Law
• Multiplicative Law
• Conditional Probability and Bayes' Theorm
• Probability Distribution
• Expectation
• Binomial Distribution
• Poisson Distribution
• Normal Distribution
• Chapter-11 Summary
• Quiz - Section 11
Hypothesis Testing
• What is Hypothesis Testing
• Steps Involved
• Test Statistic - I
• Test Statistic - II
• Determining Critical Region
• Solved Examples - I
• Solved Examples - II
• Solved Examples - III
• Solved Examples - IV
• Solved Examples - VI
• Solved Examples - VII
• ANOVA - I
• ANOVA - II
• ANOVA - Excel Exercise
• Chapter-12 Summary
• Quiz - Section 12
• Solved Examples - V
Statistical Quality Control
• What is Statistical Quality Control
• Statistical Process Control - I
• Statistical Process Control - II
• Acceptance Sampling
• Chapter-13 Summary
• Quiz - Section 13
Conclusion
• Conclusion