SEMESTER 2

BUSINESS MATHEMATICS & STATISTICAL INFERENCE [ML-202]

INTRODUCTION
This course comprises basic concepts and techniques of
mathematics & statistics. A thorough knowledge in the areas
of basic mathematics and presentation of data, is an essential
skill for management accountant. The management
accountant should understand statistical concepts, because of
the need to estimate the uncertainties of business decisions.
This course also gives basic understanding of mathematical
techniques applied for, forecasting in corporate planning and
Financial Management.
OBJECTIVES
To provide the students with the basic knowledge of
mathematics and statistics to enable them to:
use and interpret mathematical and statistical methods,
and
PART
A

present the results of quantitative nature, in a suitable

form for taking business decisions.
OUTCOMES
On completion of this course, students should be able to:
describe and demonstrate the use of mathematical and
statistical techniques,
understand the proper use of formulae and equations,
get acquainted with the use of derivate,
describe and apply financial mathematical techniques,
describe reasonableness in the computation of answer,
comprehend and apply techniques for summarising and
analysing data,
describe and demonstrate the use of probability, in case
of involvement of risk and uncertainty,
describe and demonstrate forecasting techniques.

1
2
3
4
5

SYLLABUS CONTENT AREA

Basic Mathematical Techniques
Formulae and Equations
Derivatives
Compounding and Discounting
Basic Investment Appraisal

6
7
8
9
10
11
12
13
14
15
16

Data and Information

Collection and Presentation of data
Averages
Dispersion
Correlation and Linear Regression
Index numbers
Probability
Normal distribution
Estimation & Testing
Sampling & Sampling Frequency Distribution
Forecasting - Time series

WEIGHTAGE
40%

60%

TOTAL

100%

Note: The weightage shown against each section indicates, study time required for the topics in that section. This weightage does
not necessarily specify the number of marks to be allocated to that section in the examination.
RECOMMENDED BOOKS
TITLE
CIMA, UK Study Text
Relevant Study Text
Introduction to Statistics

CORE READINGS
AUTHOR
----Ronald E. Walpole

Quantitative Techniques
Terry Lucy
Applied Mathematics for Business, Economics
Frank S. Budnick
& the Social Sciences.
ADDITIONAL READING
Statistics for Economics and Management
Quantitative Analysis for Management
Statistics: Concepts and Methods
Business Mathematics

PUBLISHER
BPP
Kaplan Publishing
Macmillan Publishing Co.
Cengage Learning
McGraw-Hill

Hamid A. Hakeem
Meyari Matbooaat, Karachi.
Barry Render / Ralph M. Stair / Jr. Michael
Prentice Hall / Pearson / Financial Times
E. Hanna / T. N. Badri
Farooq Kitab Ghar, 32-33 Urdu Bazar,
Syed Khursheed Alam
Karachi.
Mirza Muhammad Hassan /
Farooq Kitab Ghar, 32-33 Urdu Bazar,
Muhammad Ali Mirza
Karachi.