Business Mathematics and Statistics II

Syllabus

Business Mathematics and Statistics - II

Course Code: -124 (A)

Unit-1: Matrices and Determinants (up to order 3 only)

Definition of a Matrix,  Types of Matrices,  Algebra of Matrices, Determinants, Adjoint of a Matrix, Inverse of a Matrix via Adjoint Matrix, Homogeneous  System  of Linear equations,  Condition for Consistency of homogeneous system, Solution of Non-homogeneous System   of   Linear   equations   (not   more   than   three   variables), Applications in Business and Economics, Examples and Problems.

Unit-2: Linear Programming Problems (LPP) (for two variables only)

Definition and terms in an LPP, formulation of LPP, Solution by Graphical method, Examples, and Problems.

Unit-3: Correlation and Regression

Concept and Types of Correlation, Scatter diagram, Interpretation with Respect to Magnitude and Direction of relationship. Karl Pearson's coefficient of correlation for Ungrouped data. Spearman's Rank Correlation Coefficient, (with tie and without tie).

Concept of Regression, Lines of Regression for Ungrouped data, Predictions using Lines of regression. Regression Coefficients and their Properties (without proof). Examples and Problems.

Unit-4: Index numbers

Concept of Index   Number,   Price   Index   Number,   Price   Relatives. Problems in Construction of Index Number. Construction of Price Index Number: Weighted index Number, Laspeyre's, Paasche’s and Fisher’s method. Cost of living / Consumer price index number – Definition, problems in the construction of index number. Methods of construction: Family budget and aggregate expenditure. Inflation, Uses of index numbers, commonly used index numbers. Examples and problems.