This is module 2 of 10 in the course on Business Analytics.
Readings:
Statistics for Business Analytics
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Self-Directed Learning
Search the internet for articles, other resources, and examples related to introductory statistics and data visualization. See what you can learn from what others are saying. Resources related to statistics might be introductory videos, etc. that you found helpful. Examples of data visualization are everywhere, so you can look for cool applications to share.
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Discussion of Module Topic
Write down your thoughts and experiences while you’re learning. Here are some prompts to get you started for writing about the module topic:
- Define and explain the field of statistics in your own words.
- Define and explain data visualization in your own words.
- Provide links to any useful and relevant resources you can find on the internet.
- We have all used statistics at some level. Can you think of any personal examples?
- Why is statistics an important part of business?
- What do you find interesting or exciting about data visualization?
- Do you have any concerns about how data visualization can be misused?
- Provide an example of how you as a customer have received a service based on data visualization.
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Discussion of Module Exercises
For this module, the discussion of the module exercises should include writing about your experience of practicing with statistics and data visualization. As you’re working on the module submission below, here are some prompts to get you started for writing about it:
- What was your experience in calculating the basic statistics for your data using Excel?
- Why is Excel an important tool in business analytics?
- How do the statistics help you summarize the data?
- What was your experience in creating charts for your data using Excel?
- Which types of charts seem to be most useful for visualizing your data?
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Module Exercises
For these exercises, we will be working together in Excel using Microsoft Teams. The goal is to start working with some basic data and then to use that data to calculate statistics and create data visualizations.
Each student can contribute in different ways to the shared Excel files on the M2 Teams channel. Not every student needs to contribute data. However, every student should be attempting to calculate some statistics and create some form of visualization. This can be done using data that other students have contributed! The main goal is for each student to learn some basic statistics, learn how to calculate those statistics in Excel, and learn how to create a chart to visualize the data.
A. Generate some of your own data in Excel. You can create random numbers, survey some friends for data, or maybe find some data on the internet. Use whatever approach is the best fit for you. You should have at least two columns of numbers. The number of rows could be anything from 10 to 1000. Even if the numbers are made up, you should give them some label (like quarterly sales) so that you can interpret them.
B. Calculate the basic statistics in the “Statistics for Excel” reading for your data. Feel free to explore other statistics as well.
C. Generate one or more charts for visualization of your data. The chart(s) should communicate some insight about your data.