Quantitative Techniques in Management ADL-07-Ver1

Assignment - A
Question 1. Define Quantitative Techniques. Name the two major divisions in which you can divide these techniques. Explain the modus oprendii of each and give names of a few techniques under each category. Answer: “Quantitative analysis/operation research provides a systemic approach to decision – making.” Decision‐making is an all‐pervasive feature of management. A systematic approach to decision – making is necessary because today's business and the environment is which it functions are for more complex than is past, and the cost of making errors may be too high – present day. Management cannot rely solely on a trial and error approach. Thus, the decision - makers in the business world today must understand scientific methodology of making decisions. Note: Visit for complete and best solution: DistPub.com Question 2. a. Show for the following function f(x) = x + 1/x has its Min value greater that its Max value. Question 2. b. An enquiry into the faculty budgets of middle class families gave the following information given below. Expenses on %age of Expenditure Price in 1999 (Rs.) Price in 2000 (Rs.) Food 35 70 90 Clothing 15 45 50 Fuel 10 20 25 Rent 20 80 70 Miscellaneous 20 40 30

Compute the price index using a) weighted A. M. of price relatives & b) weighted G.M. Of price relatives Question 3. a. Calculate the Mean, Median and Standard Deviation of the following data Wages Up to (Rs.) 15 30 45 60 75 90 105 120 No. of Workers 12 30 65 107 157 202 222 230 Question 3. b. Also calculate a) Coefficient of correlation b) Interquartile Range (Q3-Q1) c) Skewness

Question 4. a. Two brands of tyres are tested with the following results. Life (in thousands of Kms) 20-25 25-30 30-35 35-40 40-45 45-50 Brand A 8 15 12 18 13 9 Brand B 6 20 32 30 12 0

Which brand of tyre would you use on the fleet of trucks and why? Question 4. b. Answer the following questions. 1. The income of a person in a particular week is Rs.50 per day. Find mean deviation of his income for the week. 2. The median and variance of a distribution are 35 & 2.56 per day. Find median and variance if each observation is multiplied by 3. 3. The mode and standard deviation of a distribution are 55 and 4.33 respectively. Find mode and standard deviation if 8 is added to each observation. 4. The mean and standard deviation of a distribution are 15 & w respectively. Find mean and standard distribution if each observation is multiplied by 5. 5. a. Define the following Matrix with an example of each. a. Row Mat rix d. Square Matrix g. Unit or Identity Matrix j. Comparable Matrix b. Column Matrix c. Zero or Null Matrix e. Diagonal Matrix f. Scalar Matrix h. Upper Triangular Matrix i. Lower Triangular Matrix k. Equal Matrix

5. b. Solve the following equations using MATRIX method. -2x + y + 3z = 9 x+y+x=6 x-y+z=2

Assignment - B
Question 1. Two women customers are randomly selected in a super ma rket and are asked to taste 7 different types of juices and rank them in order of preference from 7(best) to 1(least desirable). The results are as follows.


A 2 1

B 1 3

C 4 2

D 3 4

E 5 5

F 7 6

G 6 7

1. Calculate the Rank Correlation and Coefficient. 2. Is the relationship significant? Question 2. a. Fit a straight line trend by the method of least square to the following data. Year 1991 1992 1993 1994 1995 Production 240 255 225 260 280

b. Estimate the likely production for the year 2000. c. When will the production be double that of year 1993? Question 3. a. The income of a group of 10,000 persons was found to be normally distributed with mean Rs.750PM and standard deviation =Rs.50 show that of this group 95% had income exceeding Rs.668 and only 5% had income exceeding RS.832. Question 3. b. In a locality, out of 5000 people residing, 1200 are above 30 years of age and 3000 are females. Out of the 1200 who are above 30, 200 are females. Suppose, after a person is chosen you are told that the person is a female. What is the probability that she is above 30 years of age?

