INSTITUTE OF MANAGEMENT TECHNOLOGY

PGDM, PDGM (Finance) & PDGM (Marketing)

Term - I, AY 2023-2025
Course Handout

Course Code : AIT 101

Course Title : BUSINESS STATISTICS
No. of Sessions : 20
Duration of session : 75 Min
Instructor : Dr. Indranil Ghosh

1. Course Description
It is an introductory course in Data Analysis, which covers Basics of Statistics and Probability. The
course is structured in such a way that it imparts practical applications of the concepts learned in a
variety of domains. The course imparts theoretical and practical knowledge about approach to data
analysis, interpretation of data analysis results and making data driven insights.

2. Course Objective
Each day, our society creates 2.5 quintillion bytes of data (that ‘s 2.5 followed by 18 zeros). With this
glut of data, the need to make sense of it becomes more acute, and hence the demand for data analysis.
The objectives of this course are:

 To explain the student about the basic concepts related with statistics and probability.
 To equip the students with required principles and techniques of Statistics and Probability.
 To familiarize the students on how to derive meaningful insights after data analysis.
 To understand business statistics in totality and relevance of the same in this data science era
3. Learning Goals and Assessment:
Learning goals Learning Outcomes Learning Assessment
method
The course aims to  At the end of the course the students should The outcomes would be
impart be able to assessed through
Functional Knowledge
Proficiency &  Appreciate the importance of data analysis
Integration and modeling in critical business decisions.  In Class Quiz
 Understand and apply basic data analytics  End term exam
techniques to a given business problem.
 Convert simple business problems into
mathematical models and arrive at their
analytical solutions.
Skills
 Data Analysis.  Hands on – Real
World Dataset
(Individual & Group)
Analytical and  Hands on – Real
 Identify critical variables affecting a
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 Critical Thinking World Dataset
business problem and collect data on each
Ability (Individual & Group)
of those variables.
 In-Class Quiz
 Select appropriate data analysis technique
to analyze the data collected.
 Draw meaningful insights from the results
of data analysis.
Leadership and  Develop competencies needed to function  Hands on – Real
Interpersonal Skills well in teams World Dataset
(Individual & Group)
Communication  Articulate orally in a crisp and concise  Project Presentation
Skills manner.  In Class Quiz (ICQ)
 Write and present assignments in an
effective manner.
Ethical and Global  Expose to ethical and global practices of  In Class Quiz (ICQ)
Perspective Data security
Creativity and  Appreciate and learn innovations in  Hands on – Real
Innovation Skills Analytics World Dataset
(Individual & Group)

4. Textbook
 Levine and Rubin, Statistics for Management, Pearson Publication, 8 th Edition.

5. Reference Books:
1) Anderson, Sweeny, Williams, “Statistics for Business and Economics” Cengage Learning, 12th
Edition.
2) Albright, Winston (2015), “Business Analytics: Data Analysis and Decision Making”, Cengage
Learning, 5th Edition
3) Levin, R. I., & Rubin, D. S. (2017). Statistics for Management. Upper Saddle River, N.J: Prentice
Hall, 8th Edition
4) Camm, Cochran, Fry, Ohlmann, Anderson, Sweeney, Williams (2015),” Essentials of Business
Analytics”, Cengage learning.
5) David M. Levine, David F. Stephan, Kathryn A. Szabat (2016). “Statistics for Managers Using
Microsoft Excel”, Pearson Publisher, 8th Edition.

6. Course Prerequisites:
Business Statistics is an introductory course and has no essential prerequisite. However basic
conceptual knowledge of statistics, probability, and hands on experience with MS Excel software
would be an added advantage.
7. Pedagogy:
 Lectures, Case discussion and Hands on sessions.
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8. Course Content and Session Plan
DATA ANALYSIS TOOLS: MS Excel

S. No. of Topic Readings/ Cases/

No. Sessions Additional Reference
Resources / Videos
1 2 I. Fundamentals of Data Analytics. Ch 2 in Textbook
Understanding Data: Population and Sample, Datasets:
Elements, Variables and Observations. Scales of
Measurements (Nominal, Ordinal, Interval and Ratio).
Qualitative and Quantitative Data. Cross sectional and Time
series Data.

