- Introduce the fundamental concepts and applications of mathematics in the business context.
- Familiarize with various types of data relevant to business operations and the sources from which such data can be collected.
- Equip with the skills to organize data through frequency distribution and represent it visually using charts and graphs.
- Interpret measures of central tendency (mean, median, mode) in the context of business, providing them with tools to summarize and analyze data distributions.
- Develop proficiency in using measures of dispersion, skewness, and standard deviation for analyzing variability and risk in business data.
Business Mathematics and Statistics
Build a strong foundation in mathematical and statistical tools for business decision-making and analysis.
Introduction
What you'll learn ?
- Articulate the importance of mathematics in business and apply mathematical concepts to real-world scenarios.
- Demonstrate the ability to identify and categorize different types of data relevant to business operations, and critically evaluate appropriate data sources.
- Create and interpret frequency distributions, charts, and graphs, providing meaningful insights into business data.
- Apply measures of central tendency to analyze and summarize business-related data sets, facilitating effective decision-making in various business contexts.
- Utilize measures of dispersion, skewness, and standard deviation to assess variability and risk in business data, contributing to more informed and strategic business decisions.
Certification
- KLiC courses are recognised by Yashwantrao Chavan Maharashtra Open University (YCMOU).
- MKCL provides certificate to the KLiC learner after his/her successful course completion.
- Yashwantrao Chavan Maharashtra Open University (YCMOU) provides mark sheet to successfully passed KLiC learners (Jurisdiction: Maharashtra).
Academic Approach
The academic approach of the courses focuses on the “work-centric” education i.e. begin with work (and not from a book!), derive knowledge from work and apply that knowledge to make the work more wholesome, useful and delightful. The ultimate objective is to empower the Learner to engage in socially useful and productive work. It aims at leading the learner to his/her rewarding career as an employee or entrepreneur as well as development of the community to which s/he belongs. Learning methodology:
- Step -1: Learners are given an overview of the course and its connection to life and work.
- Step -2: Learners are exposed to the specific tool(s) used in the course through the various real-life applications of the tool(s).
- Step -3: Learners are acquainted with the careers and the hierarchy of roles they can perform at workplaces after attaining increasing levels of mastery over the tool(s).
- Step -4: Learners are acquainted with the architecture of the tool or tool map so as to appreciate various parts of the tool, their functions, utility and inter-relations.
- Step -5: Learners are exposed to simple application development methodology by using the tool at the beginner’s level.
- Step -6: Learners perform the differential skills related to the use of the tool to improve the given ready-made industry-standard outputs.
- Step -7: Learners are engaged in appreciation of real-life case studies developed by the experts.
- Step -8: Learners are encouraged to proceed from appreciation to imitation of the experts.
- Step -9: After the imitation experience, they are required to improve the expert’s outputs so that they proceed from mere imitation to emulation.
- Step-10: Emulation is taken a level further from working with differential skills towards the visualization and creation of a complete output according to the requirements provided. (Long Assignments)
- Step-11: Understanding the requirements, communicating one’s own thoughts and presenting are important skills required in facing an interview for securing a work order/job. For instilling these skills, learners are presented with various subject-specific technical as well as HR-oriented questions and encouraged to answer them.
- Step-12: Finally, they develop the integral skills involving optimal methods and best practices to produce useful outputs right from scratch, publish them in their ePortfolio and thereby proceed from emulation to self-expression, from self-expression to self-confidence and from self-confidence to self-reliance and self-esteem!
Syllabus
- Introduction to Probability
- Introduction to Statistics
- Monty Hall Problem
- History of Statistics
- Indian Contribution to Statistics
- Arab Contribution to Statistics
- European Contribution to Statistics
- Three Waves of Statistics
- Modern Day Statistics
- Data Collection
- Methods or Methodology for Collection of Data
- Types of Statistics
- Nature of Statistics
- Conclusion
- Applications of Statistics
- Real Life Applications of Statistics
- Application of statistics across the world
- Limitations of Statistics
- Importance of Statistics
- Attribute Data
- What is Data?
