Post-Graduate Diploma in Management
(PGDM)
Area: Operations
Foundation Term
Course Title – Quantitative Methods – 2023
Faculty:
Prof. Gunjan Malhotra
Prof. Manjeet Kharub
Prof. Santosh Kumar Srivastava
Prof. Ritesh Pandey
Visiting Faculty
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Course Description:
This course is designed to develop a set of quantitative skills in students that will facilitate
understanding of the issues/problems in a business data set. The students will be taught descriptive
statistical techniques through their applications in various management domains such as marketing,
finance and operations. Broadly, the course deals with statistical concepts including measures of
central tendency and dispersion and basic probability. The data analysis will be carried out with
the statistical Add-Ins in MS-Excel.
Learning Objectives:
The broad objectives of this course leading to achievement of Goal 1 with sub-goal 1.1 are:
(AACSB AOL-Sub Goal 1.1: “Demonstrate technical and analytical capabilities”)
The broad objectives of this course are:
1. Decide on the appropriate statistical tool to solve the business problems.
2. Use appropriate statistical techniques in business decision making.
3. To understand, analyze and interpret statistical inference techniques (including
statistical estimation and hypothesis testing, regression analysis, etc.) in business
situations using MS-Excel. (1.1)
4. Use MS-Excel to perform statistical analysis on raw data identified.
Pedagogy:
The pedagogy includes a variety of teaching and learning techniques to impart knowledge and
skills to students. To develop conceptual and analytical skills, a mix of lectures, experience sharing,
case discussion, illustrative numerical problems, online videos, and project shall be employed. In
addition to the reading materials, additional readings and cases will be distributed in the class from
time to time. Since students' performance shall be accessed through a continuous system of
quizzes, assignments, presentations and end-term examination, students are expected to
demonstrate active class participation.
Course Requirements:
i. Students are expected to do the required readings before each session in order to enhance
their understanding and add value to class discussion.
ii. The course involves use of MS-Excel. Students are expected to bring their laptops and/or
calculator as and when required.
Evaluation
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Students will be evaluated based on multiple methods. The method to be employed along with their
weightage is listed below:
Specific Assessment Method Weight Intended Objectives to be Assessed
1 2 3 4
Quiz 1 40% √ √ √ √
Quiz 2 (Common) 50% √ √ √ √
Class Participation 10% √ √ √ √
*AACSB AOL sub goal 1.1 (Demonstrate technical and analytical capabilities) to be assessed in the course
using case-based method. (To be conducted after 14th session)
Recommended Text Book / Online Videos/ Reference Book / Journals / Website
Text Book
• Statistics for Management and Economics: By Keller and Malhotra; Cengage Learning,
11th edition
Reference Books
• Management Science: Modeling with Spreadsheets by Balakrishnan, Render & Stair
• Statistics for Managers Using Microsoft Excel by Levine, Stephan, and Szabat – 8th edition,
Pearson Publication
• Applied Management Science : Modeling, Spreadsheet Analysis and communication for
decision making by John. A. Lawrence and Barry A Pasternack, Second Edition, Wiley.
• Introduction to Management Science : A modeling and Case studies approach with
Spreadsheets by F.S. Hillier and M.S Hillier, McGraw Hill.
• Statistics for Business and Economics: By Anderson, Sweeney, and Williams; Cengage
Learning, 11e
• Managerial Decision Modeling , By Ragsdale, Thomson ,south western publication
• Business Statistics a First Course: By David M Levine, Timothy C Krehbiel, Mark L
Berenson, and P K Viswanathan,5e
• Business Statistics for Contemporary Decision Making: By Ken Black, Wiley India,4e
• Quantitative Analysis for Management by Berry Render, Ralph M.Stair, Michaek E.
Hanna and T.N. Badri, tenth edition, Pearson Education.
• Applied Statistics in Business Economics: By David P Doane and Lori E Seward, Tata
McGraw-Hill Publication
• Statistics for Business Decision Making and Analysis: ByRobert E Stine and Dean Foster,
Pearson Publication
• Business Statistics with CD-ROM by Naval Bajpai, Pearson Publication.
• Basic Statistics for Business and Economics – by Lind, Marchal and Wathen – 7th edition -
McGraw-Hill Education (India) Private Limited.
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• Statistics for Management by Levin, Rubin, Rastogi and Sidiqqui – 7th edition, Pearson
Publication
Journals:
• Annals of Applied Statistics
• Annals of Statistics
• Computational Statistics and Data Analysis
• Journal of Applied Statistics
• Decision Science
• International Journal of Production and Operations Management
• Interface
• Annals of Operations Research
• Journal of Statistics Education
• International Journal of Forecasting
In addition to above mentioned journals, please keep track of other journals, websites, published
articles and papers on Statistics applications in Business.
Websites: Useful websites to be visited for the course:
• http://mathworld.wolfram.com/
• www.statistics.com
• http://www.openintro.org/stat/
• www.amstat.org
• www.Numetrics.com
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Course Outline (Term – I): Session/Module/Reading Material
Topic Reading
Session
Material/Case
Session Topic Reading
Material/Case
Descriptive Statistics: Measures of Central Readings:
Tendency, Application of Dispersion, Mean, Median, Textbook Chapter 3
Mode, Variance, Standard Deviation, Coefficient of and Chapter 4
1 and 2
Variation
Solving illustrative quantitative problems using MS-
Excel
Probability with Bayes Theorem: Probability, Readings:
Sample Space, Events, Addition rule – mutually Textbook chapter 6
exclusive and not mutually exclusive, Multiple rule –
3 and 4 dependent and independent. Bayes theorem, Solving
illustrative quantitative problems (Applications of
theorem)
Probability Distribution: Understanding of Textbook Chapter 5,
Probability Distribution and its types, Discrete 7 and Chapter 8
Probability Distribution: Binomial and Poisson.
Continuous Probability Distribution: Normal
5, 6 and 7 distribution. Solving illustrative quantitative problems
Hypothesis Testing and Statistical Inference: Textbook Chapter 11
Estimation, Central Limit Theorem, Understanding of Textbook Chapter 12
the Concept of Hypothesis Testing, Hypothesis
Testing for Single Population (t-test and z-test),
8, 9 and 10
Significant level, p-value, standard error of mean,
Importance of Hypothesis Testing in Business, Null
and Alternative Hypothesis, Process of Solving
Hypothesis. Two sample hypothesis testing.
ANOVA: Concept of Analysis of Variance, One-way Textbook chapter 14
ANOVA, Solving illustrative quantitative problems – Topic 14.1
11 and 12
Correlation and Regression: Concept of Regression Textbook chapter 16
Analysis, its Relevance and importance in Business – Topic 16.1, 16.2,
Decision Making, Assumptions of Regression Model, 16.3, 16.4, 16.5
13 and 14 Correlation and Covariance, Building and Evaluating
Simple Linear Regression models, R, R2, Adjusted
R2, Assumptions of error term, Concept of multiple
regression
