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Business Statistics and Logic
The objective of this course is to equip students with advanced statistical and analytical skills to support data-driven decision-making in business. By integrating probability theory, statistical techniques, and predictive modelling, students will develop a strong foundation for business analysis and problem-solving.
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Course |
Learning outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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25CBBA 203 |
Business Statistics and Logic (Theory)
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CO: Assess the scope and significance of statistics in business decision-making. CO: Analyse and compare different measures of central tendency & dispersion and justify their use in specific business contexts. CO: Analyse and interpret relationships between business variables using correlation and regression techniques. CO: Evaluate real-world business situations using probability laws CO: Select appropriate probability distributions for business problem-solving and predictive analysis. CO: Contribute effectively in course-specific interaction. |
Approach in teaching: Interactive Hours, Discussion, Tutorials, Reading, Assignments
Learning activities for the students: Self-learning assignments, Effective questions, Giving tasks
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Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
Definition and scope of statistics in business, Importance of statistics in decision-making, Frequency distributions, Processing, Organizing and presenting data, Quantitative and Qualitative Data Graphs
Measures of Central tendency: Characteristics of an ideal measure- mean median, mode, 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, Coefficient of
Variation
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, Concurrent correlation. Regression Analysis: Meaning and significance, Regression vs. Correlation. Linear Regression, Regression lines (X on Y, Y on X)
Introduction to Probability, Method of Assigning Probabilities, Structure of Probability, Marginal, Union, Joint, and Conditional Probabilities, Addition Laws, Multiplication Laws,
Conditional Probability, Independent Events
Definition and importance of probability distributions, Binomial distribution: Characteristics and assumptions, Probability mass function, Mean, variance, and standard deviation, Applications in business and quality control, Poisson distribution: Definition and properties, Poisson process and assumptions, Applications in queuing theory and inventory management
Normal Distribution: Characteristics and properties (Bell curve), Standard normal distribution
(Z-score transformation)
1. S.P. Gupta (S.P.): Statistical Methods, Sultan Chand & Sons, 34th Edition.
2. Sancheti and Kapoor, Statistics, New Age Publications
3. Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2020). Statistics for business and
4. economics (14th ed.). Cengage Learning.
5. Black, K. (2019). Business statistics: For contemporary decision making (10th ed.). Wiley.
6. Keller, G. (2022). Statistics for management and economics (12th ed.). Cengage
7. Learning.
8. Levin, R. I., Rubin, D. S., Rastogi, S., & Siddiqui, M. H. (2021). Statistics for management (8th ed.). Pearson
1. Lind, D. A., Marchal, W. G., & Wathen, S. A. (2021). Statistical techniques in business and economics (18th ed.). McGraw-Hill Education.
2. Newbold, P., Carlson, W. L., & Thorne, B. (2019). Statistics for business and economics (9th ed.). Pearson.
3. Sharpe, N. R., De Veaux, R. D., & Velleman, P. F. (2021). Business statistics (4th ed.). Pearson.
4. Triola, M. F. (2022). Essentials of statistics (7th ed.). Pearson.
5. Field, A. (2018). Discovering statistics using IBM SPSS statistics (5th ed.). SAGE Publications.
6. Kahneman, D. (2013). Thinking, fast and slow. Farrar, Straus, and Giroux.
e-Resources
1. https://ocw.mit.edu/courses/sloan-school-of-management/15-075-applied-st...
2. https://openstax.org/details/books/introductory-business-statistics
3. https://www.khanacademy.org/math/statistics-probability
4. https://www.coursera.org/specializations/business-statistics-analysis
5. https://www.edx.org/course/statistics-for-business-iimbx-ds101x
