MBA103 - Statistics for Management

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Master of Business Administration - MBA Semester 1

MBA103 - Statistics for Management

Set - 1

Q1. Explain the concept of inferential statistics and how it is different from Descriptive statistics

· Inferential statistics

· Difference between Inferential statistics Descriptive statistics 5+5=10

Answer. Inferential statistics

Inferential Statistics is used to make valid inferences from the data for effective decision making among managers or professionals. Statistical methods such as estimation, prediction and hypothesis testing come under inferential statistics. The researchers make deductions or conclusions, regarding some

Q2. Find out mean and median of following data.

Class Interval	5-10	10-15	15-20	20-25	25-30	30-35	35-40	40-45	45-50
Frequency	5	4	12	14	19	17	21	8	16

Calculation of Mode 10

Answer.

Q3. List out various Characteristics of Business Forecasting. Also, elaborate the forecasting process.

· Characteristics of Business Forecasting

· Forecasting process 5+5=10

Answer. Characteristics of Business Forecasting

1. Based on past and present conditions

Business forecasting is based on past and present economic condition of the business. To forecast the future, various data, information and facts concerning to economic condition of business for past and present

Set - 2

Q1. Elaborate the concept of Range. Salary distribution of any manufacturing unit is given below:

Income in 1000	5-10	10-15	15-20	20-25	25-30
No. Of Employees	4	3	7	9	4

Calculate the mean salary and standard deviation.

·         Concept of Range.

·         Calculation of Mean salary

·         Calculation of Standard deviation. 2+4+4=10

Answer. Concept of Range:-

‘Range’ represents the differences between the values of the extremes.  The range of any sample is the difference between the highest and the lowest values in the series.

Q2. Briefly explain the Regression analysis. How it is different from Correlation?

·         Regression analysis

·         Difference between Regression & Correlation analysis 5+5=10

Answer. According to M. M. Blair, Regression is defined as, “the measure of the average relationship between two or more variables in terms of the original units of the data”.

Q3. Write a short note on following

i. Long term trend or secular trend

ii. Seasonal variations

iii. Cyclic variations

iv. Random variations

Answer. i) Long term trend or secular trend

This refers to the smooth or regular long term growth or decline of the series. This movement can

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