FYBMS Sem 1 Syllabus: Business Statistics

UBMSFSI 5. Business Statistics – 50 lectures, 3 credit.

Business Statistics is a Semester 1 subject of FYBMS. Business Statistics / Mathematics is important for BMS students as they need to know “how much” profit they would earn, whether it is cumulative or no. Business Statistics helps the future managers to understand the co-relation of different variables of his business.

There are 4 main units in Business Statistics which are as follows:

Unit 1 – Introduction to Statistics – 12 lectures

Unit 2 – Measures of Dispersion – 12 lectures

Unit 3 – Time Series – 12 lectures

Unit 4 – Probability – 14 lectures

The topics covered in Unit 1 are as follows:

Introduction to Statistics:

1. Functions / Scope
2. Importance
3. Limitations

Data:

1. Relevance of data – current scenario
2. Types of data – primary and secondary
3. Primary – census vs samples, method of collection – in brief
4. Secondary – merits, limitations, sources – in brief

Presentation of data:

1. Classification – Frequency distribution – discrete and continuous
2. Tabulation
3. Graph – Frequency, bar diagram, pie chart, histogram, ogives

Measures of central tendency:

1. Mean – A.M., Weighed, Combined
2. Median – Calculation and graphical using Ogives
3. Mode – Calculation and Graphical using Histogram
4. Comparative analysis of all measures of central tendency

The topics covered in Unit 2 are as follows:

Measures of dispersion:

1. Range with C.R. – Co-efficient of Range
2. Quartiles and Quartite deviation with CQ – Co-efficient of Quartile
3. Mean deviation from mean with CMD – Co-efficient of mean deviation
4. Standard deviation with CV – Coefficient of Variance
5. Skewness and Kurtosis – only concept

Co-relation:

1. Karl Pearson
2. Rank Co-relation

Linear Regression:

1. Least Square Method

The topics covered in Unit 3 are as follows:

Time Series:

1. Least Square Method
2. Moving Average Method
3. Determination of Season

Index Number:

1. Simple (unweighted) Aggregate method
2. Weighted aggregate method
3. Simple average of price relatives
4. Weighted average of price relatives
5. Chain base index numbers
6. Base shifting, splicing and deflating
7. Cost of living index number

The topics covered in Unit 4 are as follows:

Probability:

1. Concept of sample space
2. Concept of event
3. Definition of probability
4. Addition and multiplication laws of probability
5. Conditional probability
6. Bayes’ Theorem – concept only
7. Expectation and variance
8. Concept of probability distribution – only concept.

Decision Theory:

1. Acts
2. State of nature events
3. Pay offs
4. Opportunity loss
5. Decision making under certainty
6. Decision making under uncertainty
7. Non-probability: maximax, maximin, minimax, regret, Laplace and Hurwicz
8. Probabilitistics – Decision making under risk – EMV, EOL, EVPI
9. Decision Tree

The list of reference books of Business Statistics is as follows:

1. Statistics of Management – Richard Levin and David S. Rubin, Prentice Hall of India, New Delhi
2. Statistics for Business and Economics – David R. Anderson, Dennis J. Sweney, Thompson Publication
3. Fundamental of Statistics – Bharadwaj, Excel Books, Delhi
4. Business Mathematics – S.K. Singh and J.K. Singh, Brijwasi Book Distributor and Publisher.