Syllabus (COMMERCE)

Course Type: MAJ-8

Semester: 6

Course Code: BCOMMAJ08T

Course Title: Business Mathematics and Statistics

(L-P-Tu): 5-0-1

Credit: 6

Practical/Theory: Theory

Course Objective: The course aims to help the students: 1. To understand basic mathematical and statistical concepts and techniques and their applications in business operations. 2. To learn the tools and techniques necessary to analyse data and draw appropriate conclusions from the data. 3. To identify and use relevant techniques, such as forecasting and regression analysis, to make informed business decisions.

Learning Outcome: The outcomes of studying Business Mathematics and Statistics can include an increased knowledge of quantitative methods, the ability to think critically and solve problems using mathematical and statistical principles, and the skill to use and interpret models and data to inform important business decisions. Additional outcomes may include effectively communicating and discussing various analysis processes and understanding and analysing financial reports and other related analytics.

Subject: Business Mathematics and Statistics

Unit 1: Mathematics of Finance (Lectures: 10)

Arithmetic and Geometric Progression with Business Applications, Theory of quadratic Equations- Function, Number and Nature of Roots, Simultaneous Quadratic Equations, Techniques of Compounding and Discounting.

Logarithms: Definitions, Laws, Basic Properties; Antilogarithm- characteristics and Mantissa; Uses of Logarithmic and Antilogarithmic Tables; Business Application of Logarithms.

Unit 2: Calculus (Lectures: 15)

Mathematical functions and their types- linear, quadratic, polynomial, exponential, logarithmic function, Concepts of limit and continuity of a function;

Concept and rules of differentiation, Maxima and Minima involving second or higher order derivatives.

Partial Differentiation: Partial derivatives up to second order; Homogeneity of functions and Euler’s theorem.

Integration: Standard forms. Methods of integration – by substitution, by parts, and by use of partial fractions; Definite integration; Finding areas in simple cases.

Unit 3: Business Statistics-Introduction (Lectures: 10)

Definition, Importance, Scope and Limitations of Statistics; Nature, types and Sources of data, Classification of data: univariate, bivariate and multivariate data; Time-series and cross-sectional data Methods of collecting Primary Data; representation of Data- Tabular and Graphical Methods (Line chart, Bar chart, Pie chart, Histogram, Frequency polygon and Ogive), Frequency Distribution and its Diagrammatic Presentation.

Unit 4: Measures of Central Tendency and Dispersion (Lectures:10 )

Measures of Central Tendency: A.M., G.M. H.M. – Measures, Properties, Merits and Demits; Composite Arithmetic Mean; Relationship among A.M., G.M. and H.M.; Median and Mode – Measures, Properties, Merits and Demits;

Measures of Dispersion: Absolute and Relative Measures of Dispersion- Merits and Demerits; Important Properties of Standard Deviation; Standard Deviation of Composite Group.

Unit 5: Correlation and Regression Analysis (Lectures: 10)

Correlation Analysis: Scatter Diagram, Pearson’s Correlation Coefficient- Calculation and Properties (Proof not required); Spearman’s Rank Correlation.

Regression Analysis: Simple Linear Regression- Estimation of regression equations, Properties of regression coefficients, Relationship between correlation and regression coefficients.

Unit 6: Index Number and Time Series Analysis (Lectures:20 )

Meaning and uses of index numbers; Construction of Price and Quantity index numbers by Aggregative and Relative methods-simple and weighted, Construction and uses of cost of living index number.

Need for Time Series Analysis; Causes of Variation in Time Series Data; Component of Time Series, Additive and Multiplicative models, Determination of Trend- Semi Average Method, Moving Average Method and Least Square Method for Linear, Parabolic and Exponential Trends, Calculation of Seasonal Indices using Simple averages, Ratio-to-trend, and Ratio- to-moving averages methods.

Reading References:

Arora, S.R. & Khattar, D., Business Mathematics with Applications, S. Chand & Co.

Bhui, B.C. & Chatterjee, D., Mathematics for BBA, Vikas Publishing House.

Chakravarty, S.K., Financial Mathematics, New Age International.

Dikshit, Amarnath & Jain, Jinendra Kumar, Business Mathematics, Himalaya Publishing House.

Garg, S. & Julka, A., Business Mathematics and Statistics, Taxmann Publications.

Goel, Ajay and Goel, Alka, Mathematics and Statistics, Taxmann Publications.

Hazarika, Padmalochan, A Text Book of Business Mathematics, S. Chand & Co.

Kandoi, Balwant, Mathematics for Business and Economics with Application, Himalaya Publishing House.

Kapoor, V.K., Business Mathematics, Sultan Chand & Sons.

Mittal, P.K. & Sathyaprasad, B.G., Mathematics and Statistics for Management, Himalaya Publishing House.

Monga, G.S., Mathematics and Statistics for Economics, Vikas Publishing House.

Nag, N.K., Business Mathematics, Kalyani Publishers.

Ranganath, G.K. & Rajaram, Y., A Text Book of Business Mathematics, Himalaya Publishing House.

Ravindranath, V. & Vijayalaxmi, P., A Textbook on Mathematical Methods, Himalaya Publishing House.

Satyaprasad, B.G. & Nirmala, K., Business Mathematics and Statistics, Himalaya Publishing House.

Sehgal, K.L., Business Mathematics, Himalaya Publishing House.

Soni, R.S., Business Mathematics, Pitambar Publication.

Trivedi,Business Mathematics,Pearson Education.

Tulsian, Quantitative Techniques: Theory & Problems , Pearson Education.

Wilson, M., Business Mathematics, Himalaya Publishing House.