BME 1503 Business Mathematics and Statistics


Course Unit Code BME 1503
Course Unit Title Business Mathematics and Statistics
Number of Credits 5
Academic Year I

Business Mathematics and Statistics course unit focuses on an integrated treatment of basic mathematics and statistics techniques, with an emphasis on application in business and economics. This course unit requires a minimal knowledge in mathematics and aims to give the students the basic knowledge of each topic. Further course unit stresses the use of arithmetic, algebra, calculus and statistics in solving problems in business related areas. The course also includes topics from statistics such as collection and representation of data, characteristics of a distribution, basic probability concepts and probability distributions, regression analysis and time series analysis. This course unit stresses logical reasoning and problem solving skills. The importance of this course is to provide students with a sound foundation in mathematics and statistics that is required for future courses in area such as economics, finance, operations research and operations management. At the end of this course unit students are expected to have a basic knowledge of principles of mathematics and statistics that are required to solve business related problems.

To provide knowledge to:

  • understand and use equations, formulae, and mathematical expressions and relationships in a variety of contexts.
  • apply the knowledge in mathematics and statistics in solving business problems related to the business management.
  • demonstrate mathematical skills required in mathematics intensive areas in commerce such as Economics and Finance
  • identify and applying correct statistical techniques to analyze data.

demonstrate critical thinking, modeling, and problem solving skills in a variety of contexts.

Upon successful completion of this subject, the students should be able to:

  • understand and use equations, formulae, and mathematical expressions and relationships in a variety of contexts
  • apply the knowledge in mathematics and statistics in solving business problems
  • demonstrate mathematical skills required in mathematics intensive areas in commerce such as Economics and Finance
  • identify and use correct statistical technique to analyze data

demonstrate critical thinking, modeling, and problem solving skills in a variety of contexts

Main Topics Sub Topics No. of Hours
1.      Algebra

 

  1.1         Algebraic expressions

1.2         Arithmetic operations in algebraic expressions

1.3         Factorization

1.4         Fractions

1.5         Equations (Linear Equations,  Quadratic Equations, Systems of Equations)

1.6         Applications of equations

08
2.      Functions

 

  2.1         Arithmetic of functions

2.2         applications of functions in business and economics

06
3.      Differentiation 3.1     Basic rules for differentiation

3.2  Successive differentiation

3.3    Relative maximum and relative minimum points of a function

3.4  Applications of differentiation

12
3        Integration 4.1   Indefinite integration

4.2   Properties of integration

4.3   Rules of integration

4.4   The definite integration

4.5   Applications of integrations in business and economics

06
4        Mathematics of Finance  5.1    Interest

5.2    Investment  appraisal

5.3    Annuities

5.4    Amortization

06
5        Meaning and Scope of Statistics   6.1         Definition of statistics

6.2         Applications in statistics

6.3         Types of statistics

6.4         Limitations of statistics

02
6        Presentation of Data   7.1         Presentation of categorical data

7.2         Presentation of quantitative data

03
7        Summary Measures   8.1         Measures of central tendency

8.2         Measures of dispersion

8.3         Skewness

08
8        Probability Theory   9.1         Approaches of probability

9.2         Marginal probability

9.3         Conditional probability

06
9        Probability Distributions 10.1         Binomial distribution

10.2         Poisson distribution

10.3         Normal distribution

06
10    Sampling and Sampling Distributions 11.1         Census and sampling investigations

11.2         Sampling and non-sampling errors

11.3         Sampling distributions of sample mean and proportion

04
11    Regression and Correlation Analysis 12.1       Scatter diagrams

12.2       Coefficient of correlation

12.3       Simple linear regression

12.4       Coefficient of determination

04

 

12    Time Series Analysis 12.2       Component of a time series

12.3       Trend estimation

12.4       Estimation of seasonal component

04
Mode of Study Lecturing, Seminar, Self Study
Evaluation Final examination  will be held
  • Mizrahi & Sullivan, Mathematics and Applied Approach (Seventh Edition )
  • Frank S. Budhick (Fourth Edition ), Applied Mathematics for Business, Economics, and the Social Sciences
  • Richard D. Anderson & Cecil L. Smith, Calculus for Business
  • D. Mac Pherson, Mathematics Applied to Business Problems

Amir D. Aczel, JayavelSounderpandian, Complete Business Statistics, (Fifth Edition)