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 (3 Weeks)
Data: Types and sources, quantitative and qualitative, attributes, Big Data and its utility in business analytics, Scales of measurement: nominal, ordinal, interval and ratio, Measures of Central Value: Mean , Median and Mode, Measures of Dispersion: Absolute and Relative measures of dispersion – Range, Quartile Deviation, Mean Deviation, Standard Deviation, Coefficient of Variation, Box and whisker plot, Moments, Shape of the distribution: Skewness and Kurtosis, z-score, Chebychev and empirical rule.
Stine and Foster, Statistics for Business (Decision making and Analysis), Pearson [Chapter 2, 3, 4]
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol I, Chapter 5,6,7,8 and 9]
Unit II (2 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, Tests for the significance of correlation coefficient
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol I, Chapter 10, 11]
Stine and Foster, Statistics for Business (Decision making and Analysis), Pearson [Chapter 21]
Unit III (3 Weeks)
Analysis of Time Series: Meaning and significance, Utility, Components of time series, Models (Additive and Multiplicative), Measurement of trend: Method of least squares, Linear and Parabolic trend, Measurement of seasonal variations by method of ratio to trend.
Index Numbers: Meaning and significance, problems in construction of index numbers, Methods of constructing index numbers-weighted and unweighted, Construction of index numbers of prices and quantities, Consumer price index number, Introduction to stock market index
S.P. Gupta, Statistical Methods, Sultan Chand & Sons [Vol I, Chapter 13, 14] Levin and Rubin, Statistics for Management, Pearson. [Chapter 15, 16]
Unit IV (4 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.
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.
Keller, G, Statistics for Management and Economics, Cengage Learning. [Chapter 6, 7, 8 ] Levin and Rubin, Statistics for Management, Pearson. [Chapter 4, 5, 7, 8]