Business Statistics And Analytics For Decision Making

Unit

Course Description

Sessions

I

Matrices and Determinants: Definition of a Matrix, Types of Matrices, Algebra of Matrices, Transpose, Adjoint, Inverse of a Matrix.

2

II

Business Applications using Matrices: Solving Linear Equations by Using Matrices, Input-Output Analysis. Application of Matrices for Solution to Simple Business and Economic Problems.

3

III

Descriptive Statistics: Measures of Central Tendency and Dispersion and their Implications, Mean, Mode, Median, Variance and Standard Deviation and Coefficient of Variation, Z Score, Exploratory Data Analysis, Box and Whisker Plot

3

IV

Correlation: Covariance and Coefficient of Correlation. Visual Explorations Using Software Like Microsoft Excel/MINITAB etc.

3

V

Regression: Types of Regression Models, Determination of Simple Linear Regression Equation Using Least Square Method, Coefficient of Determination, Overview of Partial and Multiple Regressions.

3

VI

Index Numbers: Meaning, Types of Index Numbers, Uses of Index Numbers, Construction of Price, Quantity and Volume Indices: Fixed Base and Chain Base Methods. Fisher Ideal Index Number. Ratio and Proportion.

3

VII

Probability: Basic Probability Concepts, Conditional Probability, Marginal Probability, and its Uses in Business Decision Making; Bayes’ Theorem and its Applications. Probability Distributions: Concept and Application of Binomial, Poisson, Exponential and Normal Distributions

4

VIII

Investment Analysis: Interest: Simple, Compound, Nominal and Effective Rate of Interest. Time Value of Money, Discounting. Annuity, Amortization and Sinking Funds. Breakeven Analysis.

3