Coming soon
Statistics for Business Decisions
Course Objectives:
• Calculate and interpret the correlation between two variables. & simple linear regression equation for a set of data & Employee the principles of linear regression and correlation, including least square method, predicting a particular value of Y for a given value of X and significance of the correlation coefficient.
• Use the basic probability rules, including additive and multiplicative laws, using the terms, independent and mutually exclusive events to translate real-world problems into probability models & derive the probability density function of transformation of random variables, Identify the characteristics of different discrete and continuous distributions and Apply concepts of Probability distributions in Decision making
Course Outcomes (COs):
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Learning outcomes (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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CO 265: Calculate and interpret the correlation between two variables. & simple linear regression equation for a set of data & Employee the principles of linear regression and correlation, including least square method, predicting a particular value of Y for a given value of X and significance of the correlation coefficient. CO 266: Use the basic probability rules, including additive and multiplicative laws, using the terms, independent and mutually exclusive events to translate real-world problems into probability models & derive the probability density function of transformation of random variables, Identify the characteristics of different discrete and continuous distributions and Apply concepts of Probability distributions in Decision making Recognize when to use a hypothesis test and which test should be used in decision making, CO 267: Construct research hypothesis and Apply concepts of Hypothesis testing in decision making situation CO 268: Familiarize with Format for research report writing Design, carry out and present an original work of research, Identify and articulate strategies for dealing with ethical issues that may arise. |
Approach in teaching: Interactive Hours, Discussion, Tutorials, Reading assignments, Demonstration, Team teaching
Learning activities for the students: Self-learning assignments, Effective questions, Simulation, Seminar presentation, Giving tasks. |
Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects |
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)
Probability: Meaning and need. Theorems of addition and multiplication. Conditional probability. Bayes’ theorem.
Probability Distribution: Meaning, characteristics (Expectation and variance) of Binomial, Poisson, and Normal distribution
Sampling Theory- Parameter and Statistic, Sampling Distribution of a Statistic and Standard Error of a Statistic
Test of Hypothesis- Element and Procedure of Testing a Statistical Hypothesis, Types of Errors. Level of Significance
Test of Significance (Large Sample)- Sample Mean, Difference between two Sample Means, Difference between two Standard Deviations, Sample Proportion and Difference between two Sample Proportions.
Test of Significance (Small Sample): Application of Student’s t- test for Mean, Difference Between two Means ( Independent and Paired t-test for Difference of Means).
Chi-square test: Definition and Nature, Uses of Chi-Square Test- Test of Goodness of Fit, Test of Independence of Attributes and Test for the Population Variance.
Analysis of Variance: One-way and two-way classification.
Research report writing: Format of research report, presentation, footnote- endnote, bibliography, references.
1. S.P. Gupta (S.P.): Statistical Methods, Sultan Chand & Sons, 34th Edition.
2. Goon, Gupta and Das: Fundamentals of Statistics
3. Snedecor and Cochran, Statistical Methods, Oxford and IBH Publishers.
4. Shukla,M.C. and Gulshan S.S., Statistics Theory and Practice, Sultan Chand and Sons, New Delhi.
5. Richard Levin & David Rubin : Statistics for management, Prentice Hall.
6. Anderson, Sweeny & Williams: Statistics for Business and Economics, South Western.
