Business Statistics
Subject Overview
Business Statistics is the quantitative toolkit every commerce student needs — how to actually analyse numbers to make business decisions rather than rely on intuition. It starts with data collection and sampling concepts, then moves through measures of central tendency and variation (mean, median, mode, standard deviation), correlation and regression analysis, and closes with probability theory and probability distributions (Binomial, Poisson, Normal). This is a 6-credit General Elective paper across 4 units, and the statistical reasoning here directly supports later quantitative papers like Operation Research.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Introduction to statistics & sampling
Meaning, features, importance, functions, scope and limitations of statistics, sources of primary and secondary data, presentation of data, frequency distribution, population and sample, descriptive and inferential statistics, probability and non-probability sampling methods
Unit 2: Central tendency, variation & sampling distribution
Arithmetic, geometric and harmonic mean, mode and median, quartiles/deciles/percentiles, range, quartile deviation, mean deviation, standard deviation and variance, concept of sampling distribution
Unit 3: Correlation & regression analysis
Meaning of correlation — simple, multiple, partial, linear and non-linear, scatter diagram, Pearson's correlation coefficient, Rank correlation, principle of least squares, regression coefficient and its properties, relationship between correlation and regression
Unit 4: Probability & probability distributions
Approaches to calculating probability, addition and multiplication laws, conditional probability and Bayes' Theorem, Binomial distribution, Poisson distribution, Normal distribution and its properties