Business Statistics Roadmap

Phase 1: Understanding the Basics (Week 1-2)

✅ Introduction to Business Statistics

• Definition, Importance & Applications

• Types of Data (Qualitative vs. Quantitative)

• Levels of Measurement (Nominal, Ordinal, Interval, Ratio)

✅ Data Collection & Presentation

• Primary & Secondary Data Sources

• Frequency Distributions, Tables, Charts (Bar, Pie, Histogram)

Phase 2: Descriptive Statistics (Week 3-4)

✅ Measures of Central Tendency

• Mean, Median, Mode

• Weighted Mean & Applications

✅ Measures of Dispersion

• Range, Variance, Standard Deviation

• Coefficient of Variation

✅ Skewness & Kurtosis

• Understanding Symmetry in Data

• Karl Pearson’s & Bowley’s Coefficients

Phase 3: Probability & Distributions (Week 5-6)

✅ Probability Theory

• Basic Concepts (Events, Sample Space, Outcomes)

• Classical, Empirical & Subjective Probability

✅ Probability Distributions

• Binomial, Poisson & Normal Distribution

• Applications in Business Analytics

Phase 4: Inferential Statistics (Week 7-8)

✅ Sampling & Estimation

• Types of Sampling Methods

• Sampling Error & Confidence Intervals

✅ Hypothesis Testing

• Null & Alternative Hypothesis

• t-Test, Z-Test, Chi-Square Test, ANOVA

Phase 5: Regression & Correlation Analysis (Week 9-10)

✅ Correlation

• Types (Positive, Negative, Zero)

• Karl Pearson & Spearman Rank Correlation

✅ Regression Analysis

• Simple & Multiple Linear Regression

• Regression Coefficients & Interpretation

Phase 6: Time Series & Index Numbers (Week 11-12)

✅ Time Series Analysis

• Components (Trend, Seasonal, Cyclical, Random)

• Moving Averages & Exponential Smoothing

✅ Index Numbers

• Types (Price Index, Quantity Index)

• CPI, WPI, Base Year Shifting

Phase 7: Advanced Topics & Exam Preparation (Week 13-14)

✅ Decision Theory

• Decision Making under Risk & Uncertainty

• Payoff Matrix, Decision Tree

✅ Final Revision & Mock Tests

• Solve Previous Year Question Papers

• Take Practice Tests for Better Understanding

Study Plan

📅 Daily: 2-3 Hours (Concepts + Practice)
📅 Weekly: Revision + Mock Tests
📚 Resources: NCERT, S.P. Gupta, Business Statistics by R.S. Bhardwaj