What you'll learn:
- How to use data to forecast price changes, inventory levels, and other future business conditions
- How to analyze data to assess proposals and plans
- How to use data to better understand what your customers want
- How to use A/B testing to improve sales and optimize operations
- How to quickly summarize and describe data sets
Understanding how to work with data is an increasingly important skill. Businesses collect huge volumes of data and they expect their workforce to be able to use that data to inform decision making and to justify new strategies, products, and business processes. Fortunately, if you have basic math skills (arithmetic and some exposure to algebra) then you have the skills needed to be data literate.
This course starts by introducing you to the business factors that are driving the need for data literacy and then we'll turn our attention to working with data. We start at the beginning by defining data and reviewing characteristics of data, including the difference between quantitative data and qualitative data, types of data, and levels of measurement.
You will learn how to analyze data to gain insights using descriptive statistics, such as comparing the sales performance of several retail stores. You will also see how to compare results of different options, such as determining which of two different advertising campaigns is more effective. If you need to plan ahead to ensure you have enough inventory to meet future demand, then you are making forecasts. In this course, you'll learn how to make more informed forecasts using data at your disposal.
Of course, you will often need to share the results of your data analysis so this course includes a detailed example of how to collect data to support an idea and how to present the results of your findings so others can share in your insights.
Data is a resource that can help you do your job better and data literacy gives you the tools to tap into that valuable resource. Let's get started working with data.
