Punjab College of Technical Education Ludhiana

COURSE MODULE BUSINESS STATISTICS

Name of Teacher: Asha Sharma (asha_s81@hotmail.com) Nidhi Juneja (nidhi_juneja30@yahoo.co.in) Subject Code: BB-304No. Of lecture: 57Class Tests: 2Hourly test: 2Assignment: 3Activity: 2

Course Objective:

Business Statistics is helpful in framing suitable policies in a large number of diversified fields covering natural, physical and social sciences. It will enable the students to know what is statistics, how and when to apply statistical techniques to decision making situations and how to interpret the results.

Class Room Policies:

1. Student will be allowed to enter the class till the attendance is going on, after that no one can enter the class.

2. No student will be given a chance to reappear for MSE.3. All the tests will be considered for internals.4. Each assignment will have weightage & assignments are to be submitted by the

scheduled time, failing which no assignment will be accepted.

Internal Marks Distribution:

Mid Semester Examination: 15Presentation: 61st Hourly Tests: 52nd Hourly Tests: 5Class test: 5Assignment: 4

Course Break-Up

Lecture No. Contents Assignments1. Introduction to Business Statistics

Relevance Applications

2. Functions of statistics Definiteness Condensation Comparison Prediction Formulation Of suitable policies

Limitations True only on average It can be misused One method of studying the problem Does not deal with individual measurements

3. Data Relevance Collection of Data

4. Classification of data5. Collection of chocolate preference (Activity-1)6. Formation of discrete

Continuous frequency distribution7. Tabulation of data

meaning Relevance Format of table

8. Case study -1(Portfolio management)9. Graphic presentation: Meaning

Types of diagrams Sub-divided bar Multiple bars Percentage bar Pie Chart

10. Graphic presentation (contd.). Graphs of frequency distribution Frequency Polygon Frequency curve Ogives

11. Practical Tutorial- 1 Discussion on the problem of students.

12. Measures of central value / Measures of Location RelevanceObjectives of averagingRequisites of a good average

Assignment-1

13. Arithmetic mean# Calculation in Individual

14. Calculation of mean in descrete and continuous series15. Geometric mean

16. Harmonic mean

17. Median meaning Relevance

REFERNCES

1. Levin & Rubin: Statistics for Management, Prentice Hall India.2. Srivastava & Rego : Statistics for Management, Tata McGraw Hill3. S.P.Gupta : Statistical Methods, Sultan Chand & Sons4. Andersons, Sweeny and Williams : Cengage Learning, Statistics for Business and

Economics

Activity-1

Students will go to 25 children and ask them about their chocolates’ preferences among the various brands available in the market. They will collect the data about the name and age of the children along with their preferences. Then, they will convert this raw data into a Bivariate Table consisting of 2 variables.

1. Chocolate2. AgeFor Example:

X(Chocolate)/Y(Age) 3-5 5-7 7-9 9-11 11-13 13-15Dairy MilksMilky Bar MunchPerkNestle5 StarBar One

Activity-2Calculate the relationship between the marks obtained in 10th & +2 of 15 students.

Assignment-1 Draw the Histogram, Frequency Polygon and Frequency Curve:

1.Variable Frequency Variable Frequency100-110 11 140-150 33110-120 28 150-160 20120-130 36 160-170 8130-140 49

2.Salary (p.m.) No. of employeesLess than 3000 1003000-4000 204000-5000 305000-6000 606000-7000 757000 & More 115

Assignment-2

1. Calculate Median & Mode of the data given below. Using them find arithmetic mean.

Marks Less Than

10 20 30 40 50 60

No. of students

8 23 45 65 75 80

2. Find the class intervals if arithmetic mean of the following distribution is 33 & assumed mean 35.Step Deviation

-3 -2 -1 0 1 2

Frequency 5 10 25 30 20 10

Assignment-3

1. Calculate Karl Pearson’s Coefficient Of Correlation from the following data:

X 100 200 300 400 500 600 700Y 30 50 60 80 100 110 130

2. Find Rank Correlation X 50 55 65 50 55 60 50 65 70 75Y 110 110 115 125 140 115 130 120 115 160

Presentation Topics

Every group will take up any Organization according to their convenience and will collect the data relating to its sales and Production (month wise for 4 years) and will show the same for every year in graphs and will have to find the average sales and production during the year and the combined mean for all the 4 years.

The students will be divided into the group of 3. Each group will have to present within 20 minutes.

Presentation Assessment Break Up

Presentation Report 3Communication skills 4Formals 1Query handling 2

Formulae Of Statistics In Course

Arithmetic mean  Direct Method  In Individual Series A.M.= ΣX/NIn Discrete & Continuous series A.M.= ΣFX/ΣFShort Cut Method/ Indirect Method A.M.= A+ΣFdx/ΣFStep-deviation Method A.M.=A+ΣFdx'/ΣF*i   Geometric Mean G.M.=√ab

Harmonic Mean  In Individual Series N/Σ(1/X)In Discrete & Continuous series N/Σ(f*1/X)Median  In Individual & Discrete Series M=N+1/2, (Nth term+N+1/2)/2Continuous series N1=N/2, M=L+ N1-CF/F*i   Mode  In Individual Series Maximum repeated termIn Discrete & Continuous series Groupung Table & Analysis Table, M=

L+D1/(D1+D2)*i

   Quartiles  In Individual & Discrete Series Q1=N+1/4, Q2=2(N+1)/4, Q3=3(N+1)/4

Continuous series N1=N/4, Q1=L+(N1-C.F.)/F*i,N1=3N/4,Q3=L+(N1-C.F.)/F*i

Decile N1=N/10, D1=L+(N1-C.F.)/F*i,N1=9N/10,D9=L+(N1-C.F.)/F*i

Percentile N1=10(N/100), P10=L+(N1-C.F.)/F*i,N1=90N/100,P90=L+(N1-C.F.)/F*i

Measures of dispersion  Range Highest Value-Lowest ValueQuartile Deviation Q3-Q1/2

Coeffcient of quartile deviation Q3-Q1/Q3+Q1

   Mean Deviation  In Individual Series Σ[X-A.M.]/NIn Discrete & Continuous series ΣF[X-A.M.]/NCoefficient Of Mean Deviation M.D./A.M.or M or Z   Standard Deviation  In Individual Series √Σd²/N-(Σd/N)2In Discrete & Continuous series √Σfd²/N-(Σfd/N)2Coefficient Of Standard Deviation S.D./A.M.Variance S.D.²Coefficient of variation S.D./A.M.*100   Coefficient Of Correlation  Karl Pearson r=NΣXY-(ΣX.ΣY)/√(NΣX²-

{ΣX}²).√(NΣY²-{ΣY}²)

Spearman 1-6ΣD²/N³-N When ranks are not repeated

  1-6[ΣD²+1/12{m³-m}]/N³-N, When ranks are repeated

Concurrent deviation √(2C-n/n)Standard Error 1-r²/√NProbable Error 0.6745 (1-r²/√N)