Introduction:

Statistics is a course that is designed to give you the basic tools of collecting, analyzing, presenting, and interpreting data. In the business community, managers must make decisions based on what will happen to such things as demand, costs, and profits. These decisions are an effort to shape the future of the organization. If the managers make no effort to look at the past and extrapolate into the future, the likelihood of achieving success is slim. In other words, there are four reasons why we need to understand statistics.

 

Learning Objective: 

The course objectives are-

·         Frame and formulate management decision problems.

·         Understand the basic concepts underlying quantitative analysis.

·         Use sound judgment in the applications of quantitative methods to management decisions.

 

Learning Outcome:

The course outcomes are-

·         Students will be able to demonstrate understanding of statistical thinking and data analysis techniques for decision-making under uncertainty.

·         Students will be able to apply statistical techniques to data sets, and correctly interpret the results.

Essential readings:

·         S.C. Gupta & Indra Gupta: Business Statistics- Himalaya Publishing House

·         S.P. Gupta, Statistical Methods, S. Chand Publication.

Suggested Readings:

·         Berenson, ML, Levine, DM, Krehbiel, TC. (2009). Basic Business Statistics, 11th Edition. New Jersey: Prentice Hall.

·         Roger E. Kirk Statistics: An Introduction, Fifth Edition, Thomson-Wadsworth Publication.

·         Mc Clave, Benson and Sincich, Statistics for Business and Economics, Eleventh Edition, Prentice Hall Publication.

·         Jack Levin, James Alan Fox, Elementary Statistics in Social Research, Pearson Education.