Exploring and Producing Data for Business Decision Making

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Exploring and Producing Data for Business Decision Making

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About this course: This course provides an analytical framework to help you evaluate key problems in a structured fashion and will equip you with tools to better manage the uncertainties that pervade and complicate business processes. Specifically, you will be introduced to statistics and how to summarize data and learn concepts of frequency, normal distribution, statistical studies, sampling, and confidence intervals. While you will be introduced to some of the science of what is being taught, the focus will be on applying the methodologies. This will be accomplished through the use of Excel and data sets from many different disciplines, allowing you to see the use of statistics in ver…

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Didn't find what you were looking for? See also: Decision Making, Leadership, Persuasion & Influencing, Retail (Management), and Planning.

When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: This course provides an analytical framework to help you evaluate key problems in a structured fashion and will equip you with tools to better manage the uncertainties that pervade and complicate business processes. Specifically, you will be introduced to statistics and how to summarize data and learn concepts of frequency, normal distribution, statistical studies, sampling, and confidence intervals. While you will be introduced to some of the science of what is being taught, the focus will be on applying the methodologies. This will be accomplished through the use of Excel and data sets from many different disciplines, allowing you to see the use of statistics in very diverse settings. The course will focus not only on explaining these concepts, but also understanding the meaning of the results obtained. Upon successful completion of this course, you will be able to: • Summarize large data sets in graphical, tabular, and numerical forms. • Understand the significance of proper sampling and why you can rely on sample information. • Understand why normal distribution can be used in so many settings. • Use sample information to infer about the population with a certain level of confidence about the accuracy of the estimations. • Use Excel for statistical analysis. This course is part of the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu.

Earn credit toward a master's degree This course is part of the fully-online accredited Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. Learn More Created by:  University of Illinois at Urbana-Champaign
  • Taught by:  Fataneh Taghaboni-Dutta, Clinical Professor of Business Administration

    University of Illinois, Urbana-Champaign College of Business Department of Business Administration
Basic Info Course 5 of 7 in the Managerial Economics and Business Analysis Specialization Level Beginner Commitment 4 weeks of study, 4-6 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.7 stars Average User Rating 4.7See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

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University of Illinois at Urbana-Champaign The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.

Syllabus


WEEK 1


Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.


2 videos, 6 readings, 1 practice quiz expand


  1. Video: Welcome to Exploring and Producing Data for Business Decision Making!
  2. Reading: Syllabus
  3. Reading: About the Discussion Forums
  4. Reading: Glossary
  5. Practice Quiz: Orientation Quiz
  6. Reading: Using Excel for this Course
  7. Video: Excel Data Analysis Toolpak
  8. Reading: Updating Your Profile
  9. Discussion Prompt: Getting to Know Your Classmates
  10. Reading: Social Media


Module 1: Introduction and Summarizing Data



Data is all around you, but what is the data telling you? The first step in making better decisions and taking action is to get a good understanding of information you have gathered. In this module we will learn about some of the tools in statistics that help us achieve this.


11 videos, 2 readings, 5 practice quizzes expand


  1. Reading: Module 1 Overview
  2. Reading: Module 1 Readings
  3. Video: 1-1.1. Basic Terminology
  4. Practice Quiz: Lesson 1-1 Practice Quiz
  5. Video: 1-2.1. Summarizing Data: Frequency Tables
  6. Video: 1-2.2. Frequency Tables in Excel: Quantitative Data
  7. Video: 1-2.3. Frequency Tables in Excel: Qualitative Data
  8. Video: 1-2.4. Presenting Frequency Tables as a Bar Graph in Excel
  9. Practice Quiz: Lesson 1-2 Practice Quiz
  10. Video: 1-3.1. Summarizing Data: Histograms
  11. Video: 1-3.2. Histograms in Excel
  12. Practice Quiz: Lesson 1-3 Practice Quiz
  13. Video: 1-4.1. Summarizing Data: Pie Charts
  14. Video: 1-4.2. Pie Charts in Excel
  15. Practice Quiz: Lesson 1-4 Practice Quiz
  16. Video: 1-5.1. Summarizing Data: Scatter Plots
  17. Video: 1-5.2. Scatter Plots in Excel
  18. Practice Quiz: Lesson 1-5 Practice Quiz

Graded: Module 1 Quiz

WEEK 2


Module 2: Descriptive Statistics and Probability Distributions



We all have heard the phrase that a "picture is worth a thousand words," but you certainly don’t want one of those to be "what exactly am I looking at?" So, now that you know to use "pictures" to summarize your data, let’s make those pictures easier to understand.


