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MB0040 – Statistics for Management

# MB0040 – Statistics for Management

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05/14/2014

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Statistics for Management - 4 Credits(Book ID: B1731)Assignment Set - 1 (60 Marks)Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.Q1.a. Explain the characteristics of Statistics.
Answer : Statistics is the study of the collection, organization, analysis, interpretation andpresentation of data. It deals with all aspects of this, including the planning of data collection interms of the design of surveys and experiments.

Characteristics of Statistics

Aggregate of Facts
Statistics does not refer to a single
b. What are the components of Statistics? Give a brief description of each of the components.5 +5= 10 marks(200 - 250 words each)
The Four Components of Statistics and Probability:
• Gathering

• Displaying

Interpretation

• Inference
Gathering data, whether in or out of a classroom, occurs on a daily basis. We are always observingand processing information as we go about the
Q2.Explain the objectives of Statistical Average. What are the requisites of a good average? 10marks(350-400 words)
Objectives of Averages
Averages occupy a prime place in the theory of statistical methods. That is why Bowley remarked,"Statistics is a science of averages." The following are the m ' objectives of an average:
1. Facilitates Comparison:

Q3.a. Mention the Characteristics of Chi-square test.

Characteristics
Further properties of the chi-squared distribution can be found in the box at the upper right cornerof this article.
Probability density function

b. Two research workers classified some people in income groups on the basis of sampling studies.Their results are as follow:Investigators Income groups TotalPoor Middle RichA 160 30 10 200B 140 120 40 300C 300 150 50 500Show that the sampling technique of atleast one research worker is defective.10 marks(350-400 words)
Answer : Let us take the hypothesis that the sampling techniques adopted by research workers aresimilar(i.e there is not difference between the techniques adopted by research workers).This beingso, the expectations of A
Q4.What do you mean by cost of living index? Discuss the methods of construction of cost of livingindex with an example for each.10 marks(350-400 words)
Answer : The cost-of-living index, or general index, shows the difference in living costs betweencities. The cost of living in the base city is always expressed as 100. The cost of living in thedestination is then indexed
Q5.Define trend. Enumerate the methods of determining trend in time series10 marks(350-400 words)
Answer : Trend estimation is a statistical technique to aid interpretation of data. When a series of measurements of a process are treated as a time series, trend estimation can be used to make and justify statements about tendencies in the data, by relating the measurements to the times at whichthey occurred. By using trend
Q6.The following data represent the number of units of production per day turned out by 5different workmen using different types of machines.10 marks