Case Study
For determining IQ of students, standard tests were conducted and scores recorded. The recorded scores of 25 students are given below 105 127 125 104 133 145 138 131 134 125 130 112 117 128 111 150 141 101 146 116 110 140 139 141 129

Questions to be answered:

Question 1. Arrange data into ordered array. Question 2. Construct grouped frequency distribution with suitable class intervals. Question 3. Compute for the data: –Relative frequency –Cumulative frequency (<) & Cumulative Relative Frequency (<) –Cumulative frequency (>) & Cumulative Relative Frequency (>) Question 4. Construct for the data a. A histogram b. A frequency polygon c. Cumulative relative ogive (<) d. Cumulative relative ogive (>) Question 5. How many students have IQ <130 and How many students have IQ ≥ 130.

Assignment - C
1. Quantitative Techniques facilitate classification and comparison of data True /False 2. If the data is written down as collected it is called a) Ordered Data b) Raw Data c) An Array 3. Any characteristic which can assume different values can be called a variable True /False 4. A discrete variable can take a) Only whole number values b) An infinite number of values. 5. Number of children in a family is an example of a) Continuous Variable b) Discrete Variable 6. Heights of Models in a beauty contest is an example of a) Continuous Variable b) Discrete Variable 7. Rule determining the area is written as A = X where A is a function of Variable X. Then A is called a) Independent Variable b) Dependent Variable

8. The Absolute Value of a real number is

True / False

9. If the revenue function is TR = 50Q - 0.5Q2 then Marginal Function MR = 50 - Q True / False 10. If the Total Cost Function TC = 500 + 300Q - 5Q2 Then Marginal Cost Function MC=500-10Q True / False 11. Conditions for Local Maxima are First order Function d2y/dx2 > 0 True / False 12. Conditions for local Minima are First order Function dy/dx = 0 Second Order Function d2y / dx2 < 0 True / False 13. Derivative of product of two functions d/dx(uv) = u d/dx (v) + v d/dx True / False 14. Derivative of loge d/dx (loge u) = 1/u log e du/dx True / False 15. A matrix is an array of m x n numbers arranged in m-columns and n-rows True / False 16. A square matrix is one where number of rows = (number of colums)2 True / False 17. [4 1 2 7] is a a) 4 x 1 matrix b) 1 x 4 matrix 18. Then A is called the TRANSPOSE OF A True / False 19. The INVERSE of the INVERSE MATRIX is the original matrix True / False 20. Measure of Central Tendency is a data set refers to the extent to whim tt1e observations are scattered. True / False 21. The value of all observations in the data set is taken into account when we calculate its mean True /False

22. If the curve of a certain distribution tails off towards the right end of the measuring scale on tt1e horizontal axis the distribution is said to be positively skewed. True /False 23. Extreme values in a data have a strong effect upon the Mode True /False 24. If the value of mean = 35.4 and value of media = 35 the shape of the curve skewed is “right” True /False 25. It gives equal weightage to all previous months a) Exponential Smoothing b) Moving Average c) Weighted Average 26. The value most often repeated in a series of observations is called a) Median b) Mode c) Mean 27. The difference between the largest and the smallest observations is called a) Geomet ric Mean b) the Range c) the Mode 28. The middle most value in a series of observations arranged in an array is called. a) Mode of the series b) Median of the series 29. When the value of two variables move in the same direction, the correlation is said to be positive. True /False 30. Value of correlation lies between a) 0 to 1 b) -1 to 1 31. Kari Pearson's coefficient of correlation is given by 32. “Line of best fit” is determined by “Method of Least Squares” True /False 33. A decision tree is a graphic model of a decision process True /False 34. A time series is a set of observations taken at a) Specified Intervals b) Not necessary at equal intervals

35. Quartiles are those which divide the total data into a) Four Equal parts b) Ten Equal Parts c) Hundred equal Parts 36. Regular variation include only seasonal variations True / False 37. Yearly data are independent of the effect s of seasonal variations True / False 38. For index Numbers, base year should be a year of normalcy True / False 39. GM = SQ ROOT OF (AM* HM) True / False 40. Variances are additive True / False

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