16 videos, 2 readings, 6 practice quizzes expand


  1. Reading: Module 2 Overview
  2. Reading: Module 2 Readings
  3. Video: 2-1.1. Measures of Central Tendencies
  4. Video: 2-1.2. Mean and Median in Excel
  5. Practice Quiz: Lesson 2-1 Practice Quiz
  6. Video: 2-2.1. Measures of Dispersion
  7. Video: 2-2.2. Standard Deviation in Excel
  8. Practice Quiz: Lesson 2-2 Practice Quiz
  9. Video: 2-3.1. Percentiles and Z-Score
  10. Video: 2-3.2. Z-Score in Excel
  11. Practice Quiz: Lesson 2-3 Practice Quiz
  12. Video: 2-4.1. Discrete and Continuous Random Variables
  13. Video: 2-4.2. Expected Value in Excel
  14. Practice Quiz: Lesson 2-4 Practice Quiz
  15. Video: 2-5.1. Normal Distribution
  16. Video: 2-5.2. Normal Distribution in Excel
  17. Video: 2-5.3. Standard Normal Distribution in Excel
  18. Video: 2-5.4. "Less Than" in Excel
  19. Video: 2-5.5. "Greater Than" in Excel
  20. Video: 2-5.6. "Between Values" in Excel
  21. Video: 2-5.7. Finding Z for a Given Probability (INV) in Excel
  22. Practice Quiz: Lesson 2-5 Practice Quiz
  23. Video: 2-6.1. Standard Normal Distribution Table
  24. Practice Quiz: Lesson 2-6 Practice Quiz

Graded: Module 2 Quiz

WEEK 3


Module 3: Sampling and Central Limit Theorem



You are charged with analyzing a market segment for your company. You and your team have figured out what variables you need to understand; you also have an idea what factors might be influencing these variables of interest. Now you are ready to do your analysis. But, wait! Where is the data? How do you begin to get the data? In this module we will review the means by which you can begin to produce data – the concepts of sampling and Central Limit Theorem – and will help you understand how to produce "good" sample data and why sample data will work.


7 videos, 2 readings, 4 practice quizzes expand


  1. Reading: Module 3 Overview
  2. Reading: Module 3 Readings
  3. Video: 3-1.1. Producing Data
  4. Practice Quiz: Lesson 3-1 Practice Quiz
  5. Video: 3-2.1. Sampling
  6. Video: 3-2.2 Sampling Function in Excel
  7. Practice Quiz: Lesson 3-2 Practice Quiz
  8. Video: 3-3.1. Central Limit Theorem and Sampling Means
  9. Video: 3-3.2. Animating the Central Limit Theorem
  10. Video: 3-3.3. Sampling Distribution and Empirical Rule in Excel
  11. Practice Quiz: Lesson 3-3 Practice Quiz
  12. Video: 3-4.1. Central Limit Theorem – Sampling Proportion
  13. Practice Quiz: Lesson 3-4 Practice Quiz

Graded: Exploring and Producing Data Peer Review Assignment
Graded: Module 3 Quiz

WEEK 4


Module 4: Inference



You have sample data and have done the analysis – you think you can say something about the population based on your sample study. But, do you have a sense of what are the chances of you being right or wrong? How can you be surer? What else should you have considered? In this module, you will learn how to find the answers to these questions.


12 videos, 2 readings, 4 practice quizzes expand


  1. Reading: Module 4 Overview
  2. Reading: Module 4 Readings
  3. Video: 4-1.1. Confidence Interval Basics
  4. Practice Quiz: Lesson 4-1 Practice Quiz
  5. Video: 4-2.1. Confidence Interval for Means
  6. Video: 4-2.2. Confience Interval for Mean in Excel
  7. Video: 4-2.3. Impact of Confidence Level Illustrated in Excel
  8. Practice Quiz: Lesson 4-2 Practice Quiz
  9. Video: 4-3.1. Confidence Interval for Population Proportion
  10. Video: 4-3.2. Confidence Interval for Population Proportion in Excel
  11. Video: 4-3.3. Confidence Interval Animation in Excel
  12. Video: 4-3.4. Starting Salary Example in Excel
  13. Practice Quiz: Lesson 4-3 Practice Quiz
  14. Video: 4-4.1. Sample Size
  15. Video: 4-4.2. Sample Size Proportion in Excel
  16. Video: 4-4.3. Sample Size Mean in Excel
  17. Video: 4-4.4. Sample Size Effect in Excel
  18. Practice Quiz: Lesson 4-4 Practice Quiz

Graded: Module 4 Quiz
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