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The aim of this course is to develop the understanding of various statistical tools used for decisions making and how each applies to and can be used in the business environment using contemporary software.

Credit units: 04

Course Contents
Module I: Introduction Application of Statistics in Business; Classification of Data; Interpretation of computer output of diagrammatic and graphical presentation of data, measures of central tendency, measures of dispersion and skewness. Module II: Probability and Probability Distributions Concepts of Probability, Probability Rules, Probability of an event under condition of Statistical Independence and Statistical dependence, Bayes Theorem; Probability Distributions: Mean or Expected value of random variable, Variance and Standard Deviation of random variables; Binomial Probability Distribution, Poisson Probability Distribution and Normal Probability Distribution. Module III: Sampling and Sampling Distribution Sampling: Basic Concept, Types of Sampling Errors and Precautions, Parameter and Statistic, Sampling Distribution of the mean, Sampling distribution of proportion, Estimation point estimation, Interval Estimation of the mean - known & unknown cases, interval estimation of the proportion, determining of sample size for estimating population mean , determination of sample size for estimating proportion p. Module IV: Tests of Hypothesis Null and Alternative hypothesis, One-Tailed and Two-Tailed tests of hypothesis, Type I and Type II error, population mean : known, population mean : unknown, population proportion, rejection rule using p Value approach, rejection rule using critical value approach. Hypothesis Testing to compare two populations: Test for two population means (Independent Samples), Tests for two population means (Dependent Samples), Tests for two population proportions (Independent Samples), Tests for two population variances (Dependent Samples), F-test, Interpretation of computer output of ANOVA, Chi Square Test Module V: Forecasting Techniques Correlation - Karl Person, Spearmans Rank methods, Regression Analysis Estimated regression equation, least squares method, coefficient of determination, interpretation of computer output for Regression, Time Series Analysis- Variation in Time Series, Numerical application of trend analysis.

Examination Scheme
Components Weightage (%) CPA 5 TP 5 Q/S 5 A 5 ME 10 EE 70

Anderson D.R; Sweeny D.J and Williams T.A (2002), Statistics for Business and Economics, Cengage learning. Kazinier L.J. and Pohl N.F. (2004) Basic Statistics for Business and Economics, New York: McGraw Hill. Levin Richard I. and Rubin David S.(1998), Statistics for Management, Pearson Education India Stephen .K.C. (2002), Applied Business Statistics: Text, Problems and Cases. New York: Harper and Row. Sharma, J.K. (2007), Business Statistics, Pearson Education.