BUSINESS STATISTICS

Objectives:
The objective of this course is to impart basics statistical principles and techniques
needed for this study of modern business and to meet the curricular requirements of
students at the under graduate level.

Outcomes:
(1) Understanding the descriptive measure of central tendency and dispersion helps
in studying the various characteristics of an empirical data (distribution) and
interpret them.
(2) Knowledge of correlation and regression analysis enables one to know the nature
of inter relationship between the variables of a bivariate distribution and use this
knowledge for estimation and prediction purposes.
(3) Index numbers are highly useful for measuring the average change in prices or
any other characteristics like quantity, value, etc., for the group of items as a
whole time series analysis facilitates the process of anticipating future course of
events and thus forecasting the value of variable and planning for the future.

UNIT-I: Introduction to statistics and preliminaries:

Origin, development, importance and limitations of statistics, Primary and Secondary
data, Schedule and Questionnaire, Diagrammatic and graphic presentation of data using
Computers (Excel), Measures of Central tendency and their usefulness.
UNIT-II: Measures of Dispersion:
meaning and objective of measuring dispersion, Measures of dispersions – Range, Mean
deviation, Quartile deviation, Standard deviation, Variance and coefficient of variation,
Skewness-definition, Karl Pearson’s and Bowley’s measrues of Skewness-Normal curve
and Kurtosis.
UNIT-III: Measures of Relation:
Correlation – definition and types of correlation Karl Pearson’s coefficient of linear
correlation and its properties, Spearman’s Rank correlation, Probable error, Meaning
and importance of regression, linear regression analysis, Regression equations,
interpretation of regression coefficients.
UNIT-IV: Analysis of Time Series:
Objectives of time series analysis, Components of tine series, Measurement of secular
trend- method of Least squares, method of moving averages and semi-averages,
Seasonal variations- Ratio to trend and ratio to moving average method, Forecasting
using decomposition.
UNIT-V: Index numbers:
Characteristics and uses of index numbers, Construction of index numbers, Price index
numbers, quantity index numbers, Laspeyre’s, Paasche’s and Fishers index numbers and
their comparison, Time reversal and Factor reversal tests, construction of consumer
price index and wholesale price index, Limitations of index numbers.

Recommended Textbooks:
1. JK SHARMA, BUSSINESS STATISTICS, NEW DELHI, PEARSON PUBLISHERS.
2. G C BERI, BUSSINESS STATISTICS, NEW DELHI, TATA MCGRAW HILL.
3. S P GUPTA, STATISTICAL METHODS. NEW DELHI, SULTAN CHAND.
4. S.C GUPTA AND V.K KAPOOR : FUNDAMENTALS OF MATHEMATICAL STATISTICS, S
CHAND AND CO, 2005