Course: Business Statistics Fundamentals

Business Statistics Fundamentals

  • Life Time Access
  • Certificate on Completion
  • Access on Android and iOS App
About this Course

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 you will learn
  • Basic concepts of statistics
  • Deep dive into important statistical tools
  • Art of presenting data
  • Using statistical tools for business decision making
Number of Lectures: 96
Total Duration: 07:52:32
Course Overview
  • Introduction to the Course  
Basic Concepts
  • Statistics - Definition  

    This chapter is an introduction to the world of statistics and data. Learn about the definition and common concepts of data and statistics.

  • Business Statistics  
  • Types of Data  
  • Important Terms - I  
  • Important Terms - II  
  • Chapter-2 Summary  
  • Quiz : Section - 1  
Graphical Representation
  • Introduction  

    Representing data with visually attractive mediums is a great value add. This chapter illustrates the main types of graphical representation and when to use.

  • 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  

    This chapter is a hands on exercise on creating commonly used graphs using excel.

  • Bar Charts - Excel  
  • Line and Area Charts - Excel  
  • Scatter Diagram  
  • Pie Diagram - Excel  
  • Stock Plot  
  • Radar Diagram  
  • Histograms  
Measures of Central Tendency
  • Definition  

    Central tendency is the most basic statistical tool for summarizing data. This chapter explains the various measures of central tendency with examples.

  • 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  

    Dispersion is an important aspect to understand the nature of a data set. The concept is explained in detail in this chapter.

  • Quartile Deviation  
  • Mean Deviation  
  • Standard Deviation  
  • Chapter-6 Summary  
  • Quiz - Section 6  
Skewness and Kurtosis
  • Skewness and Kurtosis - Definition  

    Skewness and Kurtosis are helpful in understanding a data set in more detail. This chapter explains the concept.

  • Moments  
  • Measures of Skewness - I  
  • Measures of Skewness - II  
  • Measures of Kurtosis  
  • Chapter-7 Summary  
  • Quiz - Section 7  
Bivariate Analysis
  • What is Bivariate Analysis  

    Many times, it becomes important to analyze more than one variable and relation between them. Bivariate analysis facilitates this. Various methods of doing bivariate analysis are explained in this chapter.

  • 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  

    Index numbers are widely used in business and economics. This chapter details the basics and calculation of different 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  

    Time series analysis is important to understand the behaviour of data sets with respect to time. This chapters illustrates the various methods of time series analysis.

  • Secular Trend - I  
  • Secular Trend - II  
  • Seasonal Fluctuation - I  
  • Seasonal Fluctuation - II  
  • Chapter-10 Summary  
  • Quiz - Section 10  
  • What is Probability  

    Probability is one of the most important concepts and with the ever growing popularity of data science, the scope of probability in the real world has increased manifold. This chapter intends to provide a detailed understanding of the basic concepts of 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  

    Hypothesis Testing is an important tool for decision making. This chapter illustrates the concept along with examples.

  • 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 quality control has become an important tool across industries. This chapter gives an overview.

  • Statistical Process Control - I  
  • Statistical Process Control - II  
  • Acceptance Sampling  
  • Chapter-13 Summary  
  • Quiz - Section 13  
  • Conclusion  
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