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Course objectives:

Upon completion of this course, students are expected to be able to:

1. Develop an understanding of the selected Mathematical and Statistical concepts as well as their application in the

situations encountered in business and commerce and to develop competency in fundamental arithmetic through

practical applications.

2. Get background of Statistical Methods required for other courses in business, economics and commerce.

3. Obtain basic skills in using Statistical Computer Packages to assist in performing necessary computations required in

statistical analysis through practical applications.

Mathematics

Equations, Inequalities and System of Simultaneous equations:Solution of First and Second degree equations in One Variable.

Inequalities in one variable and their solution.Introduction to the System of Simultaneous Equations and its Practical

Applications.Solution of the System of Simultaneous Equations.

Sequence, Series and Progression: Introduction and Comparison thereof. Arithmetic Series and its application in

business.Geometric Series and its application in business

Matrix Algebra: Introduction. Types of Matrices (Symmetric, Identity, Square).Use of Matrices.Basic Arithmetic of Matrices:

Addition, Subtraction, Multiplication. Determinant, Adjoint and Inverse of matrix.Solution of linear equations through

matrices.

Differentiation: Introduction to Differential calculus and differentiation of functions. Partial Differentiation, First and Second

Derivatives.Application of derivatives in Business and Commerce.Optimization.

Mathematics of Finance: Interest and its computation. Annuities and their future value.Annuities and their present

value.Application of interest in Business and Commerce.

Statistics

Introduction: Definition and meaning of Statistics. Types of Statistics.Application in Business and Commerce.

Data Summarization: Data collection. Source of statistical data.Application of Computer in summarizing data.Frequency

Distribution.Graphical representation of data (manual and computer based)

Measures of Central Tendency: Idea of Average and Types of Averages.Need and use ofMedian,Quartile, Decile, Percentile,

Mode, and Geometric Mean in business situations.Empirical relation between Mean, Median and Mode.Computer Based

calculation of these averages.

Measures of Dispersion: Definition and meaning of Dispersion. The Range, Quartile Deviation, Mean Deviation, Variance,

Standard deviation and their application and interpretation.Properties of Variance and Standard Deviation.Coefficient of

Variation: Need and Uses. Symmetric and Non-symmetric distributions.Computer based calculation of Measures Dispersion.

Index Number:Definition and its types(Price and Quantity index, Weighted and unweighted Aggregate index) with their

application

Simple Regression and Simple Correlation: Types of relationship, Scatter diagram to assess the direction and strength of

relationship. Fitting of regression lines.Prediction.Standard Error of Estimate.The concept of Correlation and Correlation

Coefficient.

Basic Probability Theory: Random Experiment. Event and its types.Definitions of Probability.Rules of counting.Addition and

Multiplication laws of Probability.Application of Probability Theory in Business situations.

Random variable and Probability Distributions: Introduction to Random Variable and its types. Probability Distributions and

their types.Types of Probability Distribution.Discrete Probability Distributions.Continuous Probability Distributions.Distribution

Functions.Expected values of random variable, Variance of random variables.

Recommended Books:

th

1. Levin, R. I. and Rubin, D. S. , (1997), Statistics for Management, 7 Edition, Prentice Hall

2. Sandra Quinn, Kathleen Bowser and Elizabeth Flaherty (1993) Budnick's Applied Mathematics for Business, Economics

th

and Social Sciences, 4 Edition, McGraw Hill.

Further Readings

1. Bowen, E.K. and Starr, M.K. (1982), Basic Statistics for Business and Economics, McGraw-Hill Education

th

2. McClave, J. and Benson, P.G.(2010), Statistics for Business and Economics, 11 Edition. Prentice Hall.

3. Stanley J.Farlow and Gary M. Haggard(1988), Applied Mathematics for Management, Life Sciences and Social

Sciences,Random House Inc.

4. Swift, L., (1997), Mathematics and Statistics for Business, Management and Finance, Palgrave Macmillan

th

5. Anderson, D.R., Sweeney, D.J., and Williams, T.A., (2010) Statistics for Business and Economics,11 Edition South-

6.

rd

Webster, A.L. (1997), Applied Statistics for Business and Economics 3 Edition. Mac Graw Hill

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