To familiarize the students with various Statistical Data Analysis tools that can be used for effective decision making. Emphasis will be on the application of the concepts learnt to various managerial situations.
At the end of the course, students should be able to:
Unit I (2 Weeks)
Data: quantitative and qualitative, attributes, variables, Scales of measurement: nominal, ordinal, interval and ratio, Measures of Central Value: Meaning, Need for measuring central value. Characteristics of an ideal measure of central value. Types of averages – mean, median, mode, harmonic mean and geometric mean. Merits, Limitations and Suitability of averages. Relationship between averages. Measures of Dispersion: Meaning and Significance. Absolute and Relative measures of dispersion – Range, Quartile Deviation, Mean Deviation, Standard Deviation, Moments, Skewness, Kurtosis, z-score, Chebyshev and empirical rule. Graphical Analysis of Ordered Data: Histograms, Stem and Leaf Plots, Box-and-Whisker Plots
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol I, Chapter 5,6,7,8 and 9]
Kellar, Statistics for Management, Cengage Learning [Chapter 2, 3 and 4]
Unit II (4 Weeks)
Correlation Analysis: Meaning and significance. Correlation and Causation, Types of correlation, Methods of studying simple correlation – Scatter diagram, Karl Pearson’s coefficient of correlation, Spearman’s Rank correlation coefficient.
Regression Analysis: Meaning and significance, Regression vs. Correlation, Simple Regression model: Linear Regression, Conditions for simple linear regression, Standard error of estimate, Geometric Interpretation of Regression.
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol I, Chapter 10, 11]
Unit III (3 Weeks)
Probability: Meaning and need, Theorems of addition and multiplication, Conditional probability, Bayes’ theorem, Random Variable- discrete and continuous. Probability Distribution: Meaning, characteristics (Expectation and variance) of Binomial, Poisson, exponential and Normal distribution, Central limit theorem.
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol II, Chapter 1, 2]
Levin and Rubin, Statistics for Management, Pearson. [Chapter 4, 5]
Unit IV (3 Weeks)
Estimation of population mean, Confidence intervals for the parameters of a normal distribution (one sample only), Introduction to testing of Hypothesis: Concept; Level of Significance; Process of testing; Type I and Type II error, Test of hypothesis concerning Mean: z test & t test (One Sample), Proportion Z test, Non parametric tests: One-Sample Wilcoxon Signed Rank Test, Paired-Sample Wilcoxon Signed Rank Test, Kolmogorov-Smirnov Test.
Levin and Rubin, Statistics for Management, Pearson. [Chapter 7, 8, 14]
Kellar, Statistics for Management, Cengage Learning [Chapter 10, 11, 12 19]