- Attribute Data
- Variable Data
- Examples of Attribute and Variable Data
- Primary Data
- Secondary Data
- Definition of Primary and Secondary Data
- Pros and Cons of Primary Data
- Pros and Cons of Secondary Data
- Primary Data Collection Methods
- Secondary Data Collection Methods
- Primary Data Collection Methods Continued
- Census and Sampling
- Key Differences Between Census and Sampling
- Classification of Data
- Objectives and Types of Classification of Data
- Tabulation: Objectives and Types
- Types of Tabulation
- The Library of Congress Classification
- Graphs and Charts
- Creating Charts and Graphs
- Line Graph
- Bar Graph
- Pie Charts
- Cartesian Graphs
- Venn Diagrams
- Histogram and It's Types
- Parts of Histogram
- Common Shapes of Histogram
- How to Make an Histogram
- Frequency Distribution
- Data Analysis
- Grouped and Ungrouped Data
- Measures of Central Tendency
- Mean / Arithmetic Mean
- Applications of Arithmetic Mean
- Advantages / disadvantage of Arithmetic Mean
- Geometric Mean
- Examples of Geometric Mean
- Applications of Geometric Mean
- Advantages / Disadvantages of Geometric Mean
- Harmonic Mean
- Applications of Harmonic Mean
- Advantages / Disadvantages of Harmonic Mean
- Relation Between Arithmetic, Geometric and Harmonic Mean
- Median
- Calculating Median
- Applications of Median
- Applications of Median in Real Life
- Key Advantages of Median
- Key Disadvantages of Median
- Mode
- Calculating Mode - Individual Observations
- Discrete Series
- Continuous Series
- Grouping Method
- Applications of Mode
- Case Study: Mode
- Key Advantages of Mode
- Key Disadvantages of Mode
- Relation Between Median and Mode
- Meaning of Dispersion
- Dispersion Continued
- Calculating Dispersion
- Measures of Dispersion
- Absolute Measures & Relative Measures
- Range
- Advantages and Disadvantages of Range
- Applications of Range
- Coefficient of Range
- Mean Deviation
- Calculating Mean Deviation
- Advantages and Disadvantages of Mean Deviation
- Applications of Mean Deviation
- Coefficient of mean deviation
- Calculating Coefficient of Mean Deviation
- Quartile deviation and the coefficient of quartile deviation
- Calculating Quartile deviation and the coefficient of quartile deviation
- Standard deviation and Variance
- Standard deviation - What does it means.
- Coefficient of variation
- Skewness
- Measures of skewness
- Understanding Probabilities
- Origins of Probability
- History of Probability
- What is Probability?
- The Need of Probability
- Approaches to Probabilities
- The Classical Approach
- The Relative Frequencies Approach
- The Simulation Approach
- Case Study
- Overview of Set Notations
- Equalities/ TRANSLATING INEQUALITIES
- Sample Spaces
- Sets
- Putting Sets Together: Unions/ Intersections/ Complements
- About Normal Distribution
- Definition of Terms and Statistical Symbols Used
- Properties of Normal Distribution
- Normality Testing in Minitab Software
- About Standard Normal Distribution
- Standardization – How to Calculate Z Scores
- About Sampling Distribution
- Understanding Normal Distribution
- Kurtosis and Skewness
- The Empirical Rule
- The Normal Distribution Explained
- The Normal Distribution Explained in Advance
- Examples of Normal Distribution
- The Central Limit Theorem(CLT)
- Problems and Solutions of Normal Distribution
- Understanding Standard Normal Distribution in detail
- Area of Standard Normal Distribution
- Understanding Standard Normal Distribution
- Def. of Sampling Distribution
- The Advantages Associated With Sampling
- Characteristics of Sampling Distribution
- Functions of Sampling Distribution
- Parameters of Sampling Distribution
- Sampling Methods
- Introduction to Interest
- Simple interest
- Compound interest
- Difference between simple and compound interest
- Simple interest Applications
- Compound interest concepts
- Compound interest Applications
- Examples of simple interest
- Examples of compound interest
- Introduction to Depreciation
- WHY DO ASSETS DEPRECIATE?
