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DRIVE- SPRING 2014
PROGRAM- BBA
SEMESTER- 1
SUBJECT CODE &
NAME- BBA104
QUANTITATIVE
TECHNIQUES IN BUSINESS
Q1. Give a brief
description of the different measures of central tendency. What are the
advantages and disadvantages of the three common averages: Mean, Median and
Mode?
[(Meaning of
measures of central tendency, Description of different measures of central
tendency, Advantages and disadvantages (Mean, Median and Mode)] 2, 4, 4
Answer:
Measure of Central Tendency
The most important objective of
statistical analysis is to determine a single value for the entire mass of data,
which describes the overall level of the group of observations. It is a single
figure and describes the entire series of observations with their varying
sizes. A single number describing some features of a frequency distribution is
called descriptive statistics. There are various ways in which
Q2 Explain the
following:
a. Control charts
for variables
b. Control charts
for attributes
c. Acceptance
sampling (4, 4, 2)
Answer:
Control charts for variables
Control charts for variables
monitor characteristics that can be measured and have a continuous scale, such
as length, diameter, height, weight, volume, or width. When an item is
inspected, the variable
Q3. What is
consumer price index number? Explain the methods of constructing consumer price
index with an example for each. [(Explanation of consumer price index number,
Two methods of constructing consumer price index (Explanation and Example)] 2,
8
Answer:
Consumer Price Index Number
Consumer Price Index Number is an
index number of the cost met by a specified class of consumers in buying a "basket
of goods and services". The “baskets of goods and services" "mean
goods and services needed in day to day life of the specified class of
consumers. The pattern of consumption of goods is different in different
classes which differ due to their income variation. And so, the general index
numbers fail to indicate the changes in cost with regard to various classes of
consumers. The class of consumers means group of consumers having almost
identical pattern of consumption.
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