University of Mumbai, Maharashtra (Mumbai University), Finance Semester 1, Business Statistics Syllabus

Business Statistics

Unit 1 - Introduction to Statistics

• Introduction: Functions/Scope, Importance, Limitations
• Data: Relevance of Data(Current Scenario), Type of data(Primary & Secondary), Primary(Census vs Samples, Method of Collection (In Brief), Secondary(Merits, Limitations, Sources) (In Brief)
• Presentation Of Data:Classification – Frequency Distribution – Discrete &
Continuous, Tabulation, Graph(Frequency, Bar Diagram, Pie Chart, Histogram, Ogives)
• Measures Of Central Tendency:Mean(A.M, Weighted, Combined),
Median(Calculation and graphical using Ogives), Mode(Calculation and Graphical using Histogram), Comparative analysis of all measures of Central Tendency

Unit 2 - Measures of Dispersion, Co-Relation and Linear Regression

• Measures Of Dispersion: Range with C.R(Co-Efficient Of Range), Quartiles & Quartile deviation with CQ (Co-Efficient Of Quartile), Mean Deviation from mean with CMD (Co-Efficient Of Mean Deviation), Standard deviation with CV(Co-Efficient Of Variance), Skewness& Kurtosis (Only concept)
• Co-Relation: Karl Pearson, Rank Co-Relation
• Linear Regression: Least Square Method

Unit 3 - Time Series and Index Number

• Time Series: Least Square Method, Moving Average Method, Determination of Season
• Index Number: Simple(unweighted) Aggregate Method, Weighted Aggregate Method, Simple Average of Price Relatives, Weighted Average of Price Relatives, Chain Base Index Numbers, Base Shifting, Splicing and Deflating, Cost of Living Index Number

Unit 4 - Probability and Decision Theory

• Probability: Concept of Sample space, Concept of Event, Definition of Probability, Addition & Multiplication laws of Probability, Conditional Probability, Bayes’ Theorem(Concept only), Expectation & Variance, Concept of Probability Distribution(Only Concept)
• Decision Theory: Acts, State of Nature Events, Pay offs, Opportunity loss, Decision Making under Certainty, Decision Making under Uncertainty,
• Non-Probability: Maximax, Maximin, Minimax, Regret, Laplace &Hurwicz)
• Probabilitistics (Decision Making under risk):EMV, EOL, EVPI
• Decision Tree