BUSINESS STATISTICS

Teacher

Sanjukta Mohanty

Category

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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

Session 2

Classification and tabulation of data, standard error, sampling and types of sampling.

Sampling error & Non Sampling error

Classification of data

https://www.youtube.com/watch?v=WV_Ta3hEsyk

Session 3

Introduction to sampling, Random sampling vs. non-random sampling, Types of sampling, Simple random sampling, stratified random sampling, systematic cluster sampling,

samplingtechniques

sampling-stratified vs cluster

sampling-introduction

Session 4

Measures of Central Value: Introduction, Definition and Objectives, Requisites of a Good Average.

https://www.youtube.com/watch?v=AdH5vfobH5E

https://www.youtube.com/watch?v=IArn-sKC8Mc

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

https://www.youtube.com/watch?v=tjujol3NA8c

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.

https://www.youtube.com/watch?v=ikYDamaFL9o

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

https://www.youtube.com/watch?v=GFG9sNzfiVY

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

https://www.youtube.com/watch?v=PKWVAIP17pw

Properties of GM

Session 14

Calculation of Harmonic Mean

Advantages and disadvantages of Harmonic Mean

https://www.youtube.com/watch?v=w0aaN82ysJI

https://www.youtube.com/watch?v=3Rck_pySJ7E

Session 15

Practice Session on Geometric Mean and Harmonic Mean

Problem Practice.

Session 16

Introduction, Dispersion Defined, Properties of Good Measure of Variation.

https://www.youtube.com/watch?v=WDcJyQTAmSg

Session 17

Methods of Studying Variation: Absolute and Relative Measure of Variation, Range

BUSINESS STATISTICS II (1)

https://www.youtube.com/watch?v=goXdWMZxlqM

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

https://www.youtube.com/watch?v=kbAfKOYAJhg

Session 20

The Standard Deviation. Different Method- Merits and demerits

https://www.youtube.com/watch?v=mk8tOD0t8M0 (SD)

Session 21

Practice Session on measures of dispersion.

Problem Practice.

Session 22

Graphical method of measures of Dispersion

https://www.youtube.com/watch?v=64ELhoTvzk0

Lorenz Curve

https://www.youtube.com/watch?v=mCmHS4SdWNw

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)

https://www.youtube.com/watch?v=WpZi02ulCvQ (meaning)

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

hypothesistesting

Z test & Standard Error

Session 27 & 28

concept type I and II errors. Two tailed and one-tailed Tests of Hypothesis.

testingofhypothesis

Session 29 & 30

Introduction to chi-square tests and goodness of fit, uses of chi-square tests.

chi-squaredtest

chisquaretest

Session 31 & 32

Revision Classes, Problem Practice, Doubt Clearing

Case Studies

Case Studies

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    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 […]