5 UBMSFSI 5. Business Statistics
[50 lectures: 3 Credit]
- Business mathematic is important as managers need to know “How much” profit they would earn, whether it is cumulative or no.
- It also helps the managers to understand the co-relation of different variables of his business.
| Unit | Title | No. of | |
| Lectures | |||
| Unit I | INTRODUCTION TO STATISTICS | 12 | |
| Functions/Scope | |||
| Importance | |||
| Limitations | |||
| DATA: | |||
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PRESENTATION OF DATA:
- Classification – Frequency Distribution – Discrete & Continuous
- Tabulation
- Graph(Frequency, Bar Diagram, Pie Chart, Histogram, Ogives)
MEASURES OF CENTRAL TENDENCY:
- Mean(A.M, Weighted, Combined)
- Median(Calculation and graphical using Ogives)
- Mode(Calculation and Graphical using Histogram)
- Comparative analysis of all measures of Central Tendency
| Unit II | MEASURES OF DISPERSION: | 12 | |
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| Quartiles & Quartite deviation with CQ | (Co-Efficient Of | ||
| Quartile) | |||
| Mean Deviation from mean with CMD (Co-Efficient Of Mean | |||
Deviation)
- Standard deviation with CV(Co-Efficient Of Variance)
- Skewness & Kurtosis (Only concept)
CO-RELATION:
- Karl Pearson
- Rank Co-Relation
LINEAR REGRESSION:
- Least Square Method
| Unit IIITIME SERIES: | 12 |
- Least Square Method
- Moving Average Method
- Determination of Season
INDEX NUMBER:
- Simple(unweighted) Aggregate Method
- Weighted Aggregate Method
- Simple Average of Price Relatives
- Weighted Average of Price Relatives
- Chain Base Index Numbers
- Base Shifting, Splicing and Deflating
- Cost of Living Index Number
| Unit IV | PROBABILITY: | 14 |
- Concept of Sample space
- Concept of Event
- Definition of Probability
- Addition & Multiplication laws of Probability
- Conditional Probability
- Bayes’ Theorem(Concept only)
- Expectation & Variance
- Concept of Probability Distribution(Only Concept)
DECISION THEORY:
- Acts
- State of Nature Events
- Pay offs
- Opportunity loss
- Decision Making under Certainty
- Decision Making under Uncertainty
- Non-Probability: Maximax, Maximin, Minimax, Regret, Laplace &Hurwicz)
- Probabilitistics(Decision Making under risk)
– EMV
– EOL
– EVPI
- Decision Tree
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