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DRIVE-
Summer 2014
PROGRAM
BBA-SEMESTER 1
SUBJECT
CODE & NAME-BBA104 QUANTITATIVE TECHNIQUES IN BUSINESS
BK
ID-B1500
CREDITS-2
MARKS-30
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.
Q1.
Statistics plays a vital role in almost every facet of human life. Statistics.
Discuss the functions of Statistics. Explain the importance of statistics in
business and management.
(Meaning
of Statistics, Functions of Statistics, Importance of statistics in business
and management) 2, 3, 5
Answer.
Meaning of Statistics
The statement that
prices in a country are increasing conveys only incomplete information about
the nature of the problem. However, if the figures of prices of various years
are also provided, we are in a better position to understand the nature of the
problem. Additionally, these figures can also be used to
Q2
a.
What do you understand by time series? What are the different types of
variation in time series? Briefly describe each with an example.
b.
Construct a consumer price index for the information given by using Aggregate expenditure
method
(Meaning
of Time series, Different types of variation in time series with examples, Consumer
price index using Aggregate expenditure method) 2, 4, 4
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a) Time Series and different types of variation in time series
Meaning of Time Series
An arrangement of
statistical data in accordance with the time of occurrence or in chronological
order is called a time series. In other words, the observation in numerical
form obtained at regular interval of time
Q3.
What is statistical quality control? Discuss the various control charts.
(Meaning
of Statistical Quality Control, Meaning of Control Charts and types) 2, 8
Answer.
Statistical Quality Control
Statistical quality
control (SQC) is one of the useful and economically important applications of
the theory of sampling in the industrial field that can maintain the quality of
goods in any manufacturing process. Statistical quality control (SQC) is the
term used to describe the set of statistical tools used by quality
professionals. It can be divided into three broad categories:
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