Inferential and Predictive Statistics for Business
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Inferential and Predictive Statistics for Business
This course is part of Managerial Economics and Business Analysis Specialization
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What you'll learn
Test for beliefs about a population.
Compare differences between populations.
Use the linear regression model for prediction.
Learn how to use Excel for statistical analysis.
Skills you'll gain
Tools you'll learn
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There are 4 modules in 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. To this end, the course aims to cover statistical ideas that apply to managers by discussing 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. You will be able to: • Test for beliefs about a population • Compare differences between populations • Use linear regression model for prediction • Use Excel for statistical analysis This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.
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. You will then begin learning about hypothesis testing. Will will then focus on 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.
What's included
14 videos9 readings7 assignments1 discussion prompt1 plugin
14 videos•Total 88 minutes
- Welcome to Inferential and Predictive Statistics for Business!•6 minutes
- Learn on Your Terms•1 minute
- Excel Data Analysis Toolpak•1 minute
- 1-1.1. Formulating the Hypothesis•14 minutes
- 1-2.1. Analyzing the Result•8 minutes
- 1-3.1. Two-Tail Test for Mean•10 minutes
- 1-3.2. Two-Tail Test for Mean in Excel•5 minutes
- 1-4.1. One-Tail Test for Mean•6 minutes
- 1-4.2. Left-Tail Test for Mean in Excel•4 minutes
- 1-4.3. Right-Tail Test for Mean in Excel•6 minutes
- 1-5.1. Testing the Proportion•12 minutes
- 1-5.2. Left-Tail Test for Proportion in Excel•6 minutes
- 1-5.3. Right-Tail Test for Proportion in Excel•4 minutes
- 1-5.4. Two-Tail Test for Proportion in Excel•5 minutes
9 readings•Total 132 minutes
- Syllabus•10 minutes
- ePub•10 minutes
- About the Discussion Forums•4 minutes
- Glossary•15 minutes
- Online Education at Gies College of Business•10 minutes
- Using Excel for this Course•10 minutes
- Updating Your Profile•10 minutes
- Module 1 Overview•3 minutes
- Module 1 Readings•60 minutes
7 assignments•Total 130 minutes
- Orientation Quiz•10 minutes
- Lesson 1-1 Practice Quiz•15 minutes
- Lesson 1-2 Practice Quiz•30 minutes
- Lesson 1-3 Practice Quiz•15 minutes
- Lesson 1-4 Practice Quiz•15 minutes
- Lesson 1-5 Practice Quiz•15 minutes
- Module 1 Quiz•30 minutes
1 discussion prompt•Total 10 minutes
- Getting to Know Your Classmates•10 minutes
1 plugin•Total 15 minutes
- Demographic Survey•15 minutes
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.
What's included
11 videos2 readings6 assignments1 peer review
11 videos•Total 93 minutes
- 2-1.1. Testing for No Difference in Means•17 minutes
- 2-1.2. Testing for No Difference in Means in Excel•10 minutes
- 2-1.3. Two-Tail Mean Test for Two Samples and Calculating the Confidence Interval in Excel•7 minutes
- 2-2.1. One-Tail Test of the Means•9 minutes
- 2-2.2. One-Tail Test of the Means in Excel•6 minutes
- 2-3.1. Testing for a Specific Value in Means•6 minutes
- 2-4.1. Paired Tests•9 minutes
- 2-4.2. Paired Test in Excel•7 minutes
- 2-5.1. Test of Proportions•12 minutes
- 2-5.2. One-Tail Test of Proportions for Two Samples in Excel•7 minutes
- 2-5.3. Two-Tail Test of Proportions for Two Samples in Excel•4 minutes
2 readings•Total 63 minutes
- Module 2 Overview•3 minutes
- Module 2 Readings•60 minutes
6 assignments•Total 105 minutes
- Lesson 2-1 Practice Quiz•15 minutes
- Lesson 2-2 Practice Quiz•15 minutes
- Lesson 2-3 Practice Quiz•15 minutes
- Lesson 2-4 Practice Quiz•15 minutes
- Lesson 2-5 Practice Quiz•15 minutes
- Module 2 Quiz•30 minutes
1 peer review•Total 60 minutes
- Inferential and Predictive Statistics Peer Review Assignment•60 minutes
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!
What's included
9 videos2 readings6 assignments
9 videos•Total 70 minutes
- 3-1.1. An Introduction•12 minutes
- 3-2.1. Least Square Methods•8 minutes
- 3-2.2. Least Square Method in Excel•4 minutes
- 3-3.1. Assessing the Regression Model•10 minutes
- 3-3.2. Testing the Significance in Excel•4 minutes
- 3-4.1. Using the Model•11 minutes
- 3-4.2. Simple Linear Regression: Excel Output Analysis•8 minutes
- 3-5.1. Model Assumptions and Limitations•8 minutes
- 3-5.2. Residual Analysis in Excel•4 minutes
2 readings•Total 63 minutes
- Module 3 Overview•3 minutes
- Module 3 Readings•60 minutes
6 assignments•Total 120 minutes
- Lesson 3-1 Practice Quiz•15 minutes
- Lesson 3-2 Practice Quiz•15 minutes
- Lesson 3-3 Practice Quiz•30 minutes
- Lesson 3-4 Practice Quiz•15 minutes
- Lesson 3-5 Practice Quiz•15 minutes
- Module 3 Quiz•30 minutes
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.
What's included
7 videos4 readings4 assignments1 plugin
7 videos•Total 56 minutes
- 4-1.1. Model Introduction•12 minutes
- 4-1.2. Developing Multiple Regression Model in Excel•6 minutes
- 4-1.3. Multiple Regression: Excel Output Analysis•5 minutes
- 4-2.1. Qualitative Data – Two Categories•13 minutes
- 4-2.2. Dummy Variable in Excel – Two Categories•7 minutes
- 4-3.1. Qualitative Data – Many Categories•7 minutes
- 4-3.2. Dummy Variable in Excel – Many Categories•6 minutes
4 readings•Total 83 minutes
- Module 4 Overview•3 minutes
- Module 4 Readings•60 minutes
- Congratulations on completing the course!•10 minutes
- Get Your Course Certificate•10 minutes
4 assignments•Total 75 minutes
- Lesson 4-1 Practice Quiz•15 minutes
- Lesson 4-2 Practice Quiz•15 minutes
- Lesson 4-3 Practice Quiz•15 minutes
- Module 4 Quiz•30 minutes
1 plugin•Total 15 minutes
- Course-End Survey•15 minutes
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This course is part of the following degree program(s) offered by University of Illinois Urbana-Champaign. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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Reviewed on May 19, 2017
Very good introductory Statistics course. The topic selection is very pertinent to meet the need of a manager to analyze data and to make decision. Quality of teaching is GREAT.
Reviewed on May 4, 2019
great to learn on how regressions are run and used for all kinds of examples. Feels great to accomplish and finish this course.
Reviewed on Jul 18, 2020
The Professor is gracious lady and commands huge respect. Very clear and confident in her knowledge and style of teachings. I wish Ma'am nothing less than the very best.
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