- What Can and Cannot Be Depreciated?
- Which asset does not depreciate?
- Features of Depreciation
- Causes of Depreciation
- Types of depreciation
- Straight Line Method vs Written Down Value Method
- How Depreciation is Calculated
- NPV
- What is NPV?
- Advantages of Net present value method
- Limitations of Net present value method
- About Break-Even Analysis
- Formula to Calculate Break-Even Point
- Role of the Concept of Break-Even Analysis in Managerial Decision Making
- Benefits of Break-Even Analysis
- About Business Forecasting
- Elements of Forecasting
- Types of Forecasting: Qualitative - Jury, Delphi method
- Quantitative - Linear Relation Method
- Forecasting Problems
- Meaning of Demand Forecasting
- Objectives of Demand Forecasting
- Methods of Demand Forecasting
- Limitations of Demand Forecasting
- About Fixed Costs and Variable Costs
- About Break-Even Analysis and Involved Calculations
- Margin of Safety
- Role of the Concept of Break-Even Analysis in Managerial Decision Making
- Benefits of Break-Even Analysis
- About Business Forecasting
- Elements of Forecasting
- Types of Forecasting / Qualitative Forecasting
- Quantitative Forecasting
- Forecasting Problems
- Meaning of Demand Forecasting
- Objectives of Demand Forecasting / Methods of Demand Forecasting
- Limitations of Demand Forecasting
- Probabilities Involving Multiple Events
- Probability Notation
- Marginal Probabilities
- Union Probabilities
- Intersectional or Joint Probabilities
- Complement Probabilities
- Conditional Probabilities
- The Rules of Probability
- Odds vs Probability
- Picturing Probability
- Venn Diagrams
- History of Venn Diagrams
- Tree Diagrams
- Misconceptions about Probabilities
Evaluation Pattern
Evaluation Pattern of KLiC Courses consists of 4 Sections as per below table:
Section No. | Section Name | Total Marks | Minimum Passing Marks |
---|---|---|---|
1 | Learning Progression | 25 | 10 |
2 | Internal Assessment | 25 | 10 |
3 | Final Online Examination | 50 | 20 |
Total | 100 | 40 | |
4 | SUPWs (Socially Useful and Productive Work in form of Assignments) | 5 Assignments | 2 Assignments to be Completed & Uploaded |
YCMOU Mark Sheet
Printed Mark Sheet will be issued by YCMOU on successful completion of Section 1, Section 2 and Section 3 and will be delivered to the learner by MKCL.
YCMOU Mark Sheet will be available only for Maharashtra jurisdiction learners
MKCL's KLiC Certificate
The certificate will be provided to the learner who will satisfy the below criteria:
- Learners who have successfully completed above mentioned 3 Sections i.e. Section 1, Section 2 and Section 3
- Additionally, learner should have completed Section 4 (i.e. Section 4 will comprise of SUPWs i.e. Socially Useful and Productive Work in form of Assignments)
- Learner has to complete and upload minimum 2 out of 5 Assignments
Courses Fee Structure from 01 July, 2025 Onwards
KLiC 30 hour course fee applicable from 01 July, 2025 all over Maharashtra
KLiC Course Duration | MFO (Inclusive of GST) |
ALC Share (Service Charges to be collected by ALC) |
---|---|---|
30 hours | Rs. 300/- | Rs. 1,500/- |
* Above mentioned fee is applicable for all Modes of KLiC Courses offered at Authorised Learning Center (ALC) and at Satellite Center
* Total fee is including of Course fees, Examination fees and Certification fees
* MKCL reserves the right to modify the Fee anytime without any prior notice