Master of Business Administration- MBA Semester 1 MB0040 – Statistics for Management - 4 Credits (Book ID: B1731) Assignment – 60 marks 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. Describe the functions of Statistics. Explain the applications of statistics. (Meaning – 2 marks, Functions – 3 marks, Applications - 5 marks) Answer: :- Statistics- Statistics is the study of how to collect, organizes, analyze, and interpret numerical information from data. Descriptive statistics involves methods of organizing, picturing and summarizing information from data. Inferential statistics involves methods of using information from a sample to draw conclusions about the population. Statistical concept and statistical thinking enable them to:- Solve problems in almost any domain, Support their decisions, Reduce guesswork. Functions of Statistics Statistics is used for various purposes. It’s used to simplify mass data and to make comparisons easier. It’s also used to bring out trends and tendencies in the data as well as the hidden relations between variables. Let us look at each function of statistics in detail. Statistics simplifies mass data- the use of statistical concepts helps in simplification of complex data. Using statistical concept, the manager can make decisions more easily. The statistical methods help in reducing the complexity of the data and consequently in the understanding of any huge mass of data. Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail Q2.a. Explain the various measures of Dispersion. (Explanation – 5 marks) Answer. There are following measures of dispersion: Range • Defined as the difference between the largest and smallest sample values. • One of the simplest measures of variability to calculate. • Depends only on extreme values and provides no information about how the remaining data is distributed. • Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 • call us on 08273413412, or mail us computeroperator4@gmail b. Obtain the values of the median and the two Quartiles. 391 384 591 407 672 522 777 733 2488 1490 (Formulas – 2 marks, Calculation/Solution- 3 marks) Answer. Solution: The given values are arranged in increasing order of magnitude and ranked in the table below: Here n=10 , therefore , Rank of median=1/2(10+1)=55 Rank of q1= ¼(10+1)=2.75 Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail Q3.a. What is correlation? Distinguish between positive and negative correlation. (Meaning – 2 marks, Differences – 3 marks) Answer. Meaning Correlation is a measure of the statistical relationship between two comparable time series. For investors, these series may be two commodities, two stocks, a stock and an index or even a stock and a commodity. The relationship, which can be causal, complementary, parallel or reciprocal, is stated as the correlation coefficient and always reflects the simultaneous change in value of the pairs of numerical values over time. View the correlation coefficient, which lies between the range of -1.00 to +1.00, as a positive or negative probability that the members of a market pair relate to each other. A negative reading suggests that one member of the pair consistently moves up while the other moves down. Conversely a positive reading suggests there is a tendency for the pair of markets move together in the same direction. A correlation coefficient very close to 0.00 means the two markets have no correlation, indicating that their statistical relationship is completely random. Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail Q4.Index number acts as a barometer for measuring the value of money. What are the characteristics of an index number? State its utility.(Meaning – 2 marks, Utility – 2 marks, Characteristics – 6 marks) Answer meaning : Index numbers are meant to study the change in the effects of such factors which cannot be measured directly. According to Bowley, “Index numbers are used to measure the changes in some quantity which we cannot observe directly”. For example, changes in business activity in a country are not capable of direct measurement but it is possible to study relative changes in business activity by studying the variations in the values of some such factors which affect business activity, and which are capable of direct measurement. Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail Q5.Business forecasting acquires an important place in every field of the economy. Explain the objectives and theories of Business forecasting. (Meaning – 2 marks, Objectives – 3 marks, Theories – 5 marks) Answer: Meaning: Business forecasting provides a guide to long-term strategic planning and helps to inform decisions about scheduling of production, personnel and distribution. These are common statistical tasks in business that are often done poorly and frequently confused with planning and setting of goals. The Programme in Business Forecasting of USB-ED introduces participants to forecasting techniques and provides a practical understanding of the main forecasting tools used by economists, and business, marketing and financial analysts. This unique programme is designed to provide a balanced mix of theory and practice with the aim of equipping participants to become operational forecasters, capable of designing, implementing and evaluating their own forecasting projects. The theories discussed will be cemented by hands-on sessions in the computer laboratory using industry-standard forecasting software packages. Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail Q6.The weekly wages of 1000 workers are normally distributed around a mean of Rs. 70 and a standard deviation of Rs. 5. Estimate the number of workers whose weekly wages will be: a. Between 70 and 72 b. Between 69 and 72 c. more than 75 d. less than 63 (Formula – 2 marks, Calculation/Solution/Interpretation-8 marks) Solution. a) Let X be a random variable following normal distribution, Given µ=70 and σ =5. Let Z=(X- µ)/ σ be the standard normal variable When X=70, Z= (70-70)/5=0 Fully solved only rs 500/sem or rs 100/question paper , smu solved assignment available for mba ( I,IInd, IIIrd ,IVth sem) summer 2013 call us on 08273413412, or mail us computeroperator4@gmail
Posted on: Tue, 16 Jul 2013 06:06:54 +0000