BBS 1st year Business Statistics Notes and Syllabus
BBS 1st Year
Business Statistics
Business Statistics
Introduction
Business Statistics is the Compulsory Subject of TU BBS 1st year courses. There are 5 subjects including; Business English MGT-201, Business Statistics MGT-202, Microeconomics for Business MGT -207, and Principles of Management MGT- 213.
In the first year of a Bachelor of Business Studies (BBS) program, many students find it challenging to take effective notes for their Business Statistics course. This course involves both theory and numerical problems, and students often struggle to create useful notes.
To help with this difficulty, we have compiled comprehensive notes for Business Statistics. These notes cover all the topics in the course, including both the theoretical aspects and the numerical problems. We have included formulas and solutions for the numerical problems to make it easier for students to understand and study the subject.
In simpler terms, we have created a set of easy-to-follow notes that cover everything you need to know about Business Statistics in your first year of BBS. These notes include explanations of concepts, formulas, and step-by-step solutions to numerical problems, making it easier for students to learn and succeed in the course.
Course Objectives
The main goal of BBS 1st year Business Statistics is to help students learn about business statistics. In simple terms, it means using numbers and math to make smart decisions in business. So, in this class, students will learn how to use math and statistics to make better choices when running a business.
Course Description
BBS 1st year Business Statistics course contains the following chapters; 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 Objectives
On the completion of BBS 1st year Business Statistics course, students will be able to:
- classify, present, and analyze the business and management-related data.
- interpret the data from the management perspective.
- apply forecasting techniques in business and management.
- use quantitative techniques in different decision-making environments.
- apply the tool for cause and effect relationships in managerial decisions.
Notes
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.