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DRIVE
Spring
2017
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, because there are no other options, assuming the coin
lands flat. An event with a probability of .
Q2. b
Tickets are numbered from 1 to 100. They
are well shuffled and a ticket is drawn at random. What is the probability that
the drawn ticket has
i. A number which is a square
ii. Number greater than 60
Answer:
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
Set 2
QUESTION
1. 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 ar
b. Level
of Significance
Answer4b.
In
hypothesis testing, the significance level is the criterion used for rejecting
the null hypothesis. The significance level is
c. Null
Hypothesis
Answer4c.
In
inferential statistics, the term "null hypothesis" usually refers to
a general statement or default position that
guilty (null is rejected) beyond
a reasonable doubt (to a statistically significant degree).
d.
Two–tailed Tests and One–tailed Tests
Answer4d.
In statistical
e. Test
Statistics
Answer4e.
A
test statistic is a standardized value that is calculated from sample data
during a hypothesis test. You
QUESTION2.
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
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.
QUESTION3.
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-
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