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The objective of this course is to familiarize students with the basic statistical tools used for managerial decision-making.
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.
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.
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?
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?
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.
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.
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
Missing Frequency in Arithmetic Mean
Practice class on Arithmetic Mean.
Problem Practice on different methods of Arithmetic Mean.
Problem Practice on missing Frequency.
Properties of Arithmetic Mean.
Calculation of Median, its advantages and disadvantages
https://www.youtube.com/watch?v=gnyipM5RG-M (Median in all series)
Practice Session on Median
Problem Practice on median on different methods for discrete and continuous series.
Calculation of Mode. Its advantages and disadvantages
Practice Class on Mode
Practice Session on Geometric Mean and Harmonic Mean
Introduction, Dispersion Defined, Properties of Good Measure of Variation.
The Mean Deviation, Different methods to measure Mean Deviation- Advantages and dis advantages
The Standard Deviation. Different Method- Merits and demerits
Practice Session on measures of dispersion.
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=JvS2triCgOY (Least square method)
concept type I and II errors. Two tailed and one-tailed Tests of Hypothesis.
Revision Classes, Problem Practice, Doubt Clearing
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 […]