Inferential and Predictive Statistics for Business

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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. The course aim to cover statistical ideas that apply to managers. We will consider two basic themes: first, is recognizing and describing variations present in everything around us, and then modeling and making decisions in the presence of these variations. The fundamental concepts studied in this course will reappear in many other classes and business settings. Our focus will be on interpreting the meaning of the results in a business and managerial setti…

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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. The course aim to cover statistical ideas that apply to managers. We will consider two basic themes: first, is recognizing and describing variations present in everything around us, and then modeling and making decisions in the presence of these variations. The fundamental concepts studied in this course will reappear in many other classes and business settings. Our focus will be on interpreting the meaning of the results in a business and managerial setting. 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 use of Excel and using 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: • Test for beliefs about a population.. • Compare differences between populations. • Use linear regression model for prediction. • Learn how to 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.

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 6 of 7 in the Managerial Economics and Business Analysis Specialization Commitment 4 weeks of study, 2-4 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.8 stars Average User Rating 4.8See 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
In the 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 Inferential and Predictive Statistics for Business!
  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: Hypothesis Testing



Watch any infomercial and you hear many outrageous promises. Use this cream and your skin will look 80% firmer! Use this supplement and you will lose 10 pounds in the first 10 days! Are they telling you the truth? Are they all lying? The only way to know the answer to any of these questions is to scientifically test the claim being made – that is what we call hypothesis testing and what we will learn in this module.


11 videos, 2 readings, 5 practice quizzes expand


  1. Reading: Module 1 Overview
  2. Reading: Module 1 Readings
  3. Video: 1-1.1. Formulating the Hypothesis
  4. Practice Quiz: Lesson 1-1 Practice Quiz
  5. Video: 1-2.1. Analyzing the Result
  6. Practice Quiz: Lesson 1-2 Practice Quiz
  7. Video: 1-3.1. Two-Tail Test for Mean
  8. Video: 1-3.2. Two-Tail Test for Mean in Excel
  9. Practice Quiz: Lesson 1-3 Practice Quiz
  10. Video: 1-4.1. One-Tail Test for Mean
  11. Video: 1-4.2. Left-Tail Test for Mean in Excel
  12. Video: 1-4.3. Right-Tail Test for Mean in Excel
  13. Practice Quiz: Lesson 1-4 Practice Quiz
  14. Video: 1-5.1. Testing the Proportion
  15. Video: 1-5.2. Left-Tail Test for Proportion in Excel
  16. Video: 1-5.3. Right-Tail Test for Proportion in Excel
  17. Video: 1-5.4. Two-Tail Test for Proportion in Excel
  18. Practice Quiz: Lesson 1-5 Practice Quiz

Graded: Module 1 Quiz

WEEK 2


Module 2: Statistical Inference Based on Two Samples



Does the medicine a person is taking to treat his condition really work better than a sugar pill? Is the new chip-enabled credit card more secure than the magnetic card? How do you know whether the claims being made about anything being “better than” or “faster than” a competitor are true? In this module we will learn to make this comparison.


11 videos, 2 readings, 5 practice quizzes expand


  1. Reading: Module 2 Overview
  2. Reading: Module 2 Readings
  3. Video: 2-1.1. Testing for No Difference in Means
  4. Video: 2-1.2. Testing for No Difference in Means in Excel
  5. Video: 2-1.3. Two-Tail Mean Test for Two Samples and Calculating the Confidence Interval in Excel
  6. Practice Quiz: Lesson 2-1 Practice Quiz
  7. Video: 2-2.1. One-Tail Test of the Means
  8. Video: 2-2.2. One-Tail Test of the Means in Excel
  9. Practice Quiz: Lesson 2-2 Practice Quiz
  10. Video: 2-3.1. Testing for a Specific Value in Means
  11. Practice Quiz: Lesson 2-3 Practice Quiz
  12. Video: 2-4.1. Paired Tests
  13. Video: 2-4.2. Paired Test in Excel
  14. Practice Quiz: Lesson 2-4 Practice Quiz
  15. Video: 2-5.1. Test of Proportions
  16. Video: 2-5.2. One-Tail Test of Proportions for Two Samples in Excel
  17. Video: 2-5.3. Two-Tail Test of Proportions for Two Samples in Excel
  18. Practice Quiz: Lesson 2-5 Practice Quiz

Graded: Module 2 Quiz
Graded: Inferential and Predictive Statistics Peer Review Assignment

WEEK 3


Module 3: Simple Linear Regression



Does your job involve a lot of sitting? If so, you are at higher risk of coronary heart disease. How do I know this? We got to know the relationship between coronary heart disease and sitting when researchers studied a cohort of London bus drivers and bus conductors from 1947 to 1972. If you want to know more, then read on!


9 videos, 2 readings, 5 practice quizzes expand


  1. Reading: Module 3 Overview
  2. Reading: Module 3 Readings
  3. Video: 3-1.1. An Introduction
  4. Practice Quiz: Lesson 3-1 Practice Quiz
  5. Video: 3-2.1. Least Square Methods
  6. Video: 3-2.2. Least Square Method in Excel
  7. Practice Quiz: Lesson 3-2 Practice Quiz
  8. Video: 3-3.1. Assessing the Regression Model
  9. Video: 3-3.2. Testing the Significance in Excel
  10. Practice Quiz: Lesson 3-3 Practice Quiz
  11. Video: 3-4.1. Using the Model
  12. Video: 3-4.2. Simple Linear Regression: Excel Output Analysis
  13. Practice Quiz: Lesson 3-4 Practice Quiz
  14. Video: 3-5.1. Model Assumptions and Limitations
  15. Video: 3-5.2. Residual Analysis in Excel
  16. Practice Quiz: Lesson 3-5 Practice Quiz

Graded: Module 3 Quiz

WEEK 4


Module 4: Multiple Linear Regression



You are trying to predict next month’s sales numbers. You know that dozens, maybe even hundreds, of things like the weather, competitor’s promotions, rumors, etc. can impact the number. You talk to five people and each one has an idea about what makes the biggest impact, and the only thing they offer is “trust me.” Do you wish there was a better way of doing this rather than relying on blind faith? Well, there is. We can use Multiple Regression to sort through this mess and bring the focus to factors that really do matter.


7 videos, 2 readings, 3 practice quizzes expand


  1. Reading: Module 4 Overview
  2. Reading: Module 4 Readings
  3. Video: 4-1.1. Model Introduction
  4. Video: 4-1.2. Developing Multiple Regression Model in Excel
  5. Video: 4-1.3. Multiple Regression: Excel Output Analysis
  6. Practice Quiz: Lesson 4-1 Practice Quiz
  7. Video: 4-2.1. Qualitative Data – Two Categories
  8. Video: 4-2.2. Dummy Variable in Excel – Two Categories
  9. Practice Quiz: Lesson 4-2 Practice Quiz
  10. Video: 4-3.1. Qualitative Data – Many Categories
  11. Video: 4-3.2. Dummy Variable in Excel – Many Categories
  12. Practice Quiz: Lesson 4-3 Practice Quiz

Graded: Module 4 Quiz
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