1. Concept of Measures of Central Tendency. The basic measures of central tendency, such as Mean, Median and Mode, for raw data

♦ Practical based on finding Mean of the raw data

l♦ Practical based on finding Median of the raw data

♦ Practical based on finding Mode of the raw data

2. Grouped Data and measures of central tendency for grouped data for discrete random variable

♦ Practical based on finding Mean of the grouped data for a discrete variable

♦ Practical based on finding Median of the grouped data for a discrete variable

♦ Practical based on finding Mode of the grouped data for a discrete variable

3. Mean, Median and Mode for Continuous random variable

♦ Practical based on finding Mean of the grouped data for a continuous variable

♦ Practical based on finding Median of the grouped data for a continuous variable

♦ Practical based on finding Mode of the grouped data for a continuous variable

4. Measures of dispersion, such as Range, Coefficient of Range, Variance and Standard Deviation

♦ Practical based on finding Range and coefficient of Range of the data

♦ Practical based on finding Variance and Standard Deviation of the data

Students are encouraged to use excel to solve practical problems.

1. Decision making situation; Decision maker, Courses of Action, States of Nature Pay-off and Pay-off matrix

♦ Practical based on Courses of Action, States of Nature (Case-study type problems may be given, and the learners will be expected to differentiate between Courses-of-Action and States-of-Nature).

♦ Practical based on Pay-off and Pay-off matrix (Case-study type problems may be given, and the learners will be expected to obtain pay-offs and construct pay-off matrix)

2. Decision making under Uncertainty: Maximin, Maximax and Laplace criteria, simple examples to find optimum decision.

♦ Practical based on Decision making using Maximin Criteria

♦ Practical based on Decision making using Maximax Criteria

♦ Practical based on Decision making using Laplace Criteria

♦ Practical based on Decision making under different criteria.

3. Decision making under Risk Expected Monetary Value (EMV), Decision Tree, simple examples based on EMV and EOL

♦ Practical based on EMV

♦ Practical based on creation of Opportunity Loss (Regret) Table

♦ Practical based on EOL

♦ Practical based on constructing of Decision Tree