BUSINESS STATISTICS

Teacher

Sanjukta Mohanty

Category

Domain Courses

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Course Name : BUSINESS STATISTICS

Code(Credit) : CUBC2431

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.

https://www.youtube.com/watch?v=MXaJ7sa7q-8

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

Session 2

Distributions, standard error, sampling from normal production. Classification and tabulation of data.

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

Practice Session on Geometric Mean and Harmonic Mean

Problem Practice.

Practice Session on Geometric Mean and Harmonic Mean

Problem Practice.

Practice Session on Geometric Mean and Harmonic Mean

Problem Practice.

Practice Session on Geometric Mean and Harmonic Mean

Problem Practice.

Regression and Correlation analysis: Introduction: Significance of the Study of Correlation

regressionanalysis

Session 10

The Standard Deviation, Lorenz Curve, Which Measure of Dispersion to Use?

Session 11

Methods of Studying Variation: Absolute and Relative Measure of Variation, Range, The Interquartile Range, The Quartile Deviation, The Mean Deviation,

Session 12

Types of Correlation, Methods of Studying Correlation.

Session 13

Use of Regression Analysis: Difference between Correlation and Regression Analysis, Regression Lines, Regression Equations

Session 14

Testing hypothesis- Introduction, procedure of testing hypothesis

hypothesistesting

Z test & Standard Error

Session 15

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

testingofhypothesis

Session 16

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

chi-squaredtest

chisquaretest

Session 17

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 […]