Quantitative Techniques for Business Analysis

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National Institute of Business Management

Chennai - 020

THIRD SEMESTER MBA

Subject : Quantitative Techniques for Business Analysis

Attend any 4 questions.  Each question carries 25 marks

(Each answer should be of minimum 2 pages / of 300 words)

1.Write a detailed account on Average and Dispersion.

Answer : Average

Definition: Average refers to the sum of numbers divided by n. Also called the mean average.

Sums of data divided by the number of items in the data will give the mean average. The mean average is used quite regularly to determine final math marks over a term or semester. Averages are often used in sports: batting averages which means number of hits to number of times at bat. Gas mileage is determined by using averages.

Also Known As: Central tendency. A measure of the middle value of the data set.

Examples:

If the average temperature this week was 70 degrees, the temperature would have been taken each day over the 7 days. Those temperatures wou

2.Explain the rules of Probability .

Answer :

3.Explain the purpose of graphs and diagrams.

Answer :

4.Is the sample representative of the population? Explain.

Answer : Population sampling is the process of taking a subset of subjects that is representative of the entire population. The sample must have sufficient size to warrant statistical analysis.

Sampling is done usually because it is impossible to test every single individual in the population. It is also done to save time, money and effort while conducting the research.

Still, every researcher must keep in mind that the ideal scenario is to test all the individuals to obtain reliable, valid and accurate results. If testing all the individuals is impossible, that is the only time we rely on sampling techniques.

5.Why is statistics important? Explain.

Answer : If you’re taking a statistics class right now, you might be wondering just when exactly you’re going to use this. Most people who aren’t business majors or math majors often wonder what they need statistics for as it seems to be something only majors similar to those would need. However, statistics plays an important role in a great number of different fields, some of which you might not have expected. Here’s a list of fields that use statistics and why it’s important to each field.

The Role of Statistics in Business

If you’re a business major, you’re fam

6.What are the sources and types of Data?

Answer : Data are organized into two broad categories:

♦ Qualitative Data: Information that is difficult to measure, count or express in numerical terms. An example of qualitative data would be how safe a resident feels in his or her apartment.

♦ Quantitative Data: Information that can be expressed in numerical terms, counted or compared on a scale. An example of quantitative data would be the number of 911 calls received in a month.

Qualitative Research

Qualitative research explores attitudes, behavior and experiences through such methods as interviews or focus groups. It attempts to get an in-depth opinion from participants. As it is attitudes, behavior and experiences that

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