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DRIVE
SUMMER 2016
PROGRAM
MBA
SEMESTER
I
SUBJECT CODE & NAME
MB 0040- Statistics for
Management
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
b. Questionnaire design
c. Statistical survey
d. Ogives
e. Histogram
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 no
other options, assuming the coin lands flat. An
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
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)
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
b. Level of Significance
c. Null Hypothesis
d. Two–tailed Tests and One–tailed Tests
e. Test Statistics
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.
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.
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
b. Information of
sales price per unit of different commodities for two different years is given
in following table-
Construct the Price Index taking 2010 as the base year and
2016 as the current year by following methods.
i. Laspeyre’s Price Index
ii. Paasche’s Method
iii. Dorbish and Bowley’s method
iv. Fisher’s Ideal Index Method
Answer6b.
The
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