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Course Outline Business Mathematics and Statistics

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42 views4 pages

Course Outline Business Mathematics and Statistics

Uploaded by

mbalauelijah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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THE UNIVERSITY OF ZAMBIA

INSTITUTE OF DISTANCE EDUCATION

COURSE OUTLINE

COURSE LECTURER: Prof. William Phiri Abwino -PhD

SOB 1040: Business Mathematics and Statistics

Course content

Business Mathematics

1. Basic Algebra
 Algebraic functions
 Arithmetic and geometric progression

2. Marketing Mathematics
 Discounts
 Mark-up
 Markdown

3. Applications of Linear Equations and Non-Linear Functions


 Revenue, cost and profit functions
 Breakeven analysis
 Optimization
 Quadratic, cubic and other polynomial function,
 Exponential function, logarithmic functions, hyperbolic functions.

4. Principles of Interest
 Simple interest
 Compound Interest
 Bank discount

5. Investment Decisions
 Present Value
 Net present value (NPV)
 Internal Rates of Return (IRR)
 Mathematical comparison of investment alternatives

6. Annuities and Perpetuities


 Ordinary annuity and perpetuity
 Deferred Annuity and Perpetuity

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7. Loans and Mortgages
 Concept of net present value
 Amortization principles

8. Bonds, Stocks and Sinking Funds


 Yield rate
 Pricing
 Use in Debt retirement
 Stocks valuation using discounted cash flow

9. Calculus
 Limits and continuity
 Differentiation and applications
 Curve sketching
 Multi-variable calculus
 Integration and application
 First and second order differential equations

10. Index Numbers


 Index Construction
 Consumer Price Index

11. Decision making Under Uncertainty


 Types of decision problems.
 Expressing outcomes.
 Decision criteria.
 Expected value of perfect information.
 Decision tree analysis.

Business Statistics

12. Introduction to Business Statistics


 Random Samples
 Introduction to Experimental Design
 Frequency Distributions, Histograms, and Related Topics
 Bar Graphs, Circle Graphs, and Time-Series Graphs
 Stem and Leaf Plots

13. Averages and Variation


 Measures of Central Tendency: Mode, Median, and Mean
 Measures of Variation: Variance, Standard Deviation, Mean Deviation and
Coefficient of Variation.
 Percentiles and Box-and-Whisker Plots
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14. Elementary Probability Theory
 What is Probability?
 Some Probability Rules-Compound Events
 Trees and Counting Techniques
 Conditional Probability and Statistical Independence

15. Random Variables and Probability Distributions


 Binomial Probabilities and Binomial Distribution
 Poisson Probabilities and Poisson Distribution
 Normal Curves and Sampling Distributions
 Graphs of Normal Probability Distributions
 Standard Units and Areas Under the Standard Normal Distribution
 Areas Under Any Normal Curve
 The Central Limit Theorem
 Normal Approximation to the Binomial Distribution
 Probability Density Functions
 Exponential Distribution

16. Estimation
 Point and Interval Estimations: Estimating 𝜇 When 𝜎 Is Known, Estimating 𝜇
When 𝜎 Is Unknown
 Estimating p in the Binomial Distribution

17. Correlation/Regression and Time Series


 Scatter Diagrams and Linear Correlation
 Linear Regression and the Coefficient of Determination
 Multiple Linear Regression: The role of Binary Variables, Statistical Inference for
Several Coefficients,
 Time Series Analysis: Smoothing with Moving Averages, Exponential Smoothing,
Seasonal Time Series Models

18. Test Statistics


 Basic Hypothesis Testing
 Testing the Mean 𝜇
 Testing a Proportion p
 Tests Involving Paired Inferences About the Difference of Two Means 𝜇1 – 𝜇2
 Inferences About the Difference of Two Proportions 𝑝1 – 𝑝2
 Chi-Square: Tests of Independence
 Chi-Square: Goodness of Fit Test
 Testing a Single Variance or Standard Deviation
 Inferences for Correlation and Regression

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 Analysis of Variances: One Factor Analysis, Two Factor Analysis, Confidence
Intervals

E1.6.6 Method of Delivery

Blended learning (i.e. Digital & Physical)

E1.6.7 Assessment

Component of assessment Number Contribution to overall


grading (%)
1. Continuous assessment
Assignments 2 15 x 2 = 30
Laboratory sessions
Fieldwork sessions
Tests 1 1 x 10 = 10
Other components (specify)
Subtotal of continuous 40
assessment
2. Final examination 1 60
Total 100%

E1.6.8 Prescribed books

Lucey, T. (2002) Quantitative Methods, 6th edition, Thomson Learning

Morris, C. (2008) Quantitative Approaches in Business Studies 7th edition, FT Prentice Hall

Phiri, W. (2021). Industry – Based Business Mathematics and Statistics. Ndola: Mission
Press.

E1.6.9 Recommended books

Owen, F and Jones, R. (1994) Statistics, 4th edition, FT Management

Sancheti, D, C and Kapoor, V, K. (2006) Business Mathematics, Sultan Chand & Sons
Publications

Singh, J, K. (2009) Business Mathematics, Himalaya Publishing House.

Phiri, W. (2019). Applied Statistics and ICTs. Lusaka: Mission Press

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