1.4
Business Statistics
Unit I: Probability
and Probability Distributions: Probability: Various approaches to probability,
dependent and independent events, conditional probability, Baye's rule,
importance of probability theory in decision making; mathematical expectation
& variance of a random variable, laws of expectation; concept of
probability distribution, normal probability distribution.
Unit II:
Sampling Distribution, Theory of Estimation and Testing of Hypothesis Sampling
distribution of a statistic and its standard error, statement of Central Limit
Theorem, estimation of the mean and the variance of the sampling distribution
of the sample means; Testing of hypothesis: Type I and Type II errors, one
tailed and two tailed tests, tests based on standard normal test, 't' test,
chi-square (x2) test and F-test.
Unit III:
Partial and Multiple Correlation and Regression, Association of Attributes: Concept
of partial and multiple correlation and regression, various formulate and
problems; association of attributes: Concept, order of a class, class
frequency, consistency of data, kinds of association of attributes, methods of
measuring association between two attributes, partial association.
Unit IV:
Business Forecasting: Steps in business forecasting, methods of business
forecasting: Naive method barometric method, econometric method, utility and
reliability of business forecasting.
Unit V:
Measures of Inequality: The variance and the coefficient of variation, the
standard deviation of logarithms, the Lorenz curve and Gini coefficient.
Unit VI:
Statistical Quality Control (SQC): Meaning of SQC, process control; control
charts: X, R, P and C charts, product control; single and double sampling
inspection plans, concepts of OC curve, AQL, LTPD, AOQ and AOQL.
Unit VI:
Decision Theory: Steps in decision making environments, decision making under
conditions of uncertainty, decision making under conditions of risk, decision
trees, advantages and limitations of decision trees.
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