Business Statistics
Semester 3 · 15 topics in 5 units
Unit I 3 topics
- Statistics: meaning, scope, limitations and collection of dataDefinitions of statistics (Bowley, Croxton and Cowden, Secrist), its characteristics, scope, functions and limitations, and primary and secondary data with the methods of collecting primary data.6 min
- Classification, tabulation and frequency distributionObjects and types of classification, class intervals and frequency distributions (with the 40-observation problem of January 2025 solved), the parts of a table and the blank table that KSLU sets every year.4 min
- Diagrams and graphs: histogram, ogives, pie and bar diagramsRules for diagrams, bar diagrams of all kinds, the pie chart with degrees worked out, the histogram and locating the mode on it, and less-than and more-than ogives with the median read off, using the 2024–2026 paper data.5 min
Unit II 3 topics
- Arithmetic mean: direct, short-cut and step-deviation methodsCentral tendency and the arithmetic mean: formulas for raw, discrete and grouped data, cumulative (below/above) tables, the missing-frequency and combined-mean problems, weighted mean, and merits and demerits.5 min
- Median, quartiles and modePositional averages: median for individual, discrete and continuous series (including inclusive classes), quartiles, mode by formula and by the empirical relation when the data are bimodal, with the 2024–2026 paper problems solved.6 min
- Geometric mean and harmonic meanFormulas, uses, merits and demerits of the GM and HM, the relation AM ≥ GM ≥ HM, and the January 2026 and June 2025 problems solved with log tables.4 min
Unit III 3 topics
- Dispersion: range, quartile deviation and mean deviationMeaning and measures of dispersion, absolute and relative measures, and range, quartile deviation and mean deviation with their coefficients, merits and demerits, worked on the June 2025, January 2026 and August 2024 data.5 min
- Standard deviation and coefficient of variationStandard deviation by the actual-mean, assumed-mean and step-deviation methods, variance and CV, and the set comparisons: the January 2026 grouped table, Sachin versus Sidhu, and the two factories' wages.5 min
- Skewness: Karl Pearson's and Bowley's coefficientsMeaning, types and tests of skewness, skewness versus dispersion, Karl Pearson's coefficient (discrete and grouped) and Bowley's quartile coefficient, with the 2024–2026 paper problems solved, including the reverse problem from mean, CV and skewness.5 min
Unit IV 3 topics
- Correlation: meaning, types and Karl Pearson's coefficientMeaning, utility and kinds of correlation, the scatter diagram, Karl Pearson's coefficient for raw data with assumed means (the January 2026 temperature and germination problem), its properties, interpretation and probable error.4 min
- Spearman's rank correlationThe rank correlation formula, ranks given and ranks to be assigned, tied ranks with the correction factor, merits and demerits, and the three-judges beauty contest, the accountancy and statistics marks and the tea and coffee prices solved.5 min
- Regression and estimationMeaning of regression, the two lines and regression coefficients, their properties, correlation versus regression, and regression equations from raw data and from means, SDs and r, with estimation, worked on the 2024–2026 papers.5 min
Unit V 3 topics
- Index numbers: meaning, uses, types and steps in constructionDefinition and features of index numbers, their uses and limitations, kinds (price, quantity, value; simple and weighted), the steps and problems in construction, and the simple aggregative and simple average of relatives methods worked on paper data.5 min
- Laspeyres, Paasche and Fisher's ideal index with TRT and FRTWeighted aggregative index numbers, why Fisher's is called ideal, the time reversal and factor reversal tests proved, and the January 2026, June 2025 and January 2025 problems worked in full.5 min
- Consumer price index (cost of living index): family budget methodMeaning, uses and construction of the consumer price index, the aggregate expenditure and family budget methods, CPI versus WPI, and the January 2026, January 2025 and August 2024 problems solved.5 min