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.
This course is part of the Managerial Economics and Business Analysis Specialization
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Managerial Economics and Business Analysis SpecializationUniversity of Illinois at Urbana-ChampaignAbout this Course
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Flexible deadlines
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Shareable Certificate
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100% online
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Course 6 of 7 in the
Approx. 19 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Skills you will gain
- Statistical Inference
- Statistical Analysis
- Statistical Hypothesis Testing
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 6 of 7 in the
Approx. 19 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Offered by
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.
Start working towards your degree
This Course is part of an online degree program offered by the University of Illinois at Urbana-Champaign. When you apply for a for-credit non-degree course through the university and complete it online, it counts as credit hours towards a degree at Illinois. All you have to do is apply through the university.
Syllabus - What you will learn from this course
2 hours to complete
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 hours to complete
3 videos (Total 8 min), 7 readings, 1 quiz
4 hours to complete
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.
4 hours to complete
11 videos (Total 80 min), 2 readings, 6 quizzes
5 hours to complete
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.
5 hours to complete
11 videos (Total 93 min), 2 readings, 7 quizzes
4 hours to complete
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!
4 hours to complete
9 videos (Total 70 min), 2 readings, 6 quizzes
4 hours to complete
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.
4 hours to complete
8 videos (Total 60 min), 4 readings, 4 quizzes
Reviews
- 5 stars86.95%
- 4 stars10.86%
- 3 stars1.08%
- 2 stars0.24%
- 1 star0.84%
TOP REVIEWS FROM INFERENTIAL AND PREDICTIVE STATISTICS FOR BUSINESS
by KSMay 8, 2020
Everyone should take this course! And you should also re-take it throughout your life. This knowledge is truly essential.
by ETJul 4, 2020
GREAT COURSE - GREAT PROFESSOR
VERY WELL DOCUMENTED AND CHALLENGING PACE AS WELL AS HIGH LEVEL OF EXAMPLES AND TESTS
by EKDec 7, 2019
Great course! Incredibly well organized and clear. I was terrified of Stats before I took this class, now I feel confident and am seeing my entire world differently. Thank you!
by MTSep 25, 2016
Concepts are well explained with very good examples.Also doing it in excel makes it easier.
Thanks!Great course for beginners
About the Managerial Economics and Business Analysis Specialization
In order to effectively manage and operate a business, managers and leaders need to understand the market characteristics and economic environment in which they operate. In this specialization, you will build a solid understanding of the operation of markets and the macro-economic environment with real-world examples. You will be able to identify firm and country-level economic factors that impact business decisions, develop an analytical framework using statistical tools, and apply economic theory and data in the analysis of business environment and trends to make effective business decisions.
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