MB0040 STATISTICS FOR MANAGEMENT

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DRIVE	SUMMER 2015
PROGRAM	MBA
SEMESTER	1
SUBJECT CODE & NAME	MB0040 STATISTICS FOR MANAGEMENT
BK ID	B1731
CREDIT & MARKS	4 Credits, 60 marks
Name	XXXXX

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ASSIGNMENT

Q1 Distinguish between Classification and Tabulation. Explain the structure and components of a Table with an example.

·         Meaning of Classification and Tabulation

·         Differences between Classification and Tabulation

·         Structure and Components of a Table with an example

Answer.

Meaning of Classification and Tabulation

Classification

According to Secrist, “Classification is the process of arranging data into sequences and groups according to their common characteristics or separating them into different but related parts”. According to Stockton and Clark, “The process of grouping large number of individual facts and observations, on the basis of similarity

Q2. (a) Explain Arithmetic mean. 3

(b) The mean wage is Rs. 75 per day, SD wage is Rs. 5 per day for a group of 1000 workers and the same is Rs. 60 and Rs. 4.5 for the other group of 1500 workers. Find the mean and standard deviation for the entire group. 7

Answer:

(a) Arithmetic mean:  Arithmetic mean is defined as the sum of all values divided by number of values and is represented by X . Arithmetic mean is also called ‘average’. It is most commonly used measures of central tendency. Arithmetic Mean of a series is the value obtained by adding all the observations of a series and

Q3. Mr. Arun and Mr. Bhandari play a game. If Mr. Arun picks up an even number from 1 to 6, Mr. Bhandari will pay him double the amount equal to picked up number. If Mr. Arun picks up an odd number then he has to pay amount equal to double the picked up number. What is Mr. Arun’s expectation? 10

Solution: Let Xi be the random variable and P(Xi) be its probability. The probabilities are indicated in table.

 Required Values for Calculating Mean and Variance for the Data

NO.	(Xi)	P(Xi)	Xi P(Xi)
1	-2	1/6	- 2/6
2	4	1/6	4/6

Q4. The probability that an employee will get an occupational disease is 20%. In a firm having five employees, what is the probability that:

i) None of the employees get the disease 4

ii) Exactly two will get the disease 3

iii) More than four will contract the disease 3

Answer: Solution

Given that:

p 20/100

0.2

Q5. Microsoft estimated that out of 10,000 potential software buyers, 35% wait to purchase the new OS Windows Vista, until an upgrade has been released. After an advertising campaign to reassure the public was released, Microsoft surveyed 3000 buyers and found 950 who are still skeptical. At 5% level of significance, can the company conclude that the population of skeptical people had decreased? 10

Answer: Solution:

The procedure is explained in the following steps:

1. Null hypothesis Ho: p = .35

Q6. Explain Chi-square test and the conditions for applying chi-square test. (Meaning, Conditions) 5, 5

Answer: Chi-Square test: The Chi-square test is one of the most commonly used non-parametric tests in statistical work. The Greek Letter 2 is used to denote this test. 2 describe the magnitude of discrepancy between the observed and the expected frequencies. The value of 2 is calculated as:

Where, O1, O2, O3….On are the observed frequencies and E1, E2, E3…En are the corresponding expected or theoretical frequencies.

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