MBA SOLVED ASSIGNMENTS: MB0040- STATISTICS FOR MANAGEMENT

MB0040- STATISTICS FOR MANAGEMENT

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DRIVE	SUMMER 2016
PROGRAM	MBA
SEMESTER	I
SUBJECT CODE & NAME	MB0040- STATISTICS FOR MANAGEMENT
BK ID	B1731
CERDIT	4
MARKS	60

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ASSIGNMENT

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.

QUESTION1. Write Short notes on

a. Inferential Statistics

Answer1a.Inferential statistics use a random sample of data taken from a population to describe and make inferences about the population. Inferential statistics are valuable when it is not convenient or possible to examine each member of an entire population. For example, it is impractical to measure the diameter of each

b. Questionnaire design

Answer1b. No survey can achieve success without a well-designed questionnaire. Unfortunately, questionnaire design has no theoretical base to guide the marketing researcher in developing a flawless questionnaire. All the researcher

c. Statistical survey

Answer1c. Statistical surveys are collections of information about items in a population. Surveys can be grouped into numerical and categorical types. A numerical survey is to get numbers as replies. For example: How many

d. Ogives

Answer1d. In statistics, an ogive is a free-hand graph showing the curve of a cumulative distribution function. The points plotted are the upper class limit and the corresponding cumulative frequency.[4] (which, for the

e. Histogram

Answer1e. A histogram is a graphical representation of the distribution of numerical data. It is an estimate of the probability distribution of acontinuous variable (quantitative variable) and was first introduced by Karl Pearson. To construct a

QUESTION2. a. What do you mean by Probability?

Answer2a. Probability is a branch of mathematics that deals with calculating the likelihood of a given event's occurrence, which is expressed as a number between 1 and 0. An event with a probability of 1 can be considered a certainty: for example, the probability of a coin toss resulting in either "heads" or "tails" is 1, because there are

b.A bag contains 5 white, 6 red, 2 green and 2 black balls. One ball is selected at random from the bag. Find the probability that the selected ball is-

i. white

ii. non-white

iii. white or green

iv. black or red

Answer2b.

(i)Total No. of Balls = (5+

Probability of white ball = P(E) = n(E)/n(S) = 5/15 = 1/3

(ii)Total No. of Balls =

Probability of Non-white ball = P(E) = n(E)/n(S) = 10/15 = 2/3

(iii)Probability of white

Probability of white or green balls = 1/3 + 2/15 = 7/15

(iv)Total no. black

Probability of black or red balls = 2/15+6/15 = 8/15 .

QUESTION3. What Do you mean by Sampling? Describe various Probability and Non- Probability Sampling Methods.

Answer3.

Sampling - In statistics, quality assurance, and survey methodology, sampling is concerned with the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population. Each observation measures one or more properties (such as weight, location, color) of observable bodies distinguished as

QUESTION4. Write short notes on

a. Type I and Type II error

Answer4a. When you do a hypothesis test, two types of errors are possible: type I and type II. The risks of these two errors are inversely related and determined by the level of significance and the power for the test. Therefore, you should determine which error has more severe consequences for your situation before you

b. Level of Significance

Answer4b. In hypothesis testing, the significance level is the criterion used for rejecting the null hypothesis. The significance level is used in hypothesis testing as follows: First, the difference between the results of the experiment and the null hypothesis is determined. Then, assuming the null hypothesis is true, the probability of a difference that large or larger is computed . Finally, this probability is compared to the

c. Null Hypothesis

Answer4c. In inferential statistics, the term "null hypothesis" usually refers to a general statement or default position that there is no relationship between two measured phenomena, or no association among groups. Rejecting or disproving the null hypothesis—and thus concluding that there are grounds for believing that there is a relationship between two phenomena (e.g. that a potential treatment has a measurable effect)—is a central task in the modern practice of science, and gives a precise criterion for rejecting a

d. Two–tailed Tests and One–tailed Tests

Answer4d. In statistical significance testing, a one-tailed test and a two-tailed test are alternative ways of computing the statistical significance of aparameter inferred from a data set, in terms of a test statistic. A two-tailed test is used if deviations of the estimated parameter in either direction from some benchmark value are considered theoretically possible; in contrast, a one-tailed test is used if only deviations in one direction are

e. Test Statistics

Answer4e. A test statistic is a standardized value that is calculated from sample data during a hypothesis test. You can use test statistics to determine whether to reject the null hypothesis. The test statistic compares your data with what is expected under the null hypothesis. The test statistic is used to calculate the p-value.

QUESTION5. a. Explain The concept of One Way ANOVA

Answer5a. The one-way ANOVA compares the means between the groups you are interested in and determines whether any of those means are statistically significantly different from each other. Specifically, it tests the null hypothesis:

One-way ANOVA Null Hypothesis

b. Table given below depicts the data on production rate by five workmen on four machines. Test whether the rate is significantly different due to workers and machines

Answer5b.

Descriptives ( with 95 % Confidence Interval for Mean)

QUESTION6. a. Explain the meaning of Weighted Index Numbers.

Answer6a. When all commodities are not of equal importance. We assign weight to each commodity relative to its importance and index number computed from these weights is called weighted index numbers.

b. Information of sales price per unit of different commodities for two different years is given in following table-