[Business Statistics]

COURSE BASICS
Course Code QM2013
Credit Hours 03
Lectures [No. of Lec(s) Per Week] 02 Duration 90 min
Lab Sessions NA Duration NA

COURSE DISTRIBUTION
Program(s) Attached To UCP Business School, BBA/MBA
Core / Elective Core
Course Pre-requisites College Mathematics Math2123

COURSE DESCRIPTION
This course is designed to provide prospective Business and Management Studies graduates with the skills necessary to
generate robust economic reports, analyses and policies based on a study of relevant data. Today’s successful business
manager, economist and/or management practitioner requires an excellent working knowledge of the process of collecting
data and converting it into information that is useful for business management, market analysis and government policy
making at the local, national and world levels. So the course emphasizes on how to apply various statistical techniques in
the support of managerial decisions in the various functional areas of business.

COURSE OBJECTIVES
The objective of this course is to provide the statistical foundations required to make informed decisions, backed up by data.
You will learn concepts that enable you to understand topics such as corporate risk, market research and quality control,
which are encountered later in the program. Among other things, the fundamental concepts of variance and correlation are
covered as they form a cornerstone of portfolio analysis to be studied in finance. Briefly, they can be outlined as:
CO1: To understand why the ability to deal with numbers is important.
CO2: To develop within the student an appreciation for the vital and pervasive role of data collection and analysis in almost
every facet of 21st century existence and decision‐making.
CO3: To give to the student a clear sense of how data should be sampled, tabulated and graphed in order to arrive at
unbiased, scientifically robust summaries, and how to spot unscientific use of such data.
CO4: Apply the concept of probability to quantify uncertainty and assess business risk.
CO5: To foster the student’s theoretic and practical understanding of the process of estimation, whereby summarized
sample data is used to make inferences about a given population.

LEARNING OUTCOMES
After completing this course, students will be able to:
LO1: Understand the meaning and use of statistical terms used in business,
LO2: Present and / or interpret data in tables, graphs and charts,
LO3: Analyze real world scenarios and determine the appropriate type of analytical problem solving techniques to utilize.
LO4: Explore the concept of probability to model different types of business processes,
LO5: Recognize the characteristics under which a managerial situation could be described by various probability
distributions,
LO6: Apply probability distributions in the analysis of business decisions,
LO7: Understand and apply statistical inference techniques in business situations to make estimates of population
parameters,
LO8: Detect relationships in data and build regression models ,
LO9: Solve selected problems manually.
 BBA PROGRAM OBJECTIVES

1. Equip students with a variety of organizing, planning, controlling, team-building and communicating skills
necessary to effectively manage and lead organizations in diverse and dynamic environments
2. Provide students with an understanding of contemporary social, economic and political realities which impact the
business environment in Pakistan as well as globally
3. Nurture problem analysis and decision making skills required for handling challenges faced by modern businesses.
Students will be imparted sustaining potential through development of management knowledge and skills
4. Maintain an industry driven blend between theory and practical application in teaching
5. Integrate knowledge of the functional areas of business and funnel into a coherent strategic whole to enable
students see management problems in a holistic perspective
6. Ability to design and propose effective policies for value creation through core business processes of any
organization
7. Encourage ‘out of box’ thinking and novel solution finding for conventional and non-conventional problems in
management domain
8. Demonstrate an awareness of the ethical considerations and social responsibilities in the conduct of business.
Graduates will be able to evaluate community responsibilities in organizations and society and propose innovative
solutions to complex issues faced by organizations in the pretext of local value system
9. Improve interpersonal skills required for effective teamwork and developing cordial work environments. Nourish
leadership and initiative taking capabilities coupled with written and oral competencies to enrich managerial
effectiveness.
10. Equip students with quantitative and qualitative tools to identify potential business opportunities and successfully
materialize new entrepreneurial ventures.

