Statistics for Management

OBJECTIVE:

• To learn the applications of statistics in business decision making.

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UNIT I - INTRODUCTION

‍Basic definitions and rules for probability, conditional probability independence of events, Baye‘s theorem, and random variables, Probability distributions: Binomial, Poisson, Uniform and Normal distributions.

UNIT II - SAMPLING DISTRIBUTION AND ESTIMATION

‍Introduction to sampling distributions, sampling distribution of mean and proportion,   application  of   central limit theorem, sampling techniques. Estimation: Point and Interval estimates for population parameters of large sample and small samples, determining the sample size.

UNIT III - TESTING OF HYPOTHESIS – PARAMETIRC TESTS

‍Hypothesis testing: one sample and two sample tests for means and proportions of large samples (z-test), one sample and two sample tests for means of small samples (t-test),  F-test  for two  sample  standard deviations. ANOVA one and two way

UNIT IV - NON-PARAMETRIC TESTS

‍Chi-square test  for  single  sample  standard  deviation. Chi-square tests for independence of  attributes and goodness of fit.  Sign test for paired data. Rank sum test. Kolmogorov-Smirnov – test for goodness of  fit, comparing two populations. Mann – Whitney U test and Kruskal Wallis test. One sample run test.

UNIT V - CORRELATION AND REGRESSION

‍Correlation – Coefficient of Determination – Rank Correlation – Regression – Estimation of Regression line – Method of Least Squares – Standard Error of estimate.

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