MB0040–Statistics for Management

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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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