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mb0040 set 1 & set 2 winterfall 2010 Nove

mb0040 set 1 & set 2 winterfall 2010 Nove

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STATISTICS FOR MANAGEMENT
STATISTICS FOR MANAGEMENT

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04/26/2012

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MB0040
kvsude@gmail.com
kvsude@gmail.com
Subject STATISTICS FOR MANAGEMENTSubject code: MB0040 set 1Study Center
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MB0040
kvsude@gmail.com
MBA SEMESTER 1MB0040 – STATISTICS FOR MANAGEMENT- 4 Credits(Book ID: B1129)Assignment Set- 1 (60 Marks)Note: Each question carries 10 Marks. Answer all the questionsQ1. (a) ‘Statistics is the backbone of decision-making’. Comment.(b) ‘Statistics is as good as the user’. Comment.Answer:a.
Due to advanced communication network, rapid changes in consumer behaviour, varied expectationsof variety of consumers and new market openings, modern managers have a difficult task of makingquick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitativetechniques like mathematical models, statistics, operations research and econometrics.Decision making is a key part of our day-to-day life. Even when we wish to purchase a television, welike to know the price, quality, durability, and maintainability of various brands and models beforebuying one. As you can see, in this scenario we are collecting data and making an optimum decision. Inother words, we are using Statistics.Again, suppose a company wishes to introduce a new product, it has to collect data on market potential,consumer likings, availability of raw materials, feasibility of producing the product. Hence, datacollection is the back-bone of any decision making process.Many organisations find themselves data-rich but poor in drawing information from it. Therefore, it isimportant to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect.Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. Thetwo categories of Statistics are descriptive statistics and inferential statistics.
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MB0040
kvsude@gmail.com
2. Distinguish between the following with example.(a) Inclusive and Exclusive limits.(b) Continuous and discrete data.(C) Qualitative and Quantitative data(d) Class limits and class intervals.3. In a management class of 100 students’ three languages are offered as an additional subject viz.Hindi, English and Kannada. There are 28 students taking Hindi, 26 taking Hindi and 16 takingEnglish. There are 12 students taking both Hindi and English, 4 taking Hindi and English and 6 thatare taking English and Kannada. In addition, we know that 2 students are taking all the threelanguages.i) If a student is chosen randomly, what is the probability that he/she is not taking any of thesethree languages?ii) If a student is chosen randomly, what is the probability that he/ she is taking exactly onelanguage?4. List down various measures of central tendency and explain the difference between them?5. Define population and sampling unit for selecting a random sample in each of the followingcases.a) Hundred voters from a constituencyb) Twenty stocks of National Stock Exchangec) Fifty account holders of State Bank of Indiad) Twenty employees of Tata motors.
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