BBA104–Quantitative Techniques in Business

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Assignment

DRIVE	SPRING 2014
PROGRAMME	BBA
SUB CODE AND NAME	BBA104–Quantitative Techniques in Business
SEM	1
BOOK ID	B1500
CREDITS	2
MARKS	30

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1.  Give a brief description of the different measures of central tendency. What are the advantages and disadvantages of the three common averages: Mean, Median and Mode?

Answer : A measure of central tendency is a measure that tells us where the middle of a bunch of data lies.

The three most common measures of central tendency are the mean, the median, and the mode.

Mean: Mean is the most common measure of central tendency. It is simply the sum of the numbers divided by the number of

2. Explain the following:

a. Control charts for variables

Answer : Variables control charts are used to evaluate variation in a process where the measurement is a variable--i.e. the variable can be measured on a continuous scale (e.g. height, weight, length, concentration). There are two main types of variables control charts.  One (e.g. x-bar chart, Delta chart) evaluates variation between samples. Non-random patterns (signals) in the data on these charts would indicate a possible

when it is appropriate to make an adjustment and when it is better to leave the process alone.

b. Control charts for attributes

Answer : Attributes control charts plot count data, such as the number of defects or defective units against the sample number.

NP and P Chart

The NP and P Charts are control charts for defectives. NP chart tracks the number of defectives and P charts tracks the proportion of defectives (

c. Acceptance sampling

Answer : Acceptance sampling is a procedure used for sentencing incoming batches. The most widely used plans are given by the Military Standard tables, which were developed during World War II.

Types of acceptance sampling plans

Sampling plans can be categorized across several dimensions:

·         Sampling by attributes vs. sampling by variables: When the item inspection leads to a binary result (either the item is conforming or nonconforming) or the number of nonconformities in an item are counted, then we

3.  What is consumer price index number? Explain the methods of constructing consumer price index with an example for each.

Answer : A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. The CPI in the United States is defined by the Bureau of Labor Statistics as "a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services."[1]

The CPI is a statistical estimate constructed

Dear students get fully solved  SMU BBA Spring 2014 assignments

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