Quantitative Techniques for Business Analysis - NIBM solved assignments

 

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National Institute of Business Management

Chennai - 020

THIRD SEMESTER MBA

Subject : Quantitative Techniques for Business Analysis

 

 

Question 2. What are the advantages and disadvantages of primary and secondary data? Explain.

Answer :  A prerequisite to any statistical enquiry is a clear statement of its purpose and objectives, because this will determine the type of data we require to collect and its sources, which may be primary or secondary. Primary data are statistics collected by the investigators themselves or by businesses within their own organizations, e.g. monthly sales figure stock records, vehicle usage records, market research data, company accounts, etc. Secondary data

 

Question 4. Explain the use of averages in statistics.

Answer: The use of averages in statistics: Any statistical enquiry results in a mass of data. While each piece of information is of interest, its relation to the whole set of data is more important. Thus in examining electric light bulbs to see how long they last, the fact that one of them out of 3000 went ‘pop’ the moment it was put into the lamp holder is interesting, but is it very significant? If the other 2999 each burnt for more than 500 hours it would seem

 

 

Question 5. What is a probability? Explain.

Answer: Probability: Probability is the chance that something is likely to happen or be the case.[1] Probability theory is used extensively in areas such as statistics, mathematics, science and philosophy to draw conclusions about the likelihood of potential events and the underlying mechanics of complex systems. The word probability does not

 

Question 6. Explain the rules of probability.

Answer:  We have already stated the first rule of probability, that the smallest value a probability can have is 0 and the highest probability is 1. For example, it is not possible for rain to fall on more than 100 per cent of the days in the sample space we are considering, nor to fall on less than 0 per cent of the days.

This leads us to the second rule, that if the probability of an event occurring is P (E) the probability that it will not occur is 1 - P (E).

Addition rules

 

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