BUSINESS STATISTICS
Teacher
Sanjukta Mohanty
Category
Domain Courses
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Course Name : BUSINESS STATISTICS
Code(Credit) : CUBC2431 (2+2+0)
Course Objectives
The objective of this course is to familiarize students with the basic statistical tools used for managerial decision-making.
Learning Outcomes
After successful completion of the course, the student will be able to:
• Produce appropriate graphical and numerical descriptive statistics for different types of data.
• Use simple/multiple regression models to analyze the underlying relationships between the variables through hypothesis testing.
• Conduct and interpret a variety of hypothesis tests to aid decision making in a business context.
Course Syllabus
Unit-1:
Statistics: Definition, scope and its limitations. Introduction to sampling, Random sampling vs. non-random sampling, Types of sampling, Simple random sampling, stratified random sampling, systematic cluster sampling, Distributions, standard error, sampling from normal production. Classification and tabulation of data.
Unit-2:
Measures of Central Value: Introduction, Definition and Objectives, Requisites of a Good Average. Types of Averages: Arithmetic Mean, Median, Mode, Geometric Mean and Harmonic Mean, advantages and limitation. Which average to use?
Unit-3:
Measures of Dispersion: Introduction, Dispersion Defined, Properties of Good Measure of Variation. Methods of Studying Variation: Absolute and Relative Measure of Variation, Range, The Interquartile Range, The Quartile Deviation, The Mean Deviation, The Standard Deviation, Lorenz Curve, Which Measure of Dispersion to Use?
Unit-4:
Regression and Correlation analysis: Introduction: Significance of the Study of Correlation, Types of Correlation, Methods of Studying Correlation. Use of Regression Analysis: Difference between Correlation and Regression Analysis, Regression Lines, Regression Equations.
Unit-5:
Testing hypothesis- Introduction, procedure of testing hypothesis, concept type I and II errors. Two tailed and one-tailed Tests of Hypothesis. Introduction to chi-square tests and goodness of fit, uses of chi-square tests.
Books recommended:
1. Chandrajit S. Statistics For Business & Economics. Vikas
2. Statistics for Management - Levin and Rubbin, Prentice Hall Of India.
3. Fundamentals of Statistics ( Vol-I & Vol-II) Goon, Gupta, Dasgupta, World Press Pvt. Ltd.
4. A First Course In Statistics With Applications - A.K. P.C. Swain, Kalyani Publishers.
5. Quantitative methods, Millhad Saha & Chakrabarti, TMH
6. Statistical Methods- S. P. Gupta
Session Plan
Session 1
Statistics: Definition, scope and its limitations.
Session 2
Classification and tabulation of data, standard error, sampling and types of sampling.
Session 3
Introduction to sampling, Random sampling vs. non-random sampling, Types of sampling, Simple random sampling, stratified random sampling, systematic cluster sampling,
Session 4
Measures of Central Value: Introduction, Definition and Objectives, Requisites of a Good Average.
Session 5
Types of Averages: Arithmetic Mean, Methods of Calculating Arithmetic Mean,
https://www.youtube.com/watch?v=Yn3yOPEtggE
https://www.youtube.com/watch?v=I33mWfH8Noc (Arithmetic mean for Grouped data)
https://www.youtube.com/watch?v=Y5QUfZfrDXQ(Merits and demerits of Mean)
Session 6
Missing Frequency in Arithmetic Mean
Session 7
Practice class on Arithmetic Mean.
Problem Practice on different methods of Arithmetic Mean.
Problem Practice on missing Frequency.
Session 8
Properties of Arithmetic Mean.
Session 9
Calculation of Median, its advantages and disadvantages
https://www.youtube.com/watch?v=gnyipM5RG-M (Median in all series)
https://www.youtube.com/watch?v=TlsNEYvTXBs ( merits and Demerits)
Session 10
Practice Session on Median
Problem Practice on median on different methods for discrete and continuous series.
Session 11
Calculation of Mode. Its advantages and disadvantages
Session 12
Practice Class on Mode
Problem Practice
Session 13
Calculation of Geometric Mean .
Advantages and disadvantages
Properties of Geometric mean
B.Com Sem I STBM Log-Antilog-Tables
Session 14
Calculation of Harmonic Mean
Advantages and disadvantages of Harmonic Mean
Session 15
Practice Session on Geometric Mean and Harmonic Mean
Problem Practice.
Session 16
Introduction, Dispersion Defined, Properties of Good Measure of Variation.
Session 17
Methods of Studying Variation: Absolute and Relative Measure of Variation, Range
Session 18
The Interquartile Range, The Quartile Deviation- Merits and Demerits
https://www.youtube.com/watch?v=0HS1P3vhNBU (Range)
https://www.youtube.com/watch?v=0TulXwT_3ck (Inter quartile range)
Session 19
The Mean Deviation, Different methods to measure Mean Deviation- Advantages and dis advantages
Session 20
The Standard Deviation. Different Method- Merits and demerits
Session 21
Practice Session on measures of dispersion.
Problem Practice.
Session 22
Session 23
Introduction on Correlation: Meaning and types of correlation.
https://www.youtube.com/watch?v=T_skCl75l7Q
https://www.youtube.com/watch?v=Ypgo4qUBt5o (types of correlation)
Session 24
Types of Correlation, Methods of Studying Correlation.
https://www.youtube.com/watch?v=fM1XDDxhp44 (Karl Pearson,s coefficient)
https://www.youtube.com/watch?v=k_vVJ7BhftA (rank correlation)
Session 25
Use of Regression Analysis: Difference between Correlation and Regression Analysis, Regression Lines, Regression Equations
https://www.youtube.com/watch?v=qA-x72ju2kM (difference between correlation and regression)
https://www.youtube.com/watch?v=zPG4NjIkCjc (introduction to regression))
https://www.youtube.com/watch?v=L_a8Z0BVjyM (Regression in Excel)
https://www.youtube.com/watch?v=4y0Y_uNcC9w
https://www.youtube.com/watch?v=JvS2triCgOY (Least square method)
Session 26
Testing hypothesis- Introduction, procedure of testing hypothesis
Session 27 & 28
concept type I and II errors. Two tailed and one-tailed Tests of Hypothesis.
Session 29 & 30
Introduction to chi-square tests and goodness of fit, uses of chi-square tests.
Session 31 & 32
Revision Classes, Problem Practice, Doubt Clearing
Case Studies
Case Studies
Our Main Teachers
Sanjukta Mohanty is working as HOD – B.COM (B&A) at Centurion University of Technology and Management, Bhubaneswar. Sanjukta Mohanty is continuing her Ph.D in Management under Utkal University. She has completed her MBA in Finance from Biju Pattnaik University of Technology & Management. She is also having MA in Economics from Ravenshaw University. She has […]