Inferential statistics involves inferring parameters of a population based on the values of a sample. These tests form the basis of building predictive models and simulations. Join expert George Mount for a hands-on approach to conducting advanced statistical inference using Microsoft Excel. By the end of this course, users will be able to forecast and make predictions about their data, using inferential statistics for business impact.
What you'll learn — and how you can apply it By the end of this live, hands-on, online course, you’ll understand:
- The elements of forecasting trends
- The role of simulation and optimization in statistics
- What metrics indicate a successful regression model
- How statistics and visualizations each play a part in effective quantitative analysis
And you’ll be able to:
- Predict customer behaviors such as “will buy” or “won’t buy”
- Build forecasts that account for trends and seasonality
- Make compelling business recommendations using inferential statistics
This training is for you because...
- You want to apply more rigorous methods to your business decision making.
- You’re an Excel user interested in learning more about data science.
- You’re a researcher or analyst looking to apply statistical methods to business.
- You can conduct intermediate statistical analysis in Excel and want to take your skills to the next level.
Prerequisites What prior knowledge or experience is necessary?
- A computer with both the Excel Data Analysis ToolPak (instructions) and the Solver Add-In (instructions) loaded
- Intermediate Excel skills: Relative and absolute cell references, PivotTables, building bar & line charts.
- Intermediate statistical knowledge: You should be able to conduct and interpret descriptive and inferential statistics and perform a univariate linear regression.
Recommended preparation Any setup instructions or links to Safari-based content? Any supplemental materials, like PDF worksheets or links to code repositories?
- Read Chapters 14 “Regression: Linear and Multiple” and 16 “It’s About Time” in Statistical Analysis with Excel for Dummies, 4th edition **(book)
- Take Intermediate Excel Statistics for Business Analytics (live online training course with George Mount)
Recommended follow-up Links to Safari-based content for further learning
- Read Predictive Analytics: Microsoft® Excel 2016, 2nd Edition (book)
- Read Data Smart: Using Data Science to Transform Information into Insight (book)
Regression analysis and predictive models (50 minutes)
- Presentation: Multiple linear regression
- Explaining the relationship between a continuous dependent variable and two or more continuous variables
- Including categorical variables and interaction terms in a regression
- Presentation: Logistic regression
- Explaining the relationship between a dichotomous dependent variable and two or more independent variables
- Interpreting results: odds and probabilities
- Exercise: Practice building and analyzing multiple regression models
- Q&A
Break (10 minutes) Forecasting and time series (50 minutes)
- Presentation: Building a forecast
- Establishing a baseline
- Adjusting for trends and seasonality
- Evaluating performance
- Creating a worksheet forecast
- Exercise: Forecast a time series
- Q&A
Simulation and optimization (50 minutes)
- Presentation: Monte Carlo simulation
- Modeling the probability of different business outcomes
- Presentation: Statistics and optimization
- The relationship between statistics and optimization
- Optimizing one variable with Goal Seek
- Optimizing multiple variables with Excel Solver
- Exercise: Build models using simulation & optimization techniques
- Q&A
Break (10 minutes)