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MB0040 STATISTICS FOR MANAGEMENT
Q1 Distinguish between Classification and Tabulation. Explain the structure and components of a Table with an example. Answer: Meaning of Classification and Tabulation Classification
According to Secrist, “Classification is the process of arranging data into sequences and
groups according to their common characteristics or separating them into different but
related parts”. According to Stockton and Clark, “The process of grouping large number of
individual facts and observations, on the basis of similarity among the items is called
Q2 a) Describe the characteristics of Normal probability distribution. b) In a sample of 120 workers in a factory, the mean and standard deviation of wages were Rs. 11.35 and Rs.3.03 respectively. Find the percentage of workers getting wages between Rs.9 and Rs.17 in the whole factory assuming that the wages are normally distributed. Answer: Q3 a) The procedure of testing hypothesis requires a researcher to adopt several steps. Describe in brief all such steps. b) Distinguish between: i. Stratified random sampling and Systematic sampling ii. Judgment sampling and Convenience sampling Answer. Steps for procedure of testing hypothesis
Five Steps in Hypothesis Testing: 1. Specify the Null Hypothesis 2. Specify the Alternative Hypothesis 3. Set the Significance Level (a) 4. Calculate the Test Statistic and Corresponding P-Value 5. Drawing a Conclusion
Q4 a) What is regression analysis? How does it differ from correlation analysis?
b) Calculate Karl Pearson’s coefficient of correlation between X series and Y series.