QTT201:BUSINESS MATHEMATICS AND STATISTICS

L:3 T:1 P:0 Credits:4

Course Outcomes: Through this course students should be able to

CO1 :: discuss the role of determinants in input-output analysis

CO2 :: apply the concepts of interest in solving financial problems related to business

CO3 :: examine the use of calculus in the problems involving revenue, costs, and constraints as
a linear program
CO4 :: outline the importance of statistical tools in business decision making

CO5 :: evaluate the decision making process under uncertainty using statistical tools

CO6 :: compile and interpret the results of regression analysis to solve business problems

Unit I
Matrices and Determinants : Definition and types of matrix, Algebra of matrices, Inverse of a
matrix- Business Applications, Solution of system of linear equations, Inversion Method and Cramer’s
Rule, Leontief Input Output Model (Open Model Only)
Unit II
Basic Mathematics of Finance : meaning and concepts of interest, different types of interest,
calculation of normal and effective rate of interest, present value and type of discount
Unit III
Basic Calculus : Mathematical functions and their types, Concepts of limit and continuity of a
function., Concept of Marginal Analysis, Concept of Elasticity, effect of Tax on Monopolist’s Optimum
price and quantity, Economic Order Quantity
Unit IV
Statistical Data and Descriptive Statistics : Univariate Data, Multivariate Data, time-series and
cross-sectional data, Measures of Central Tendency, mean, median, mode, Concept and properties of
harmonic mean
Unit V
Measures of Dispersion : absolute and relative dispersion, Range, quartile deviation, Mean
deviation, Standard deviation, Properties of standard deviation/variance, Skewness, kurtosis
Unit VI
Simple Correlation and Regression Analysis : Meaning and types of Correlation, Pearson’s
coefficient of correlation, Rank correlation, Regression Analysis, Properties of regression coefficients,
Relationships between Correlation and Regression coefficients

Text Books:
1. BUSINESS STATISTICS by J K SHARMA, VIKAS PUBLISHING HOUSE

2. BUSINESS MATHEMATICS AND STATISTICS by IGNOU, IGNOU, NEW DELHI

References:
1. BUSINESS STATISTICS FOR CONTEMPORARY DECISION MAKING by KEN BLACK, WILEY

2. STATISTICS FOR BUSINESS AND ECONOMICS, 4/E by R P HOODA, MACMILLAN

3. BUSINESS STATISTICS by DR. S.P.GUPTA, SULTAN CHAND & SONS (P) LTD.

4. FUNDAMENTALS OF STATISTICS by GUPTA, S.C., HIMALAYA PUBLISHING HOUSE PVT. LTD

5. APPLIED BUSINESS STATISTICS: MAKING BETTER BUSINESS DECISIONS, 7TH ED, ISV by
KEN BLACK, WILEY

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