MBA103 - Statistics for Management

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Master of Business Administration - MBA Semester 1

MBA103 - Statistics for Management

SET-I

Q1. According to the definition of Statistics given by Croxton and Cowden, what are the four components of Statistics?

1st Component   2.5

2nd Component 2.5

3rd Component 2.5

4th Component 2.

Answer. 1st Component (Collection of data)

Careful planning is required while collecting data. Two methods used for collecting data are census method and sampling method. The investigator has to take care while selecting an appropriate collection method. In the census method, every unit or object of the population is

Q2. What do you mean by Statistical Averages? List various requisites of a Good Average.

A Statistical Averages.

Requisites of a Good Average.

Answer.  The statistical average or simply an average refers to the measure of middle value of the data set. The objectives

Q3. Explain the concept of combined mean.

Find the mean for the entire group of workers from the following data:

	Group 1	Group 2
Mean Wages	150	200
No. of workers	500	450

Combined Mean   4

Mean of Entire group   6

Answer.

SET-II

Q1. Write short notes on :

a. Standard Deviation   2

b. Addition rule of probability    2

c. Sampling and Non Sampling errors in statistics   4

d. Advantages of Business forecasting   2

Answer. Standard Deviation

Standard deviation is the root of sum of the squares of deviations divided by their numbers. It is also called mean square error deviation (or) root mean square deviation. It is a second moment of dispersion.

Q2. Marks obtained by 50 students are given below.

Marks	10-20	20-30	30-40	40-50	50-60	60-70	70-80
No. of students	2	8	6	14	3	10	7

Find Median   5

Mode

Answer.

Q3.  Sales for last 7 years of ABC ltd is given in following table:

Year	2011	2012	2013	2014	2015	2016	2017
Sales (in 1000 Rs. )	120	130	135	125	140	160	165

Based on above data forecast the Sales for year 2018 & 2019.

Fitting of straight line    6

Sales for year 2018    2

Sales for year 2019    2

Answer.

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