Course Details
Unit 1: Introduction to Statistics 5 LHs
Meaning, scope and limitation of statistics; Importance of statistics in business and management; Types and sources of data; Methods of collection of primary and secondary data; Precautions in using secondary data; and Problems of data collection.
Unit 2: Classification and Presentation of Data 5 LHs
Data classification: meaning, need, objectives and types of classification; Construction of frequency distribution and its principles; Presentation of data: tabular presentation, diagrammatic presentation: bar diagram, Pie diagram, graphic presentation: histogram, frequency polygon, frequency curve and ogive.
(Illustrations related to Business and Management).
Unit 3: Measures of Central Tendency 15 LHs
Mean: simple and weighted (Arithmetic Mean, Geometric Mean and Harmonic Mean);
Median; Partition values; Mode; Properties of averages; and Choice and general limitations of an average.
Unit 4: Measures of Dispersion 15 LHs
Absolute and Relative measures; Range; Quartile deviation; Standard deviation; Coefficient of variation; and Lorenz curve.
Unit 5: Skewness, Kurtosis and Moments 15 LHs
Meaning, objective and measurement of Skewness; Karl Pearson’s and Bowley’s methods; Five number summary; Box-Whisker Plot; Kurtosis and its measurement by Percentile method; Meaning of moments; Central and raw moments and their relationship; and Measurement of Skewness and Kurtosis by method of moment.
Unit 6: Simple Correlation and Regression Analysis 15 LHs
Karl Pearson’s correlation coefficient including bi-variate frequency distribution; Coefficient of determination; Probable Error(P.E.); Spearman’s rank correlation coefficient; Concept of linear and non-linear regression; Simple linear regression equations including bi-variate frequency distribution; and Properties of regression coefficients.
Unit 7: Analysis of Time Series 15 LHs
Meaning, need and components of time series; Measurement of trend: semi-average, moving average, method of least squares; Measurement of seasonal variation: method of simple average and ratio to moving average (only quarters).
Unit 8: Index Numbers 15 LHs
Meaning and types of Index Number; General rule and problems in construction of index number; Methods of constructing index numbers: simple and weighted (aggregative and average of price relative method), Laspeyre’s index number, Paasche’s index number, Fisher’s ideal index number; and Time and factor reversal tests.
Cost of living index number (or Consumer’s price index number): aggregative expenditure
method and family budget method; and Base shifting and deflating.
Unit 9: Probability 10 LHs
Definition of probability; Addition and multiplication theorem; Application of combination rule in probability; and Conditional probability.
Unit 10: Sampling and Estimation 5 LHs
Meaning of sample and population; Census versus sampling; Sampling techniques; Concept of sampling distribution; Standard error; Estimation: estimator, concept of types of estimates: Point and Interval estimates.
Unit 11: Quantitative Analysis 15 LHs
Introduction to Quantitative Analysis; Application of management science: scientific approach to decision making; Decision making under the condition of uncertainty: maximax
(optimism), maximin(pessimism), minimax regret; Decision making under risk : Expected Profit (EP) Or Expected Monetary value (EMV), Expected Profit with perfect Information (EPPI), Expected Value of Perfect Information (EVPI); Linear Programming Problem (LPP): Problem formulation with two decision variables, graphical solution of maximization and minimization problems.
Unit 12: Determinant 10 LHs
Definition of determinant; Methods of finding the numerical values of determinant up to three order; Properties of determinant and its use to find the numerical values of determinants; and Cramer’s rule to solve simultaneous equations up to three variables.
Unit 13: Matrix 10 LHs
Definition and types of Matrix; Addition, subtraction and multiplication of matrices; Cofactors; Transpose; Adjoint and inverse of a matrix; Matrix method to solve simultaneous equations up to three unknown variables.
Note: Illustrations and applications in all chapters should be based on Business and Management situation as far as possible.
