Business Statistics (Credit 3)
This course attempts to provide with basic understanding and techniques necessary for general statistical presentation and analysis in relation to business activities.
Unit I: Introduction and Data Collection
Definition of statistics; descriptive and inferential statistics; sources of data (primary and secondary) types of data (categorical and numerical). Parameter and statistics, data collection technique, census and sampling, questionnaires.
Unit II: Grouping and Displaying Data
Data array, frequency distribution (relative, percentage and cumulative), histogram frequency polygon and ogives.
Unit III: Measures of Central Tendency, Variation and Shape
Mean (arithmetic, geometric and harmonic); median, mode; quartile deviation; mean deviation; standard deviation; variance; coefficient of variation; shape (symmetric and skewed).
Unit IV: Probability Theory
Basic concepts (random experiment, trial, event, outcome, mutually exclusive events, equally likely events, exhaustive events); set operations (union, intersection, difference, complements, venn diagram); subjective and objective probability; additive and multiplicative rule; conditional probability; Bays theorem.
Unit V: Probability Distribution
Random variable, expectation, binomial distribution, poisson distribution, normal distribution.
Unit VI: Sampling Distribution and Estimation
Sampling, types of sampling, sampling distribution of mean, sampling distribution of proportion, properties of estimation, point estimates, interval estimates and confidence interval (mean and proportion)
Unit VII: Hypothesis Testing
Null and alternative hypothesis, level of significance, critical value, one and two tailed test type I and type II error, one sample tests for mean (Z and t test) and proportion, two sample tests for mean (z and t test) and proportion.
Unit VIII: Chi Square Test and Analysis of Variance
Introduction, chi square as a test of independence, one-way analysis of variance (ANOVA)
Levine R. I. & Rubin D. S. (2002). Statistics for Management. (7th ed.), Pearson Education, New Delhi.