Business Statistics
Nature of Course: Compulsory
Course No.: MGT 202
Level: Bachelor BBS
Year: First
Full Marks: 100 
Pass Marks: 35 
Lecture Hours: 150

Last Update: September 21, 2020.

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Course objective

The basic objective of this course is to provide students an understanding of concepts of business statistics and to acquaint the students with necessary statistical and mathematical tools and techniques to be used in business decision-making processes.
Also Check:
BBS First Year Business Statistics | MGT202 | Model Question 2020 | TU | Download in PDF.

Course Description

This course comprises introduction to statistics, classification and presentation of data, measures of central tendency, measures of dispersion, Skewness, kurtosis and moments, simple correlation and regression analysis, analysis of time series, index numbers, probability, sampling and estimation, quantitative analysis, determinant and matrix.

Learning outcomes

On the completion of this course, students will be able to:
  • classify, present and analyze the business and management related data.
  • interpret the data from the management perspectives.
  • apply forecasting techniques in business and management.
  • use quantitative techniques in different decision making environments.
  • apply the tool for cause and effect relationship in managerial decision.

Course Details

Unit 1: Introduction to Statistics [5 LHs]

Meaning, scope and limitation of statistics; Importance of statistics in business and management; Types and sources of data; Methods of collection of primary and secondary data; Precautions in using secondary data; and Problems of data collection.

Unit 2: Classification and Presentation of Data [5 LHs]

Data classification: meaning, need, objectives and types of classification; Construction of frequency distribution and its principles; Presentation of data: tabular presentation, diagrammatic presentation: bar diagram, Pie diagram, graphic presentation: histogram, frequency polygon, frequency curve and ogive. (Illustrations related to Business and Management).

Unit 3: Measures of Central Tendency [15 LHs]

Mean: simple and weighted (Arithmetic Mean, Geometric Mean and Harmonic Mean); Median; Partition values; Mode; Properties of averages; and Choice and general limitations of an average.

Unit 4: Measures of Dispersion [15 LHs]

Absolute and Relative measures; Range; Quartile deviation; Standard deviation; Coefficient of variation; and Lorenz curve.

Unit 5: Skewness, Kurtosis and Moments [15 LHs]

Meaning, objective and measurement of Skewness; Karl Pearson’s and Bowley’s methods; Five number summary; Box-Whisker Plot; Kurtosis and its measurement by Percentile method; Meaning of moments; Central and raw moments and their relationship; and Measurement of Skewness and Kurtosis by method of moment.

Unit 6: Simple Correlation and Regression Analysis [15 LHs]

Karl Pearson’s correlation coefficient including bi-variate frequency distribution; Coefficient of determination; Probable Error(P.E.); Spearman’s rank correlation coefficient; Concept of linear and non-linear regression; Simple linear regression equations including bi-variate frequency distribution; and Properties of regression coefficients.

Unit 7: Analysis of Time Series [15 LHs]

Meaning, need and components of time series; Measurement of trend: semiaverage, moving average, method of least squares; Measurement of seasonal variation: method of simple average and ratio to moving average (only quarters).

Unit 8: Index Numbers [15 LHs]

Meaning and types of Index Number; General rule and problems in construction of index number; Methods of constructing index numbers: simple and weighted (aggregative and average of price relative method), Laspeyre’s index number, Paasche’s index number, Fisher’s ideal index number; and Time and factor reversal tests. Cost of living index number (or Consumer’s price index number): aggregative expenditure method and family budget method; and Base shifting and deflating.

Unit 9: Probability [10 LHs]

Definition of probability; Addition and multiplication theorem; Application of combination rule in probability; and Conditional probability.

Unit 10: Sampling and Estimation [5 LHs]

Meaning of sample and population; Census versus sampling; Sampling techniques; Concept of sampling distribution; Standard error; Estimation: estimator, concept of types of estimates: Point and Interval estimates.

Unit 11: Quantitative Analysis [15 LHs]

Introduction to Quantitative Analysis; Application of management science: scientific approach to decision making; Decision making under the condition of uncertainty: maximax (optimism), maximin(pessimism), minimax regret; Decision making under risk : Expected Profit (EP) Or Expected Monetary value (EMV), Expected Profit with perfect Information (EPPI), Expected Value of Perfect Information (EVPI); Linear Programming Problem (LPP): Problem formulation with two decision variables, graphical solution of maximization and minimization problems.

Unit 12: Determinant [10 LHs]

Definition of determinant; Methods of finding the numerical values of determinant up to three order; Properties of determinant and its use to find the numerical values of determinants; and Cramer’s rule to solve simultaneous equations up to three variables.

Unit 13: Matrix [10 LHs]

Definition and types of Matrix; Addition, subtraction and multiplication of matrices; Cofactors; Transpose; Adjoint and inverse of a matrix; Matrix method to solve simultaneous equations up to three unknown variables.
Note: Illustrations and applications in all chapters should be based on Business and Management situation as far as possible.

Suggested Readings:

1. Gupta, S.C., Fundamentals of Statistics for Management, Mumbai: Himalayan Publishing House.
2. Tulsian, P.C. & Pandey, Vishal, Quantitative Techniques: Theory and Problems, New Delhi:Pearson Education.

