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This course is focused on dealing with omitted variables problems that can result in inaccurate forecasts when using financial data. The focus of this module is on dealing with the problem of missing data; an issue that impacts almost all large scale Big Data projects.

***Please download and open all supporting materials before starting the course videos.***

Learning Objectives

  • Recognize what omitted variables are
  • Identify omitted variables in a dataset
  • Explore how to deal with omitted variables
  • Discover how to correct for omitted variables and make a forecast
  • Last updated/reviewed: November 24, 2019

    Included In Certifications

    This course is included in the following Certification Programs:

    15 CoursesCDAP (Certified Data Analyst Professional)

    1. The Fundamentals of Business Intelligence (BI): What it Does and Why it's so Essential
    2. How is Industry Using Big Data? – A Case Study Reading
    3. Business Intelligence - Data Collection and Cleaning
    4. Business Intelligence - Structuring Data for Analysis
    5. Business Intelligence - Fundamentals of Data Analysis
    6. Business Intelligence - Using Big Data Analytics
    7. Doing Data Analytics In Excel (Hands-on module)
    8. Regressions in Excel (Hands-on module)
    9. Financial Forecasting
    10. Advanced Analytics – Omitted Variables
    11. Advanced Analytics – Fixed Effects
    12. Case Study in Data Analytics
    13. Using Regressions for Forecasting
    14. Financial Forecasting in Excel (Hands-on module)
    15. Blockchain for Business

    27 Reviews (208 ratings)Reviews

    4
    Anonymous Author
    This course was challenging. If you don't have an understanding of regression models I wouldn't recommend it. However, that being said, I did learn information I didn't know and it kept me curious about predicting future outcomes and why you need to really pay attention to how statistics are presented. It provided a good discussion on biases related to omitted and irrelevant variables. Over all I learned more than I expected and it has made me curious about the courses related to analytics.
    3
    Anonymous Author
    The course was fairly easy to follow with the exception of module 5. It would have been more beneficial to see this done in excel since that is a common tool that the majority of the population has access to instead of Stata.
    4
    Anonymous Author
    Would have preferred the STATA example to be in excel, but the lecturer's point about using the various underlying statistics to show the strength of the predictive model was helpful.
    5
    Anonymous Author
    This course presented good, helpful information that I will use on daily basis. Additionally, the information was presented in a concise and well organized manner.
    5
    Anonymous Author
    This particular training had a lot of good information. I like keeping it simple with only diving into omission and irrelevant and the difference between the two.
    5
    Member's Profile
    The Stata demonstration in the final section was particularly beneficial, moving from theory into practice. Very worthwhile course and effective instructor.
    4
    Anonymous Author
    I didn't expect it to be mathematical, like statistics. I expected it to have more examples to explain to an accountant how this works.
    5
    Anonymous Author
    Michael made advanced analytics easy to understand and provided great examples to help hammer home the material.
    4
    Anonymous Author
    This course helped me understand the impact that omitted variables can have on running relevant regressions.
    3
    Anonymous Author
    It is interesting to learn about how to choose variables and how to look out for omitted variables.
    5
    Anonymous Author
    great course, keep it up on the good work! I like the examples of omitted variables in real world.
    5
    Member's Profile
    Very useful course, I learned something from this course, which I didn't find from other courses.
    5
    Member's Profile
    Emphasized importance of understanding bias an its impact on conclusions that could be drawn
    5
    Anonymous Author
    Statistics classes from college courses/credits were a theme here and good to revisit.
    5
    Anonymous Author
    Course was informative and easy to navigate. I would recommend it to a colleague.
    5
    Anonymous Author
    I thoroughly enjoyed this course and topics. Interesting and helpful course!
    4
    Anonymous Author
    Module 5 was super helpful... more like this. The glossary is a bit skimpy.
    5
    Anonymous Author
    Great class, Michael. Good re-fresher from my Econometrics class in college
    4
    Member's Profile
    I liked this course, has a different level of difficulty but is really good
    5
    Anonymous Author
    Good course. Would recommend for any interested in regression analysis.
    4
    Anonymous Author
    Good introduction and overview of variable and regression analysis.
    4
    Anonymous Author
    this was a good lesson with good documentation and was informative
    5
    Anonymous Author
    Great course, informative and easy to follow, great examples.
    5
    Anonymous Author
    I thought that the course contained valuable information.
    4
    Anonymous Author
    Good overview of omitted variables. Plenty of examples.
    4
    Anonymous Author
    This was a great course for this topic and good slides
    5
    Member's Profile
    Everything about this course was absolutely fantastic.

    Prerequisites

    Course Complexity: Intermediate

    Viewers should be familiar with basic financial and accounting concepts.

    In addition, viewers should be familiar with Big Data and Business Intelligence, or review my existing courses on the topic.

    Education Provider Information

    Company:
    Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
    Contact:
    For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
    Course Syllabus
    INTRODUCTION AND OVERVIEW
      12:33Introduction and Module 1: Omitted Variables Overview
      6:04Module 2: Correcting for Omitted Variables
      8:48Module 3: Choosing Variables in Regressions
      10:16Module 4: Data Mining
      12:37Module 5: Choosing Variables in Practice & Conclusion
    CONTINUOUS PLAY
      50:18Advanced Analytics – Dealing with Omitted Variables Problems
    SUPPORTING MATERIALS
      PDFSlides: Advanced Analytics – Dealing with Omitted Variables Problems
      PDFAdvanced Analytics – Dealing with Omitted Variables Problems Glossary/Index
    REVIEW AND TEST
      quizREVIEW QUESTIONS
     examFINAL EXAM