Grouping Raw Data for Meaningful Inference:

Tabular Representation: Frequency Distribution (FD) &
Relative FD,

Graphical Representation: Bar Graph, Pie Charts,

Histogram, Line Chart (Time series).

2 2 Descriptive Statistics: Measure of Central Tendency (3M) Ch 3 in Textbook

– Mean (Arithmetic and Weighted), Median & Mode.
Measures of Dispersion – Range, Variance and Standard
Deviation, Co-efficient of Variation (CV). Outliers - Box
Plot.

Measures of Association between Two Variables:

Covariance. Need for Correlation coefficient, Interpreting
Correlation Coefficient. Scatter Plot.
Hands on Using Excel: Summary Statistics and Charts.
PIVOT TABLE

3 3 II. Basic Concepts in Probability: Ch 4 in Textbook

Probability Essentials: Introductions
Independent Events and Dependent Events: Marginal,
Joint and Conditional Probabilities.
4 3 Revising Prior Estimates of Probability -Bayes Theorem
– Concept and Application.
5 4 III. Probability Distribution: What it is? And its Types. Ch 5
Random Variable (RV). Expected Value of a RV.
Discrete Probability Distribution. Binomial Distribution.
Continuous Probability Distribution. Normal Distribution
6 3 IV. Sampling and Sampling Distribution: Ch 6 in Textbook
Statistic and Parameter. Types of Sampling: Random & Vs
Non-Random Sampling.
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 Sampling Distribution, Standard Error, Sampling from
Normal & Non-Normal Populations, The Central Limit
Theorem,
Sample size and Standard Error.
7 3 V. Estimation: Point Estimates and Interval Ch. 7 in Textbook
Estimates, Interval Estimates and Confidence Interval,
Interval Estimates of Mean from Large Samples, Interval
Estimates using t Distribution, Sample size determination.

9. Assessment Scheme:

EC No. Evaluation Component Weightage (%) Date & Time

1 CP 10 TBA
2 Class Test -1 15 TBA
3 Class Test - 2 15 TBA
4 Group Project 20 TBA
5 Comprehensive Examination 40 TBA

Note: In comprehensive exam, a student will have to score at least 40% to clear the exam.
Otherwise, he/she will have to give exam after three weeks from the date of results declared. Make-
up for evaluation components may be given ONLY on genuine grounds. Prior permission for the same is
MANDATORY.

Details about the assessment components and guidelines

i. In Class Quiz: Each student will be administered through a written test and students are required to
answer questions consisting of MCQs, fill up the blanks, True or False and concept clarifiers. The
following rubrics will be used while assessing the students. The students are expected to read the assigned
reading material and the case (if any) thoroughly.

ii. Class Test: The Class Test will be held to test students’ overall understanding of the topics discussed.

iii. Project: Projects play a very important role in this process. Students will be divided into groups and
will be required to complete the given projects in their respective groups only. Projects may vary from
solving simple problems to complex decision-making scenarios.

iv. Comprehensive Examination: There will be comprehensive examinations towards the end of the
course. The purpose of this examination is to assess the students’ overall learning from the course. The
end term is a paper-based exam of 2 hours’ duration.

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10. Plagiarism Policy
Copying of the language, structure, ideas, or thoughts of another and representing the same as one's own
original work amounts to plagiarism. Examples of plagiarism include failing to use quotation marks
when directly quoting from a source; failing to document distinctive ideas from a source; fabricating or
inventing sources; and copying information from books and the internet. Students found guilty of
plagiarism will not be evaluated. Instructor shall decide to give warning or grade cut or refer such
students to the disciplinary committee for further action.

11. Class Rules / Expectations from students:

 It is expected that students should attend sessions with appropriate preparation.

 Make-up exam may be given only on genuine grounds. Prior permission must be obtained.

12. Punctuality & Class Behavior:

 Students should take responsibility for learning by being punctual and regular.
 Attendance rules published in “Student Handbook” will be applicable.
 Students are expected to dress in business formal / casuals.

13. Participation in Class Discussions:

 Students are expected to actively participate in class discussions.

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