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Winter-2014
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. Definition of Statistics
“Statistics
is a science which deals with the method of collecting, classifying,
presenting, comparing and interpreting the numerical data to throw light on
enquiry”.
According to
Horace Secrist, “Statistics may be defined, as the aggregate of facts affected
to a marked extent by multiplicity of causes, numerically expressed, enumerated
or estimated according to a
Q2. a) Explain the approaches to
define probability.
b) State the addition and
multiplication rules of probability giving an example of each case.
Answer: (a) Approaches to define
probability
There are
four approaches to define probability. They are as follows:
1) Classical / mathematical / priori
approach
Under this
approach the probability of an event is known before conducting the experiment.
In this case, each of possible outcomes is associated with equal probability of
occurrence and number of outcomes favourable to
Q3.a) The procedure of testing
hypothesis requires a researcher to adopt several steps. Describe in brief all
such steps.
b) Explain the components of time
series.
Answer. a). Hypothesis testing
procedure
Having
calculated appropriate z-statistic or t-statistic, to reject or accept the null
hypothesis, it is necessary to identify the rejection region with reference to
the given level of significance. If the calculated statistic is in the
rejection region, we accept the alternative hypothesis against the null hypothesis
at that level of significance. Otherwise, we accept null hypothesis at given
level of significance. Table depicts the rejection region, normally denoted by
‘R’.
Q4. a. What is a Chi-square test?
Point out its applications. Under what conditions is this test applicable?
(Meaning of Chi-square test, Applications, Conditions)
b) Discuss the types of measurement
scales with examples.
Answer: a). Chi-square test
The data
used in calculating a chi square statistic must be random, raw, mutually
exclusive, drawn from independent variables and be drawn from a large enough
sample. For example, the results of tossing a coin 100 times would meet these
criteria.
Application of Chi-square
Q5. Business forecasting acquires an
important place in every field of the economy. Explain the objectives and
theories of Business forecasting.
Answer: Business Forecasting
Business
forecasting refers to the analysis of past and present economic conditions with
the object of drawing inferences about probable future business conditions. The
process of making definite estimates of future course of
Q6. a). What is analysis of variance?
What are the assumptions of the technique?
b). Three samples below have been
obtained from normal populations with equal variances. Test the hypothesis at
5% level that the population means are equal.
Answer: (a) Analysis of variance
Analysis of Variance (ANOVA) is useful in such situations as
comparing the mileage achieved by five different brands of gasoline, testing
which of four different training methods produce the fastest learning record,
or comparing the first-year earnings of the graduates of half a dozen
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