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MB0040 SET 2

# MB0040 SET 2

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05/14/2013

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MB0040
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Statistics for Management - 4 Credits

(Book ID: B1129)

Assignment Set - 2 (60 Marks)

Note: Each question carries 10 Marks. Answer all the questions.

Q1. Explain the following terms with respect to Statistics: (i) Sample, (ii) Variable, (iii)Population.A.1(i)

Sample
In statistics, a sample is a subset of a population. Typically, the population is verylarge, making a census or a complete enumeration of all the values in the population impracticalor impossible. The sample represents a subset of manageable size. Samples are collected andstatistics are calculated from the samples so that one can make inferences or extrapolations fromthe sample to the population. This process of collecting information from a sample is referred toas sampling.A complete sample is a set of objects from a parent population that includes ALL such objectsthat satisfy a set of well-defined selection criteria. For example, a complete sample of Australianmen taller than 2m would consist of a list of every Australian male taller than 2m. But it wouldn'tinclude German males, or tall Australian females, or people shorter than 2m. So to compile sucha complete sample requires a complete list of the parent population, including data on height,gender, and nationality for each member of that parent population. In the case of humanpopulations, such a complete list is unlikely to exist, but such complete samples are oftenavailable in other disciplines, such as complete magnitude-limited samples of astronomicalobjects.An unbiased sample is a set of objects chosen from a complete sample using a selection processthat does not depend on the properties of the objects. For example, an unbiased sample of

Australian men taller than 2m might consist of a randomly sampled subset of 1% of Australianmales taller than 2m. But one chosen from the electoral register might not be unbiased since, forexample, males aged under 18 will not be on the electoral register. In an astronomical context, anunbiased sample might consist of that fraction of a complete sample for which data are available,provided the data availability is not biased by individual source properties.The best way to avoid a biased or unrepresentative sample is to select a random sample, alsoknown as a probability sample. A random sample is defined as a sample where each individualmember of the population has a known, non-zero chance of being selected as part of the sample.Several types of random samples are simple random samples, systematic samples, stratifiedrandom samples, and cluster random samples.
(ii)

Variable
A variable is a characteristic that may assume more than one set of values to which anumerical measure can be assigned.Height, age, amount of income, province or country of birth, grades obtained at school and typeof housing are all examples of variables. Variables may be classified into various categories,some of which are outlined in this section.Categorical variables: A categorical variable (also called qualitative variable) is one for whicheach response can be put into a specific category. These categories must be mutually exclusiveand exhaustive. Mutually exclusive means that each possible survey response should belong toonly one category, whereas, exhaustive requires that the categories should cover the entire set of possibilities. Categorical variables can be either nominal or ordinal.Nominal variables: A
is one that describes a name or category. Contrary toordinal variables, there is no 'natural ordering' of the set of possible names or categories.

Ordinal variables: An
is a categorical variable for which the possible categoriescan be placed in a specific order or in some 'natural' way.Numeric variables: A
,also known as a quantitative variable, is one that canassume a number of real values
—
such as age or number of people in a household. However, notall variables described by numbers are considered numeric. For example, when you are asked toassign a value from 1 to 5 to express your level of satisfaction, you use numbers, but the variable(satisfaction) is really an ordinal variable. Numeric variables may be either continuous ordiscrete.Continuous variables: A variable is said to be continuous if it can assume an infinite number of real values. Examples of a
are distance, age and temperature.The measurement of a continuous variable is restricted by the methods used, or by the accuracyof the measuring instruments. For example, the height of a student is a continuous variablebecause a student may be 1.6321748755... metres tall.Discrete variables: As opposed to a continuous variable, a
can only take afinite number of real values. An example of a discrete variable would be the score given by a judge to a gymnast in competition: the range is 0 to 10 and the score is always given to onedecimal (e.g., a score of 8.5).
(iii)

Population
A statistical population is a set of entities concerning which statistical inferences are tobe drawn, often based on a random sample taken from the population. For example, if wewere interested in generalizations about crows, then we would describe the set of crowsthat is of interest. Notice that if we choose a population like all crows, we will be limitedto observing crows that exist now or will exist in the future. Probably, geography willalso constitute a limitation in that our resources for studying crows are also limited.Population is also used to refer to a set of potential measurements or values, including notonly cases actually observed but those that are potentially observable. Suppose, forexample, we are interested in the set of all adult crows now alive in the county of

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