Business Statistics

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Practice questions – 1

Practice questions – 2

Practice questions – 3

Practice questions – 4

Question Bank

Following is the syllabus for Business Statistics for first year students of Bachelor of Commerce – Management Studies (BMS)

1.      Descriptive Statistics for Univariate Data:

Introduction to Statistics : Types of data. Data collection methods – Census and Sample Survey

Presentation of data : Tabular (Frequency distribution) and Graphical (Frequency Curve Ogives. Histogram).

Measures of Central Tendency : Arithmetic mean, median, mode, geometric mean – their properties and applications.

Measures of Dispersion : Absolute measures – Range, Quartile deviation, Standard deviation, Variance and Relative measures – coefficient of quartile range, coefficient of deviation, coefficient of variation.


Introduction to Data and Tabulations

Frequency Distributions and Graphs

Measures of Central Tendency and Dispersion

Test with answers – A

Test with answers – B

Test with answers – C

2.      Forecasting Techniques

Correlation and Regression : Karl Pearson’s coefficient of correlation (Properties and calculation); Spearman’s Rank Correlation coefficient, Regression equation – Statement and use.


session 8- Skewness and Kurtosis

session 9

session 10

session 11

Hypothesis Testing: Test Statistic and More

session 13


Assignment 1 with answers

Times Series : Components. Additive and multiplicative models, Estimation of linear trend by (i) least squares method

(ii) moving average method

Determination of seasonal trend using simple average method.

session 14

Index Numbers : Meaning and uses, Simple and composite index number. Aggregative and average of price relatives – simple and weighted index number.

Construction of index number – fixed and chain base.

Laspayre’s Paasche’s Kelly’s and Fisher’s index numbers.

Construction of (i) consumer price index; (ii) Cost of living index numbers

Deflating, Splicing, Shifting of Base Year, Conversion from fixed base to chain base

index numbers and vice-a-versa.

3.      Probability and Probability Distribution :

Probability : Sample space as a concept, different types of events.

Definition of probability.

Addition and Multiplication Laws of probability (Statements and use only) conditional

probability, Bayes’ Theorem (concept only).

Random Variable, Expectation and Variance. Probability distributions – Binomial and


4.      Testing of Hypotheses

Sampling distribution : Sample mean and sample proportion.

Determination of sample size. Central Limit Theorem (Statement only).

Hypothesis : Simple and composite, null and alternative. Two types of errors, level of

significance (concepts only Large sample test. Tests based on Normal distribution (Tests

for mean and difference in two means, proportion and difference in two proportions).

Internal estimation, t-test (concept only).