Statistics Fundamentals for Business Analytics
Learn key statistical tools for analyzing business data, covering descriptive statistics, probability concepts, and techniques of statistical inference.
Learn key statistical tools for analyzing business data, covering descriptive statistics, probability concepts, and techniques of statistical inference.
This introductory course provides students with the fundamental statistical tools and methodologies needed for effective business analytics. The curriculum covers essential statistical concepts that can be applied across various business and economic scenarios. Students learn descriptive statistics for summarizing and interpreting data characteristics, probability concepts for understanding uncertainty and random variables, sampling distributions for connecting sample data to population parameters, estimation techniques for determining population values from sample data, and hypothesis testing frameworks for making evidence-based decisions. By the end of the course, participants will be able to compute and interpret basic descriptive statistical measures, understand key probability concepts, and apply statistical inference techniques to business problems. The course emphasizes practical applications rather than theoretical derivations, ensuring students develop skills directly applicable to real-world business analytics challenges. As part of Lehigh University's Foundations of Business Analytics Professional Certificate Program, this course provides a solid statistical foundation for students pursuing careers in data-driven business environments where quantitative analysis informs strategic decision-making.
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What you'll learn
Compute and interpret basic descriptive statistical measures for business data analysis Understand fundamental probability concepts and apply them to uncertainty in business scenarios Apply techniques of statistical inference to make data-driven business decisions Analyze business and economic data using appropriate statistical methodologies Construct and interpret confidence intervals to estimate population parameters Develop and test hypotheses to evaluate claims about business populations Interpret statistical results in the context of business problems and communicate findings effectively Use statistical thinking to approach complex business challenges with appropriate analytical tools
Skills you'll gain
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Graded assessments, exams
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Limited Access access
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Module Description
This comprehensive course introduces students to fundamental statistical concepts and methods essential for business analytics applications. The curriculum focuses on developing practical skills for analyzing business and economic data through statistical approaches. Students begin with descriptive statistics, learning how to summarize and interpret data using measures of central tendency, dispersion, and graphical representations. The course then covers probability theory, introducing concepts of random variables, probability distributions, and expected values that form the foundation for understanding uncertainty in business environments. Students explore sampling distributions, which connect sample statistics to population parameters and establish the basis for statistical inference. The program advances to estimation techniques, teaching students how to use sample data to make informed judgments about population parameters through confidence intervals and point estimates. Finally, students learn hypothesis testing frameworks for making evidence-based decisions by evaluating claims about populations. Throughout the course, emphasis is placed on practical applications rather than mathematical derivations, ensuring students develop relevant analytical skills for real-world business scenarios.
Fee Structure
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Instructor
4 Courses
Expert in Behavioral Economics and Decision Theory
Yuval Erez is a Professor of Practice in the Department of Economics at Lehigh University, having joined the faculty in 2019 after earning his Ph.D. in Economics from Cornell University. He also holds an M.A. in Economics and a B.A. in Management and Economics, both from Tel-Aviv University. Professor Erez has received the Outstanding Teaching Award twice from Tel-Aviv University during the 2010-11 and 2012-13 academic years. His research and teaching interests focus on behavioral economics and decision theory, contributing to a deeper understanding of economic behaviors and choices.
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