BUSINESS MATHEMATICS

Code: 4.1

           Total Hours: 50                                                                 Work load 4 Hrs/ week. 

 

Pedagogy: Lectures, Seminars, Assignments, Practicals etc 

Objective: To acquaint the students with knowledge of statistical tools for business decisions.

Module – I 

Set theory; venn diagram, union of sets, intersection of sets, sub sets, complimentary of sets, null set , difference of sets, demogram’s rule.

Permutation and combination         

                                                                                                          (8 hrs) Module – II                          Probability Theory:

Definition of random experiment, sample space, events, mutually exclusive, equally likely, favorable cases and probability of any event, in dependent and dependent events

Conditional probabilities.

Addition and multiplication theorem, of probability for to events (statement only) Random Variable:

Discrete random variable, continuous random variable and their probability functions Mathematical expectation meaning definition of expectation, variance covariance of variables.

Standard Probability Distribution:

Binomial, Poisson and normal distribution with definition, properties and examples

                                                                                                             (12 hrs)

Module – III 

Correlation and Regression:

Correlation –analysis of bivariant data, types of correlation, methods of correlation, and Properties of correlation, Regression meaning, definition, properties of regressions.  coefficient, lines of regression.

                                                                                                          (10 hrs)

Module – IV 

Introduction to linear programming, problem formulation, solution by graphical and Simplex method, big method.

Transportation problem, meaning solution by North-West corner rule, matrix minima Method and Vogel’s approximation method and testing of optimality by MODI method Assignment problem meaning and definition and solution of assignment problem. Game theory; pure strategy, mixed strategy saddle point, dominance rule and solution by graphical method.                            

                                                                                                                                    (20 hrs)

Suggested Books:

 

  1. Business Mathematics by Sancheti and Kapoor
  2. Business Mathematics by Quazi Zameeruddin Khan UK Khanna, Bhambri
  3. Business Statistics by S P Gupta and M P Gupta
  4. Fundamentals of Statistics by S C Gupta
  5. Operation Research by S D Sharma
  6. Operation Research by Kapoor V K