QTT201:BUSINESS MATHEMATICS AND STATISTICS

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

Course Outcomes: Through this course students should be able to

CO1 :: identify criticality of the role of mathematical assumptions in economic modelling

CO2 :: interpret the role of mathematical tolls in economic and business problems

CO3 :: formulate a mathematical problem an applied word problem involving revenue, costs, and
constraints as a linear program.
CO4 :: recognize the importance of statistical tools in business decision making

CO5 :: use of higher order of statistical methods in real live project and business research

CO6 :: construct the decision making process under uncertainty using statistical tools

CO7 :: articulate the use of basic mathematical tools in financial problems related to business

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 and
special case of compound 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, Concept and properties of arithmetic mean,
Concept and properties of harmonic mean, Positional Averages: Mode and Median, absolute and
relative dispersion, Range, quartile deviation, mean deviation, standard deviation, Properties of
standard deviation/variance, Skewness, Kurtosis
Unit V
Probability and Probability Distribution : Theory and approaches of probability, Probability
Theorems: Addition and Multiplication, Conditional probability, Bayes’ Theorem, Binomial distribution,
Poisson distribution, Normal distribution
Unit VI
Simple Correlation and Regression Analysis : Meaning and types of Correlation, Pearson’s
coefficient of correlation, standard error, Rank correlation, Regression Analysis, Principle of least
squares, regression lines, Regression equations, Properties of regression coefficients, Relationships
between Correlation and Regression coefficients

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

2. BUSINESS STATISTICS by J K SHARMA, VIKAS PUBLISHING HOUSE

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

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

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