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Business Statics
- Enable the students to acquire knowledge of all the statistical aspects for business decisions.
- Develop the understanding of the business problems in the quantitative manner and analyze them using statistical tools.
Course Outcomes (COs):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Paper Code |
Paper Title |
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CBTM 401 |
Business Statics (Theory)
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CO 112 Understand the concept of correlation. CO 113 Understand the Application of regression analysis. CO 114 Knowledge of the theory of probability and probability distribution. CO 115 Develop a hypothesis and test it. CO 116 Analyze the collected data using various statistical tools and techniques CO 117 Construct a research report. |
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 |
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. Baye’s 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 West
