Syllabus

Course No. and Title: BUS 513 Mathematics and Statistics for Management

Mathematics

 Simple/ Linear Equations

 Business Applications for Simple Equations
 Simultaneous Equations
 Business Applications for simultaneous Equations
 Quadratic Equations: Formula Method, Factoriztion Method, Completing the square method
 Business Applications for Quadratic Eqautions
 Cartesian Coordinate system – Equations of Straight Line
 Business Applications of Coordinate Geometry
 Average Rate of Change- instantaneous rate of change
 Techniques of Differentiation
 Marginal Functions (Marginal Cost, Marginal Demand, Marginal Supply, Marginal Revenue, Marginal Profit)
 Elasticity of Demand, Elasticity of Supply
 Higher order Derivatives
 Minima, Maxima and Point of Inflexion
 Matrices and Determinants – Cramer’s Rule
 Fractions and Percentages
 Time Value of Money
 Simple Interest, Compound Interest, Effective Annual Yield of Interest, Annuities

Statistics

 Different definitions of Statistics

 Descriptive v/s Inferential Statistics
 Presentation of Statistical Data
 Measures of Central Tendency –
 Measures of Dispersion (relative and absolute)
 Random Experiment, sample space, events, permutations, combinations
 Probability – Different approaches
 Additive rule of probability for mutually exclusive events and for non-mutually exclusive events
 Conditional probability
 Independent and dependent events
 Random variable and probability distribution
 Binomial probability distribution, B,F,D Fitting a binomial distribution to observed data
 Poison distribution – poison frequency distribution
 Normal distribution
 Simple Regression and Correlation
 Sampling – types of sampling- sampling Distribution
 Hypothetical analysis

Suggested Books:

1. Mathematics for Business and Finance Hamid A.Hakeem

2. Applied calculus for Business and Economics Raymond A. Barnett, Michael R. Zeigler
3. Introduction to statistical theory Prof. Sher Muhammad Chaudhary
4. Business Mathematics and Statistics Muhammad Abdullah
5. Statistics for Management Richard I.Levin, Devis S.Rubin