Map if course objectives or outcomes specifically relate to any program objectives (along with corresponding assessment item):

PROGRAM OBJECTIVES (COURSE) LEARNING OUTCOMES COURSE ASSESSMENT ITEM

PO1 CO1 / LO1 Class Participation
PO10 CO3 / LO2 Quiz
PO10 CO2 / LO3 Mid Term
PO3, PO10 CO4 / LO4 Quiz and Mid Term
PO3, PO9, PO10 CO2 / LO5 Class Participation and Quiz
PO10 CO4 / LO6 Quiz and Final Term
PO3, PO10 CO5 / LO7 Class Participation
PO3 PO10 CO5 / LO8 Quiz and Final Term
PO10 CO3 / LO9 Class Participation and Quiz

ASSESSMENT STRUCTURE
Assessment Items Percentage
Quiz(s) 10
Assignments(s) 05
Class Participation 05
Midterm Examination 30
Final Examination 40
Project/Presentation 10
Other(s)

Any specific teaching/learning strategies:

COURSE CONTENT AND DELIVERY PLAN
Application Assessment
Lecture (Learning Outcomes Instrument
Topics (used for this
No. achieved through
this topic) topic)

 Introduction: LO1 Class

 Overview of the course, Participation
 Introduction of basic concepts such as:
1-2
Data, types of Data, Data Sources, Variables and types of variables,
Descriptive Statistics, Statistical Inference, Computers and Statistical Analysis,
Data Mining, Applications in Business and Economics
 Descriptive Statistics: LO2 Quiz
Tabular and Graphical Presentation
3-4 Summarizing Categorical Data, Quantitative Data
Use MS Excel or any Statistical Software (Minitab, SPSS, etc.) for Graphs
and Charts.
 Review of Numerical Measures for Ungrouped Data. LO3 Assignment
 Numerical Measures (Group Data)
 Measures of central tendencies:
5-7 Mean, Geometric Mean, Median, Mode, Quartiles, Deciles, Percentiles, etc.
 Measures of dispersion and symmetry:
Range, Standard deviation, Co-efficient of variation, Co-efficient of skewness
Use MS Excel for measuring the central locations and dispersions
 Introduction to Probability: LO4 Quiz
Experiment, Outcomes of an experiment,
Sample space, Events and types of events,
8-10  Counting rules:
Multiplication rule, Permutation and Combination rules, Addition rule,
Conditional sample space, Conditional probability,
Tree diagrams, Independent events, Bayes’ rule
 Random Variable LO5
Discrete and Continuous random variables, probability distribution of a
11-12 random variable, Expected Value such as mean and Expected Value of
function of a random variable such as variance etc.
Binomial distribution and its applications
 Discrete Probability Distribution: Class
Binomial distribution and its applications Participation
13-15
Poisson distribution and its applications,
Approximation of Binomial distribution to Poisson distribution
16-17 Revision & Mid Term Exams
 Continuous Probability Distributions: LO5 Class
18-19 Uniform Probability Distribution, Normal Probability Distribution, Participation
Approximation of Binomial & Poisson distributions to Normal distribution,
 Sampling and Sampling Distribution: LO6 Quiz
20-21 Sampling distribution of sample means when σ2 is known & when σ2 is
unknown, Distribution of mean on normally distributed populations,
 Sampling and Sampling Distributions of Two Populations: LO6 Assignment
22 Sampling distribution of the difference between two means when σ12 and σ22
are known & when σ12 and σ22 are equal but unknown,
 Sampling and Sampling Distributions of Proportions: LO6 Class
23-24 Sampling distribution of proportion for large n, and difference between two Participation
proportions when n1 and n2 are large.
 Estimation: LO7
Point and interval estimation, Confidence Interval,
25-27 Confidence interval for population mean μ and proportion p,
Confidence interval for the difference between two population means μ 1 & μ2,
and two population proportions p1 & p2
LO7 Quiz
 Testing of Hypothesis:
28-29
Testing of Hypothesis for population mean μ and proportion p,
  Regression and Correlation: LO8
Simple linear regression analysis,
30-31 Detecting relationships in data by means of correlation
Use MS Excel for calculating regression lines, correlation and to plot
regression line
Final Term Exam

LEARNING RESOURCES
Books:

[Text] Business Statistics, James C. Terrell and Wayne W. Daniel

[Ref] Elementary Statistics: Picturing the World, Ron Larson, Betsy Farber, 6th Edition, Pearson Education Inc.