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BMS - DSC - Statistics For Business Decision

The DSC02 course aims to equip students with statistical data analysis tools for effective decision-making in financial and managerial contexts. Key learning outcomes include summarizing data, analyzing variable relationships, and developing decision problems using probability functions. The course covers descriptive statistics, correlation and regression analysis, random variable analysis, and hypothesis testing, with practical applications encouraged through real-life case studies and Excel data analysis.

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50 views2 pages

BMS - DSC - Statistics For Business Decision

The DSC02 course aims to equip students with statistical data analysis tools for effective decision-making in financial and managerial contexts. Key learning outcomes include summarizing data, analyzing variable relationships, and developing decision problems using probability functions. The course covers descriptive statistics, correlation and regression analysis, random variable analysis, and hypothesis testing, with practical applications encouraged through real-life case studies and Excel data analysis.

Uploaded by

jhapriya878
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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DSC02: Statistics for Business Decisions

Course Objective(s): To familiarize the students with various Statistical Data Analysis tools that can
be used for effective decision making. Emphasis will be on the application of the concepts learnt to
various financial and managerial situations. The course will enhance students’ critical thinking and
problem solving that rests on Statistical Methods and Data Analysis approaches.

Learning Outcomes:
On completion of the course students should be able to
➢ Summarize data sets using Descriptive statistics
➢ Analyze the relationship between two variables of various managerial situations
➢ Geometrically Interpret Correlation and Regression
➢ Develop managerial decision problems using Probability Density Functions and Cumulative
Density Functions

Course Content:
Unit I: Data and its Descriptive Analysis (8 lectures)
Quantitative and Qualitative Data, Attributes and variables, Scales
of measurement: nominal, ordinal, interval and ratio, Measures of Central Value: Mean, Median,
Mode,
Measures of Dispersion: Absolute and Relative measures of dispersion – Range, Quartile Deviation,
Mean Deviation, Standard Deviation, Moments, Skewness, Kurtosis. Visualization of Data:
Histograms, Stem and Leaf Plots, Five Number Summary and Box Plots. Introduction to Big Data:
Characteristics and Stages.

Unit II: Correlation and Regression Analysis (16 lectures)


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.
Regression Analysis: Meaning and significance, Regression vs. Correlation, Simple Regression
model: Linear Regression, Assumptions for simple linear regression model, Violations of the
assumptions of the model, R-square and MSE in Regression, Geometric Interpretation of Regression.

Unit III: Random Variable Analysis (12 lectures)


Probability: Meaning and need, Conditional probability, Bayes’ theorem, Random Variable- discrete
and continuous. Probability Distribution: Meaning, characteristics (Expectation and variance) of
Binomial, Poisson, Exponential and Normal distribution, z-score, Chebyshev and empirical rule,
Central limit theorem.

Unit IV: Introduction to Estimation and Hypothesis Testing (12 lectures)


Estimation: Point and Interval estimation of population mean, Confidence intervals for the parameters
of a normal distribution (one sample only), Hypothesis Testing: Level of Significance; Type I and
Type II error, Test of hypothesis concerning Mean: z-test & t-test.
Suggested Readings
1. Gupta, S.P., Statistical Methods, Sultan Chand & Sons
2. Levine, D., Stephan, D., & Szabat, K., Statistics for Managers using MS Excel, Pearson India
3. Keller, G., Statistics for Management and Economics, Cengage Learning, New Delhi
4. Stine, R. and Foster, D., Statistics for Business (Decision making and Analysis). Pearson India
5. Evans, J., Business Analytics, Pearson India

Recommendation
The students are encouraged to solve real life case studies using Spreadsheets.

Teaching – Learning Process


Practical can be incorporated based on the theoretical concepts of Descriptive statistics. Students will
be encouraged to perform data analysis using Excel.

Assessment
Total Marks: 100
Internal Assessment: 25 Marks
End Semester University Exam: 75 Marks
The Internal Assessment of the course may include Class participation, Assignments, Class tests,
Projects, Field Work, Presentations, amongst others as decided by the faculty.

Key Words
Descriptive Statistics, Measures of Central Tendency, Measures of Dispersion, Correlation,
Regression, Random variable, Probability distribution, Normal Distribution, Testing of Hypothesis

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