MSC 514: Statistical Methods

MSC 514: Statistical Methods                                                                   Credits: 3

                                                                                                                     Lecture Hours: 48

Course Objectives

The course aims to impart knowledge and skills of statistical techniques and their applications in solving business problems.

Course Details

Unit 1: Probability                                                                                                    LH 6

·         Concept and importance of probability, approaches to probability.

·         Additive and multiplicative theorems, conditional probability,

·         Baye’s theorem and decision tree.

Unit2: Probability Distribution                                                                                  LH 6

·         Discrete probability distribution: Binomial and Poisson,

·         Continuous probability distribution: Normal Distribution and their properties along with applications.

Unit 3: Sampling and Estimation                                                                         LH 6

·         Sampling techniques, sampling and non-sampling errors, sampling distribution, standard error, application of standard error, concept of central limit theorem

·         Estimation theory, criteria of good estimator, point and interval estimate, relationship among errors, risk and sample size, determination of sample size

Unit 4: Testing of Hypothesis                                                                             LH 18

·         Meaning of hypothesis testing, types of error in hypothesis testing, critical region, one tailed and two tailed test

·         Parametric Test: large sample test of mean and proportions, small sample test of mean, paired t-test, test of significance of correlation coefficient, variance ratio test, one way and two way Analysis of Variance (ANOVA),

·         Non-parametric test: Chi-square test of goodness of fit and independence of attributes, chi-square test for population variance.

Unit 5: Correlation and Regression Analysis                                                                   LH 12

·         Partial and multiple correlation, coefficient of determination, concept of linear and nonlinear regression,

·        Multiple regression equation, standard error of estimate for multiple regression, test of regression model and regression coefficients, auto-correlation, and multicollinearity,

·         Residual analysis: Linearity of the regression model, Homoscedasticity, Normality of error.

Reference Books

·         Richard I. Levin and David S. Rubin, Statistics for Management, Prentice Hall of India

·         S.C.Gupta, Fundamental of Statistics, Himalayan Publishing House


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