Trend projection methods covering linear trend model, regression trend line equation (Ŷ = a + bx), normal equations for calculating a and b constants, properties of best fit trend line, solved examples for sugar factory and tourist arrivals data, seasonal effects measurement and seasonal index calculation (simple averages method, ratio-to-trend method, ratio-to-moving average method, link relatives method), deseasonalized values calculation, cyclical variations measurement, relative cyclical residual calculation with solved examples.
Correlation analysis including scatter diagrams, Pearson’s correlation coefficient, Spearman’s rank correlation, multiple correlation, and probable error with applications.
Simple linear regression covering least-squares method, regression equations, coefficient of determination, point estimates, and prediction using regression line.
Statistical inference covering point/interval estimation, hypothesis testing, z-test, t-test, F-test, chi-square test, ANOVA methodology for decision making.
Statistical distributions including binomial, hypergeometric, Poisson, and normal distributions with mean, variance, properties, and business applications.