BUSINESS STATISTICS

Introduction
Definition of Statistics, Importance, Limitations and Scope of Statistics,
Types and Source of Data,
Methods of Data Collection
Classification and Tabulation of Data
Measures of Central Tendency
Mathematical averages including arithmetic mean, geometric mean and harmonic mean.
Positional Averages Mode and Median (and other partition values including quartiles, deciles, and percentiles)

Absolute and relative measures of dispersion
Range, quartile deviation, mean deviation, standard deviation, and their coefficients, Properties of standard deviation/variance
Skewness
Meaning, Measurement using Karl Pearson and Bowley’s measures

Correlation Analysis
Meaning of Correlation: simple, multiple and partial; linear and non-linear, Correlation and Causation,
Scatter diagram, Pearson’s co-efficient of correlation; calculation and properties
Correlation and Probable error;
Rank Correlation
Regression Analysis:
Principle of least squares and regression lines,
Regression equations and estimation;
Properties of regression coefficients;
Relationship between Correlation and Regression coefficients;
Standard error of the estimate

Meaning and uses of index numbers;
Construction of index numbers: fixed and chain base: univariate and composite. Aggregative and average of relatives – simple and weighted
Tests of adequacy of index numbers,
Base shifting, splicing and deflating.
Problems in the construction of index numbers;

Components of time series;
Additive and multiplicative models;
Trend analysis: Fitting of trend line using principle of least squares
Moving averages;
Seasonal variations: Calculation of Seasonal Indices using Simple averages, Ratio-to-trend, and Ratio-to-moving averages methods.
Uses of Seasonal Indices