MB0040 – Statistics for Management

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Master of Business Administration- MBA Semester 1

MB0040 – Statistics for Management - 4 Credits

(Book ID: B1623)

Assignment Set - 1 (60 Marks)

Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.

Q1.Discuss the functions and limitations of Statistics with examples.     10 marks(350-400 words)

Answer : Introduction:

In the modern world of computers and information technology, the importance of statistics is very well recognised ball the disciplines. Statistics has originated as a science of statehood and found applications slowly and steadily in Agriculture, Economics, Commerce, Biology, Medicine, Industry, planning, education and so on. As

Q2.Distinguish between:

a. Simple random sampling and Stratified random sampling

Answer : Simple Random Sampling (SRS)

Random sampling is the purest form of probability sampling. Each member of the population has an equal and known chance of being selected. When there are very large populations, it is often difficult or impossible to identify every member of the population, so the pool of available subjects becomes biased.

b. Judgment sampling and Convenience sampling                    5 +5 = 10 marks(200 - 250 words each)

Answer : Judgment sampling is a common no probability method. The researcher selects the sample based on judgment. This is usually an extension of convenience sampling. For example, a researcher may decide to draw the entire sample from one "representative" city, even though the population includes all cities. When using this method, the researcher must be confident that the chosen sample is truly representative of

Q3.The following are the shares prices of shares of two companies X and Y in twelve months. Compute standard deviation and find out the company whose prices are more consistent and which company is more variable.                                                  10 marks

X- Price	112	105	162	171	155	140	121	100	150	155	145	100
Y- Price	90	95	98	90	85	92	105	110	112	114	115	90

Answer :

Q4.a. What is graphical presentation? Is it different from diagrammatic presentation? Prove your arguments with examples.

Answer : Graphics are visual presentations on some surface, such as a wall, canvas, computer screen, paper, or stone to brand, inform, illustrate, or entertain. Examples are photographs, drawings, Line Art, graphs, diagrams, typography, numbers, symbols, geometric designs, maps, engineering drawings, or other images. Graphics often combine text, illustration, and colour. Graphic design may consist of the deliberate selection,

b. Explain the following

I. Histogram,

Answer : In statistics, a histogram is a graphical representation showing a visual impression of the distribution of data. It is an estimate of the probability distribution of a continuous variable and was first introduced by Karl Pearson. Histogram consists of tabular frequencies, shown as adjacent rectangles, erected over discrete intervals (bins), with an area equal to the frequency of the observations in the interval. The height of a rectangle is also equal to the frequency density of the interval, i.e., the

ii Ogives.                                                                                       5 +5 = 10 marks(200 - 250 words each)

Answer : An give is the roundly tapered end of a two-dimensional or three-dimensional object.

In ballistics or aerodynamics, an give is a pointed, curved surface mainly used to form the approximately streamlined nose of a bullet or other projectile.

The traditional or secant give is a surface of revolution of the same curve that forms a Gothic arch; that is, a circular arc, of greater radius than the diameter of the cylindrical section ("shank"), is drawn from the edge of the shank until it intercepts the axis.

If this arc is drawn so that it meets the

Q5.a. Explain the approaches to define probability.

Answer : In some areas, such as mathematics or logic, results of some process can be known with certainty (e.g., 2+3=5). Most real life situations, however, involve variability and uncertainty. For example, it is uncertain whether it will rain tomorrow; the price of a given stock a week from today is uncertain Note_1 ; the number of claims that a car insurance policy holder will make over a one-year period is uncertain. Uncertainty

b. If a product has 2 defects per unit inspected, using Poisson distribution, calculate the probability of finding a product without any defect, with 3 defects and with 4 defects. 

                                                                                                           5 +5 = 10 marks(200 - 250 words each)

Answer : Average

Q6.a. Explain the procedure for Testing Hypothesis.

Answer : How to Test Hypotheses

This lesson describes a general procedure that can be used to test statistical hypotheses.

b. A sample of 400 items is taken from a normal population whose mean as well as variance is 4. If the sample mean is 4.5, can the sample be regarded as a truly random sample?

                                                                                                             5 + 5 = 10 Marks(200 - 250 words each)

Answer : Mean

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