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Summer-2013
Master of
Business Administration- MBA Semester 1
MB0040–Statistics
for Management-4 Credits
(Book ID:
B1731)
Assignment
(60 Marks)
Note: Answer
all questions (with 300 to 400 words each) must be written within 6-8 pages.
Each Question carries 10 marks 6 X 10=60
Q1. Statistics plays a vital role in
almost every facet of human life. Describe the functions of Statistics. Explain
the applications of statistics.
Answer. Statistics is the study of the collection,
organization, analysis, interpretation and presentation of data. It deals with
all aspects of data, including the planning of data collection in terms of the
design of surveys and experiments. Statisticians
improve data quality by developing specific experiment designs and survey
samples. Statistics itself also provides tools for prediction and forecasting
the use of data and statistical models.
Q2. A. Explain the various measures
of Dispersion.
B. Obtain the values of the median
and the two Quartiles.
391
|
384
|
591
|
407
|
672
|
522
|
777
|
733
|
2488
|
1490
|
Answer. A. The following are the various measures of dispersion:
(a) Range
(b) Interquartile Range and Quartile Deviation (c) Mean Deviation (d) Standard
Deviation and Variance (e) Coefficient of variation. While measures (a), (b),
(c) and (d) are called absolute
measures, measure (e) is called a
relative measure of dispersion. An absolute
B. Arranging in order:
384
|
391
|
407
|
522
|
591
|
672
|
733
|
777
|
1490
|
2488
|
Q3. A. What is correlation?
Distinguish between positive and negative correlation.
B. Calculate coefficient of
correlation from the following data.
X
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
Y
|
9
|
8
|
10
|
12
|
11
|
13
|
14
|
16
|
15
|
Answer. A. Correlation:
Degree and
type of relationship between any two or more quantities (variables) in which
they vary together over a period; for example, variation in the level of
expenditure or savings with variation in the level of income. A positive correlation exists where the
high values of one variable are associated with the high values of the other
variable(s). A 'negative correlation'
Q4. Index number acts as a barometer
for measuring the value of money. What are the characteristics of an index
number? State its utility.
Answer. Index number:
A number
indicating change in magnitude, as of price, wage, employment, or production
shifts, relative to the magnitude at a specified point usually taken as 100.
A statistic indicating the
relative change occurring in each successive period of time in the price,
volume, or value of a commodity or in a general economic variable, such as the
price level, national income, or gross output, with reference to a previous
base period conventionally given the number 100.
Q5. Business forecasting acquires an
important place in every field of the economy. Explain the objectives and
theories of Business forecasting.
Answer. Business forecasting provides a guide to long-term
strategic planning and helps to inform decisions about scheduling of
production, personnel and distribution. These are common statistical tasks in
business that are often done poorly and frequently confused with planning and
setting of goals. This unique
programme is designed to provide a balanced mix of theory and practice with the
aim of equipping participants to become operational forecasters, capable of
designing, implementing and evaluating their own forecasting projects. The
theories discussed will be cemented by hands-on sessions in the computer
laboratory using industry-
Q6. The weekly wages of 1000 workers
are normally distributed around a mean of Rs. 70 and a standard deviation of
Rs. 5. Estimate the number of workers whose weekly wages will be:
A. Between 70 and 72
B. Between 69 and 72
C. More than 75
D. Less than 63
Answer. A. Let x be a random variable.
Given µ = 70,
σ = 5
Let Z =
(x-µ)/σ, When x = 70, Z = (70-70)/5 = 0
D. x = 63
Z = (x-x1)/σ
= (63-75)/12 = -12/5 = -2.4
P (x<63
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