3. David, M.. Levine, Timothy, C. Krehbiel, & Mark, L. Berenson , Business Statistics A first course, USA:Prentice Hall.
4. Gupta , S.P., Statistical Methods, New Delhi:Sultan Chand and Sons.
5. Levine, Richard I, and Dabid S. Rubin, Statistics for Management , New Delhi: Prentice hall of India Pvt. Ltd.
6. Aitken ,A.C. , Determinant and Matrices, UK: Amazon.

[Old Course]↴

Course objective
The basic objective of this course is to acquaint the students with necessary mathematical tools and statistical techniques to be used in business decision making processes. 
Course Description
This course contains introduction to statistics, classification and presentation of data, measures of central tendency, measures of dispersion, Skewness, kurtosis and moments, simple correlation and regression analysis, analysis of time series, index numbers, probability, sampling and estimation, quantitative analysis, determinant and matrix . 
Course Details:
Unit 1: Introduction to Statistics (LH 5)
Meaning, scope and limitation of statistics, Importance of statistics in Business and Management, Types and sources of data, Methods of collection of primary and secondary data, Precautions in using; secondary data, Problems of data collection.
Unit 2: Classification and Presentation of Data (LH 5)
Data classification (need, meaning, objectives and types of classification); Construction of frequency distribution and its principles; Presentation of data: Tabular presentation; Diagrammatic presentation: Bar diagram, Pie diagram; Graphic presentation: Histogram, frequency polygon, Frequency Curve and Ogive (Illustrations related to Business and Management).
Unit 3: Measures of Central Tendency (LH 15)
Mean: Simple and Weighted (Arithmetic Mean, Geometric Mean and harmonic Mean), median, partition values, mode, Properties of averages, choice and general limitation of an average.
Unit 4: Measures of Dispersion (LH 15)
Absolute and relative measures, Range, Quartile deviation, mean deviation, standard deviation, coefficient of variation, Lorenz curve.

Unit 5: Skewness, Kurtosis and Moments LH (15)
Meaning, objective and measurement of Skewness, Karl Pearson’s and Bowley’s Method; Five Number Summary, Box-Whisker Plot; Kurtosis and its measurement by Percentile method; Meaning of moments, Central and Raw moments and their relationship; Measurement of Skewness and Kurtosis by moment method.
Unit 6: Simple Correlation and Regression Analysis (LH 15)
Karl Pearson’s correlation coefficient including bi-variate frequency distribution, coefficient of determination, Probable Error, Spearman’s Rank Correlation coefficient; Concept of Linear and Non-linear regression; Simple linear regression equations including bi-variate frequency distribution, Properties of regression coefficients.
Unit 7: Analysis of Time Series (LH 15)
Meaning, need and components of time series. Measurement of trend: Semi-average, moving average, method of least squares; Measurement of seasonal variation: Method of simple average and Ratio to moving average.
Unit 8: Index Numbers (LH 15)
Meaning and types of Index Number; General rule and problems in construction of Index Number Methods of constructing index numbers: Simple and weighted (Aggregative and Price Relative Method) Laspeyre’s and Paasche’s Index Number, Fisher’s Ideal Index Number; Time and Factor Reversal Tests
Cost of living index number (Consumer’s price index number): Aggregative Expenditure Method and Family Budget Method, Base shifting and Deflating.
Unit 9: Probability (LH 10)
Definition of probability, Addition and Multiplication theorem, Application of Combination in Probability,
Conditional probability and Baye’s Theorem.
Unit 10: Sampling and Estimation (LH 5)
Meaning of sample and population, census versus sampling, Sampling Techniques, Concept of Sampling distribution, standard error, Estimation, estimator; Concept of types of estimates: Point and Interval.
Unit 11: Quantitative Analysis (LH 15)
Introduction to quantitative analysis; Application of management science: Scientific approach to decision making, Decision making under the condition of uncertainty and risk, Expected Profit, Expected Profit with perfect information and Expected value of perfect information, Linear Programming Problem: Problem formulation with two decision variables, Graphical solution of Maximization and Minimization problems.

Unit 12: Determinant (LH 10)
Definition of determinant, Methods of finding the numerical values of determinant upto three order, Properties of determinant and its use to find the numerical values of determinants, Cramer’s Rule to solve simultaneous equations up to three variables.
Unit 13: Matrix (LH 10)
Definition and types of matrix, Addition, subtraction and multiplication of matrices, Cofactors, Transpose, Adjoint and Inverse of a matrix, Inverse and Row Operations method to solve simultaneous equations upto three unknowns. (Illustrations and applications in all chapters should be based on Business and Management situation as far as possible.)

Basic Books
Gupta, S.C., Fundamentals of Statistics for Management, Himalayan Publishing House, Bombay.
Tulsian, P.C. & Pandey, Vishal, Quantitative Techniques: Theory and Problems, Pearson Education, India.

Reference Books
Shrestha, S. & Amatya, S., Business Statistics, Kathmandu : Buddha Academic Enterprises Pvt. Ltd. Sharma, P. K. & Silwal, D. P., Business Statistics, Kathmandu : Taleju Prakashan.
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