MTS205_Statistics_and_Mathematics_for_Business

=Reference Course Outline for: __MTS205: Statistics and Mathematics for Business __ =

**Course Lead:**
Dr. Nasir Touheed

** Course Leads:- ** Dr.Nasir Touheed

The first part of the course is about Mathematics and the second part is concerned about the Statistics. In order to analyse the various situations which arise in business problems one has to come up with the mathematical model which describes the problem at hand. In order to achieve this one needs the knowledge of related concepts in mathematics. In this part we discussed these related topics.
 * Course Description ** - Aims & Objectives of the Course:

One of the primal aims of the second part of the course is to try to give a thorough insight and understanding of fundamental statistical concepts in the context of physical sciences & engineering, social & management sciences --- in particular economics and management problem-situations. The fundamental statistical tools & methodologies enable us to analyze a wide variety of quantitative and qualitative data collected in diverse problem-situations encountered in the real world. The course will cover the basic concepts of **descriptive** and **inferentia**l statistics. The techniques of descriptive statistics enable us to summarize & organize huge quantity of raw data sets in terms of a few robust statistical measures and nice pictorial representations. While the purpose of the inferential statistics is to test, deduce and infer the validity of different types of hypotheses and models built on the basis of the raw data collected in diverse problem-situations.

** Prerequisites:- ** None. 

Primary Coure Outline Link:
Primary Course Outline

Programs in which course is offered:
Remedial for MBA

 ** 1. Mathematics ** **[16L]**  I.  Set theory – Concepts and business applications.  II. Functions – basic concepts, different types and applications.  III. Derivatives (single variable) – basic working rules, applications to optimization problems and curve sketching.  IV. Partial derivatives – basic working rules and applications to optimization.  V.  Fundamentals of convexity and concavity and idea about their usage.  VI. Concept of integration and working rules, application to business and economic problems.  VII. <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Matrices and their applications. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> VIII. Combinatorics – Principles of counting, Permutations and Combinations, Inclusion-Exclusion principle.
 * <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Topics to be covered Here L means a lecture of 75 minutes **

** 2. Descriptive Statistics ** **[6L]** <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> I.  <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Scope, functions and limitations of statistics. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> II. <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Collection and presentation of data – Tabular and diagrammatic representation, Frequency distribution, Relative frequency, Cumulative frequency, Bar graphs and pie charts, Histogram, Ogive. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> III. <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Measures of Central tendency – Mean, Median, Mode, Percentiles, Quartiles. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> IV. <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Measures of Dispersion – Range, Interquartile range, Mean deviation, Mean Absolute deviation, Standard deviation, Variance, Coefficient of Variation. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> V.  <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Measures of shape and relative location, Skewness and Kurtosis, Chebyshev's Theorem. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> VI. Simple correlation and regression analysis.

** 3. Probability distributions ** **[6L]** <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> I.  <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Discrete distributions - Binomial, Poisson. <span style="font-size: 13pt; mso-ansi-language: EN-GB; mso-fareast-font-family: 'Times New Roman'; msoansilanguage: EN-GB; msofareastfontfamily: 'Times New Roman'; msolist: Ignore;"> II. <span style="font-family: Times New Roman; font-size: 13pt; mso-ansi-language: EN-GB; msoansilanguage: EN-GB;">Continuous distributions - Uniform, Exponential, Normal, LogNormal. <span style="font-family: 'Arial','sans-serif'; font-size: 13pt; mso-ansi-language: EN-GB;"> Assignments 8 (Four assignments each carrying two marks will be given) Quizzes 12 (Four quizzes each carrying 4 marks will be given and the worst quiz will be ignored) First Term Exam 20 Second Term Exam 20 Final Exam 40
 * <span style="font-family: 'Arial','sans-serif'; font-size: 13pt; mso-ansi-language: EN-GB;">Grading Plan **

Total 100 <span style="font-family: 'Arial','sans-serif'; font-size: 13pt; mso-ansi-language: EN-GB;"> Aczel – //Complete Business Statistics// (6th Edition); TMH.
 * <span style="font-family: 'Arial','sans-serif'; font-size: 13pt; mso-ansi-language: EN-GB;">Books **

Anderson, Sweeny and Williams – //Statistics for Business and Economics// (9th Edition); Thomson Learning.

Anthony, M. and Biggs, N. – //Mathematics for Economics and Finance: Methods and Modeling//; CUP.

Dowling, E.T. – //Introduction to Mathematical Economics;// Schaum's Outline Series.

Hair, Anderson, Tatham and Black – //Multivariate Data Analysis// (6th Edition); Pearson Education.

Hanke and Wichern – //Business Forecasting// (8th Edition); Pearson Education.

Hoy Michael et.al. - //Mathematics for Economics// (2nd Edition); PHI.

Johnson and Wichern – //Applied Multivariate Statistical Analysis// (3rd Edition); PHI/Pearson Education.

Levin & Rubin - //Statistics for Management// (7th Edition): Prentice Hall/Pearson Education.

Newbold – //Statistics for Business and Economics// (6th Edition); Pearson Education.

Raghavachari, M– //Mathematics for Management//; TMH.

Sharma, J.K - //Business Statistics//, Pearson Education.

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