BBA104–Quantitative Techniques in Business

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Assignment

DRIVE	FALL 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.

Q1. Statistics plays a vital role in almost every facet of human life. Define statistics. Discuss the functions of Statistics. Explain the importance of statistics in business and management.

Answer. Statistics :

A type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. Statistics is a general term used to summarize a process that an analyst, mathematician or statistician can use to characterize a data set. If the data set is based on a sample of a larger population, then the analyst can extend inferences onto the population based on the statistical results from the sample. Some statistical

Q2. a. Differentiate between primary and secondary data.

Answer: Difference between primary and secondary data  :

Primary Data

1. Primary data are always original as it is collected by the investigator.

2. Suitability of the primary data will be positive because it has been systematically collected.

3. Primary data are expensive and time consuming.

4. Extra precautions are not required.

b. Explain the concept of correlation and regression.

Answer: Regression analysis involves identifying the relationship between a dependent variable and one or more independent variables. A model of the relationship is hypothesized, and estimates of the parameter values are used to develop an estimated regression equation. Various tests are then employed to determine if the model is satisfactory. If the model is deemed satisfactory, the estimated regression equation can be used to predict the value of the dependent variable given values for the independent variables.

Q3. Describe the meaning of Index numbers. Explain the different methods of construction of index numbers.

Answer: When displaying time series data, it often make sense to use index numbers.

Index numbers are a simple way of making it easier to compare numbers over a period of time. Index numbers measure relative changes in the price of a sum of representative data.

An index number is a statistical derives to measure changes in the value of money. It is a number which represents the average price of a group

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