BUSINESS STATISTICS AND QUANTITATIVE METHODS

Course Objectives

On completion of this course the participants are expected to

  • To equip students to understand Indian ethos
  • The objective of the course is to make the students familiar with statistical techniques and their applications in managerial decision making. Applications of inferential statistics in managerial decision making
  • To develop and investigate the OR models by facilitating the various problem solving techniques
  • To analyse and examine the results with the proposed recommendations for decision making in order to incorporate in the organization.

UNIT I

Introduction to Descriptive Statistics-Probability Distribution – Introduction – Binomial Distribution-Poison Distribution-Normal Distribution- Correlation Analysis -Karl Pearson Correlation-Spearman Rank Correlation – Linear Regression - Multiple Regression

UNIT II

Hypothesis testing: Parametric and non–Parametric one sample and two sample tests for means and proportions of large samples (z–test) – One sample and two sample tests for means of small samples (t–test) – F–test for two sample standard deviations

UNIT III

Introduction to Linear Programming problems (LP) – LP Formulations – Graphical Solution – Simplex Method

UNIT IV

Introduction –Classification Of Models-Transportation Models-NWCR, LCM, VAM –MODI Method- Assignment Problem- Game theory: Saddle Point Determination, Dominance Property, Two Person Zero–sum Game

UNIT V

Project Management –Introduction-Networking Techniques – CPM and PERT- Queuing theory –Queuing Discipline: M/M/1 and M/M/1/∞ FCFS/ Models

Learning Resources

  • David R. Anderson , Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran, Statistics for Business & Economics, Revised13th Edition, 2018
  • T N Srivastava,‎ShailajaRego, Statistics for Management Paperback, 2017
  • J.K.Sharma, Operations research Theory and applications, 2017
  • HamdeyA.Taha, Introduction to operations research Prentice Hall India, Tenth edition, 2017
  • Fredericks, Hiller, Gerald J.Lieberman Bodhibrata Nag Prectambasu, Operations research 9e, Mcgraw hill education, 9th edition, 2017.

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