Master of Management Studies (M.M.S) Business Statistics Syllabus - Mumbai University 2026

Course objectives

• 1 To introduce the foundational terminology and concepts used in business statistics.
• 2 To develop understanding of statistical tools as essential instruments for business decision-making.
• 3 To equip students with skills to compute descriptive and inferential statistical measures.
• 4 To enable students to analyze data patterns, distributions, and relationships using statistical techniques.
• 5 To foster the ability to interpret, compare, and report statistical findings for informed business actions.

Course outcomes

• CO1: Recall the basic terminologies related to the concepts of Business Statistics
• CO2: Understand statistics as a crucial tool for data analysis and making justifiable business decisions
• CO3: Make use of appropriate data to calculate statistical measures for solving business problem
• CO4: Analyze the data and draw inferences from statistical findings for various business solutions
• CO5: Compare the results of statistical tests for taking informed business decisions
• CO6: Develop a statistical report for a given business situation

Unit 1 CO1 · 3 hours

Introduction to Statistics - Types of variables (dependent, independent, mediating, moderating, extraneous, discrete, continuous), charts and graphs

Unit 2 CO1, CO2 · 3 hours

Descriptive Statistics - Measure of Central Tendency, Measure of variability, Interquartile Range, and Dispersion, Measure of shapes (Kurtosis and Skewness)

Unit 3 CO2 · 3 hours

Probability & Permutations & Combinations – Introduction to the concept of probability and permutations and combinations, Axioms, Addition and Multiplication rule, Theories of Probability, Types of probability, Independence of events, probability tree, Bayes’ Theorem

Unit 4 CO2, CO3 · 3 hours

Probability Distribution- Concept of Random variable, Probability distribution, Expected value and variance of random variable, conditional expectation, Binomial distribution and its business application, Poisson and its business application, Normal and its business application

Unit 5 CO3, CO4 · 3 hours

Sampling and Estimation – Sampling Distribution, Types of sampling, Central Limit Theorem, Estimation- Point estimation , Interval estimation

Unit 6 CO3, CO4 · 3 hours

Correlation Analysis - Concept, types of correlations, properties of correlation, Methods of correlation - Karl Pearson’s coefficient of correlation, Spearman’s Rank correlation.

Unit 7 CO3, CO4 · 3 hours

Regression Analysis- Concept, properties of regression - Simple Linear Regression, Multiple Linear Regression

Unit 8 CO3, CO4 · 3 hours

Time Series Analysis- Components of Time Series , Analysis, Models of Time Series, Measurement of Trend, Seasonal Variations and Cyclic Variations

Unit 9 CO3, CO4 · 3 hours

Hypothesis Testing - Introduction to Hypothesis testing, Importance of significance level (confidence level), margin of error, type I error and type II error, criteria for selection of right test

Unit 10 CO4, CO5, CO6 · 3 hours

Practical - Statistical data analysis using SPSS and Excel

Text Books

• 1 Ken Black, Business Statistics for Contemporary Decision making, Wiley, Latest Edition
• 2 Sanjiv Jaggia, Alison Kelly Business Statistics, McGraw Hill, Latest Edition
• 3 Richard I. Levin and David S., Rubin Statistics for Management, Pearson, Latest Edition
• 4 D. P. Apte, Statistics for Managers, Excel, Latest Edition
• 5 Gerald Keller & Hitesh Arora, Business Statistics, Cengage, Latest Edition

Reference Books

• 1 Joseph Francis, Business Statistics, Cengage, Latest Edition
• 2 T N Srivastava and Shailaja Rego, Statistics for Management, TMH, Latest Edition
• 3 K. B. Akhilesh& S. B. Balasubrahmanyam, Mathematics and Statistics for Management Vikas
• 4 Naval Bajpai, Business Statistics, Pearson, Latest Edition
• 5 D. P. Apte M. S., Excel: Statistical Tools for Managers, Excel, Latest Edition
• 6 Qazi Zameerudin, Vijay K. Khara, S. K. Bhamri, Business Mathematics, Vikas, Latest Edition