Course: Business Statistics

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NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Business Statistics

Internal Assignment Applicable for December 2016 Examination

Assignment Marks: 30

Instructions:

·       All Questions carry equal marks.

·       All Questions are compulsory

·       All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as possible.

·       All answers to be written individually. Discussion and group work is not advisable.

·       Students are free to refer to any books/reference material/website/internet for attempting their assignments, but are not allowed to copy the matter as it is from the source of reference.

·       Students should write the assignment in their own words. Copying of assignments from other students is not allowed.

·       Formula can be written using various methods such as - brackets/parenthesis, subscript/superscript, insert-equation / insert-object-Microsoft Equation 3.0 (features in Ms-Word). Some formula can be rewritten in simple form such as C(5,2) in combination.

Question. 1. You want to do a survey of student opinion in a district regarding outdoor sports. What will be your sampling plan? How will you ensure randomness? (10 Marks)

Answer: Survey is not the easiest way of gathering information but this is the most efficient way. The survey can allow you to get exact data from huge area. You will gather data as per your requirement with the help of survey but the survey could be really very lengthy if you will not take care of right methodology.

There are many kinds of survey available for you to try but in this case, you have to survey the student’s opinion in a district regarding outdoor sports. This is the matter where sampling plan will be suitable but which sampling plan will you choose

Question. 2. The “Lena Bank” sells a form of life insurance called “Lena life insurance (LLI)”. The approval process for the life insurance consists of underwriting, which includes a review of application, a medical information bureau check, possible request for additional medical information and medical exams, and a policy completion stage during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policy to customers in timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 27 approved policies was selected, and the following processing times in days were recorded

72		19		16	61		28	28			31	70		60			56		31	56			22	17
18	45		48		17	17			17	71			52		63	50		51			69	16

Compute the mean, median, mode, first quartile and third quartile. Also, compute the range, Inter-quartile range, Variance, Mean Deviation and Coefficient of variation. Based on your findings, what would you tell a customer who enters the bank to purchase this type of insurance policy and asks you how long the approval process takes? (10 marks)

Answer:

Mean:

Equation

Question. 3. a) What is the measure of central tendency if data has extreme values? Give example. (5 marks)

Answer: The central tendency calculation is not exactly a matter of short term calculation but this can be more effective and convenient if you understand the importance and use of central tendency measures. There are three kinds of central tendency measures which include Mode, Median and Mean. They all are useful but in their own manner. They all have different parts to play in the calculative equation.

When there is a matter of extreme value measurement or outlier data measurement then Median will be the best choice since this is the

b) Two cards were drawn, without replacement, from a pack of 52 cards. What is the probability that they are both Kings or both Queens? (5 marks)

Answer: King or Queen Probability is =  

So,

 = X

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