204: Business Statistics
Unit -I: Introduction to Statistics: 10
Meaning, Scope and limitations of statistics; Collection of data: Primary and Secondary data; Schedules and questionnaires and their preparations; Census survey and sample survey, Methods of sampling: Random sampling, stratified random sampling and judgment sampling; Construction of frequency distribution; Diagrammatic and graphical representation of data.
Unit -II: Analysis of Univariate Data 10
Measures of central tendency and partition values; Measures of variation; Measures of skewness, kurtosis (meaning and basic ideas).
Unit-III: Analysis of Bi-variate Data 15
Linear correlation and Linear Regression: Interpolation: Meaning and utility, Binomial, Newton’s and Lagrange’s methods of interpolation. Extrapolation: Meaning and importance.
Unit-IV: Index Numbers and Time Series 15
Index Numbers: Meaning, types, uses and limitations; Methods of constructing price and quantity Indices (simple and aggregate); Tests of adequacy; Problems in the construction of index numbers; Consumer price index.
Time Series: Causes of variation in time series data; Components of time series; decomposition, Additive and multiplicative models; Determination of trend-moving average method and method of least squares.
Unit-V: Theory of Probability and Probability Distribution 15
Theory of Probability: Probability as a concept, the three approaches to defining probability; Addition and multiplication law of probability; Conditional probability; Expectation and variance of a random variable.
Probability distribution: Probability distribution as a concept, binomial Poisson and normal probability distributions - their properties and uses, applications to business.
Unit-VI: Sampling Theory and Level of Significance 15
Concept of standard error, Estimation (Point and Interval estimation), Properties of a good estimator, Testing of Hypothesis - Null Hypothesis, Alternative Hypothesis, Types I & Type II errors, Level of Significance, Critical region, One tailed and two tailed tests.
Statistical Quality Control (SQC): Introduction, Process control, control chart, 3- sigma control limits, Control charts for variables, mean and range charts, Criterion for detecting lack of control in mean and range charts, Interpretation of mean and range charts.
1. Business Mathematics & Statistics, R.K. Ghosh, S. Saha, New Central Book Agency (Pvt.) Ltd, Kolkata
2. Fundamentals of Statistics, S.C. Gupta, Sultan Chand & Sons.
3. Business Statistics, A.P. Verma, Asian Book (Pvt.) Ltd.
4. Essentials Statistics for Economics and Commerce Padmalochan Hazarika, Akansha Publishing House.
5. Business Statistics, I.K. Sharma, Pearson Education, New Delhi.
6. Fundamental of Statistics, D.N. Elahance/Veena Elahane, B.M. Aggarwal, Kitab Mahal.
7. Elementary Statistical Methods –Dr. S.P. Gupta –Sultan Chand & Sons, New Delhi.
8. Statistical Methods –P.N. Arora, Sumeet Arora and S. Arora, S. Chand & Co. Ltd. New Delhi.
9. Statistics for Business and Economics –R.P. Hooda –Macmillan, New Delhi.
10. Basic Statistics –Nagar and Das –Oxford University Press, New Delhi.