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DRIVE
SUMMER
2016
PROGRAM
MBA
SEMESTER
I
SUBJECT
CODE & NAME
MB0040-
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.
Q1. Give the meaning of
the word Statistics. Mention the characteristics of Statistics.
Meaning of Statistics
Characteristics of
Statistics
Answer:
Statistics plays an important role in almost every
facet of human life. In business context, managers are required to justify
decisions on the basis of data. They need statistical models to support these
decisions. Statistical skills enable managers to collect, analyse and interpret
data in order
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
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+6+2+2) = 15
Probability
of white ball = P(E) = n(E)/n(S) = 5/15 = 1/3
(ii
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 for
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
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 index
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 computation table is as
follows for getting the required price indexes –
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