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Business Mathematics & Statistics: Course Outline

The scope of the course is to see the horizon of Mathematics & Statistics application in business and financial affairs. The course stresses business applications using arithmetic, algebra, and ratio-proportion and graphing.

Course Contents



  • Set Theory, Types of sets
  • Methods of Representing sets ,Venn Diagram
  • System of Linear Equations and its Applications
  • Solution of Linear system of equations as well as solution by graphically method
  • Quadratic Inequalities
  • Sets and properties of sets
  • Slopes, distance between two points, graphical understanding
  • Rate, Ratio, proportion, percentage, Interest, depreciation and fraction.
  • Pie chart, bar chart and word problems
  • Real number and real line
  • Solution of linear equations involving one and two variables and presenting them in real line
  • Mathematical concepts in Business
  • Discount, profits and general understanding of business
  • Mathematics of merchandise



  • Introduction of matrices, addition, subtraction and multiplication of matrices
  • Inverse of matrices and linear solution
  • Exponents and radicals
  • Solution of linear equations involving more than two variables
  • Introduction to optimization and linear programming


Descriptive Statistics 

  • Introduction to Statistics
  • Constructing a Frequency Distribution
  • Graphing Frequency Distribution
  • Measures of Central Tendency
  • Percentiles, Declines and Quartiles
  • Measures of Dispersion and skewness
  • Range and Semi-Inter quartile Range
  • Coefficient of Variation
  • Chebysshev’s Inequality

Course Contents


  • Definitions of Probability
  • Addition and Multiplication Rules of Probability
  • Probability Distribution
  • Discrete Probability Distribution
  • Expected Values and Variance
  • Continuous Probability Distribution
  • The Binomial Distribution
  • The Poisson Distribution
  • Hyper geometric Distribution
  • The Normal Distribution


  • Population and Sample
  • Parameters and Estimators
  • Reasons for Sampling
  • Random Sampling
  • Stratifies Random Sampling
  • Systematic Sampling
  • Cluster Sampling
  • Sampling Distributions
  • Point and Interval Estimation
  • Determination of Sample Size


  • The rationale of Hypothesis
  • Testing Type of Errors
  • Testing Hypothesis about One Mean
  • Testing Hypothesis about Two Means
  • Testing Hypothesis about Proportions
  • Goodness of Fit
  • Contingency Table Analysis


  • The Functional Relationship between Two Variables
  • Scatter Diagram
  • Linear Correlation
  • Inferences Concerning Correlation Coefficient
  • The Linear Regression Equation
  • The Principle of Least Squares
  • Estimating Regression Equation
  • Coefficient of Determination
  • Multiple Regression and Correlation Analysis

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