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Statistics for Mgmt MB0040

Statistics for Mgmt MB0040

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Published by: bindumurthy on Jun 09, 2010
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01/24/2013

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MBA SEMESTER 1
MB0040 – STATISTICS FOR MANAGEMENT
 
Assignment Set- 1
Q1. Elucidate the functions of statistics.Answer)
Functions or Uses of Statistics
(1) Statistics helps in providing a better understanding and exact description of aphenomenon of nature.(2) Statistical helps in proper and efficient planning of a statistical inquiry in anyfield of study.(3) Statistical helps in collecting an appropriate quantitative data.(4) Statistics helps in presenting complex data in a suitable tabular, diagrammaticand graphic form for an easy and clear comprehension of the data.(5) Statistics helps in understanding the nature and pattern of variability of aphenomenon through quantitative obersevations.(6) Statistics helps in drawing valid inference, along with a measure of their reliability about the population parameters from the sample data.
 ___________________________________________________________________ 
Q2. What are the methods of statistical survey? Explain briefly.
Answer)
Statistical surveys are used to collect quantitative information about items in apopulation. Surveys of human populations and institutions are common inpolitical polling and government, health, social science and marketing research.A survey may focus on opinions or factual information depending on its purpose,and many surveys involve administering questions to individuals. When thequestions are administered by a researcher, the survey is called a structuredinterview or a researcher-administered survey. When the questions areadministered by the respondent, the survey is referred to as a questionnaire or a
 
self-administered survey. Methods used to increase response ratesbrevity - single page if possiblefinancial incentivespaid in advancepaid at completionnon-monetary incentivescommodity giveaways (pens, notepads)entry into a lottery, draw or contestdiscount couponspromise of contribution to charitypreliminary notificationfoot-in-the-door techniques - start with a small inconsequential requestpersonalization of the request - address specific individualsfollow-up requests - multiple requestsclaimed affiliation with universities, research institutions, or charitiesemotional appealsbids for sympathyconvince respondent that they can make a differenceguarantee anonymitylegal compulsion (certain government-run surveys)SamplingMain article: Sampling (statistics)Sample selection is critical to the validity of the information that represents thepopulations that are being studied. The approach of the sampling helps todetermine the focus of the study and allows better acceptance of thegeneralizations that are being made. Careful use of biased sampling can be usedif it is justified and as long as it is noted that the resulting sample may not be atrue representation of the population of the study. There are two differentapproaches to sampling in survey research:There is nonprobability sampling approach. In this approach the researcher doesnot know each element's probability of selection in the sample. The most
 
commonly used nonprobability sampling method is the convenience samplingapproach. With this method, it only samples those who are available and willingto participate in the survey. The use of this approach allows for convenience for the researcher while possibly losing data validity due to the lack of representation.The probability sampling approach for research methods gives each element aknown chance of being included in the sample. This method is closer to a truerepresentation of the population. It can be difficult to use due to cost of a rigoroussampling method, and difficulty in obtaining full coverage of the target population,but the generalizations that come from it are more likely to be closer to a truerepresentation of the population. Different forms of probability sampling aredesigned to achieve various benefits - e.g. theoretical simplicity, operationalsimplicity, detailed information on subpopulations, or minimal cost. Somecommon forms:Equal probability of selection designs (EPS), in which each element of thepopulation has an equal chance of being included in the sample. This uniformitymakes EPS surveys relatively simple to interpret. Forms of EPS include Simplerandom sampling (SRS) and systematic sampling.Probability-proportional-to-size designs (PPS), in which 'larger' elements(according to some known measure of size) have a higher chance of selection.This approach is common in business surveys where the object is to determinesector totals (e.g. "total employment in manufacturing sectors"); compared toEPS, concentrating on larger elements may produce better accuracy for thesame cost/sample size.Stratified random sampling approach, in which the population is divided intosubpopulations (called strata) and random samples are then drawn separatelyfrom each of these strata, using any probability sampling method (sometimesincluding further sub-stratification). This may be done to provide better controlover the sample size (and hence, accuracy) within each subpopulation; when thevariable/s of interest are correlated with subpopulation, it can also improveoverall accuracy. Another use for stratification is when different subpopulations

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