In order to use data from a sample group to make judgments about an entire population, you will explore probability in order to move toward the area of inferential statistics in this course. You will identify the role of discrete variables, use them in determining probability, find the expected value, and define variance. Additionally, the normal distribution, often called the bell curve, is a practical model for many business measurements, including financial decision making, process variations, and salaries. In this course you will examine the normal distribution and identify how to determine probabilities and percentiles from each of these distributions.
It is recommended to only take this course if you have completed Presenting Quantitative Data and Descriptive Statistics for Business or have equivalent experience.
KEY COURSE TAKEAWAYS
Identify the role of discrete variables and how to utilize them in determining probability
Determine their population mean, known as expected value
Define variance of a discrete variable and calculate it in a practice exercise
Examine the normal distribution, including both the standard normal curve and its siblings with differing means and standard deviations
Identify how to determine probabilities and percentiles from each of these distributions
Cindy van Es is professor of practice in the Dyson School of Applied Economics and Management. She has a PhD in statistics from Iowa State University, and joined Cornell in 1988. She teaches three courses in the undergraduate business program: Introductory Statistics, Business Statistics, and Impact Learning: South Africa. Her general area of interest is statistical education, with a focus on business applications and teaching through social justice examples.
She currently serves as director of Dyson’s Undergraduate Business Program. In this position, she provides strategic leadership and supervision on activities within the undergraduate program at the school, focusing specifically on implementation of the undergraduate curriculum and review of academic policies