Far Western University

Faculty of Management
Program: BBS Semester: First
Course Title: Business Statistics I Full marks: 100
Course Code: Pass marks: 45
Credit Hours:
Course description
This course contains introduction to statistics, Data visualization, Descriptive measures, correlation and
regression, Time series & forecasting, and Index numbers.

Course objective
The objective of this course is to make students understand and apply the basic statistical tools in
business decision making.

Expected outcomes
After learning this course the students will be able to
 Know the use of statistics in business
 Develop the chart and tables
 Describe the characteristics of the distribution
 Establish the causal relationship between explanatory variable and outcome variable
 Analyze the time series data in forecasting
 Assess the application of index numbers in business and economy

Course details
Unit 1: Introduction and data collection (LH 4 )
1.1 Meaning, development and definition of statistics
1.2 Scope and limitation of statistics
1.3 Basic statistical concepts
1.4 Scales of measurement
1.5 Data collection
1.6 Microsoft Excel Sheet
Unit 2: Data presentation (LH 7)
2.1 Tables and Charts for Categorical Data
2.2 Organizing Numerical Data
2.3 Tables and Charts for Numerical Data
2.4 Cross tabulations
2.5 Scatter plots and time series plots
2.6 Microsoft Excel for Tables and Charts
Unit 3: Descriptive measures (LH 17)

1
3.1 Measures of central tendency: Introduction, requisite of a good average
3.2 Simple (Arithmetic mean, geometric mean, harmonic mean), median, mode, partition values
3.3 Measures of Dispersion: Introduction, Absolute and relative measures of dispersion, range, quartile
deviation, mean deviation, standard deviation, variance, Z-scores, coefficient of variation merits
and demerits of measures of variation.
3.4 Measures of Shape: Introduction to skewness, Karl Pearson’s coefficient of skewness, introduction
to skewness, Exploratory data analysis.
Unit 4: Correlation and regression (LH 7)
4.1 Correlation: Introduction, types of correlation, Methods of studying correlation
4.2 Regression: Introduction, simple linear regression equation, measure of variation and coefficient of
determination.
Unit 5: Time series and forecasting (LH 5)
5.1 Time series: Introduction to time series
5.2 Types of forecasting methods, components of time series, measurement of seasonal variations.
Unit 6: Index numbers ( 5Hrs)
6.2 Introduction to Index number
6.2 Measurement of index number: unweighted aggregate price index numbers, weighted price index
numbers: Laspeyres’s price index number, Passche’s price index number , Irving Fisher’s index
number , cost of living index number

Text book
Levine,David M. ,Szabat,Kathryn A., &Stephan ,David F. (2016) .Business Statistics A First Course.
7th Ed. Pearson Education limited

Reference books

Gupta, S.C. (2014). Fundamental of Statistics. Himalaya Publishing House

Levine, Richard I., Rubin, David S.,Rastogi, Sanjay &Siddiqui, Masood H. (2017). Statistics for
Management. 8th Ed. Pearson Education Limited