# Mba103 statistics for management

8. Jun 2017
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### Mba103 statistics for management

• 1. Dear students get fully solved assignments Send your semester & Specialization name to our mail id : help.mbaassignments@gmail.com or call us at : 08263069601 ASSIGNMENT Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. QUESTION1. Give the meaning of the word Statistics. Mention the characteristics of Statistics. Answer : Meaning of statistics: The word statistics is used to give the following three meanings. Firstly it is used in plural sense which refers to the collection of numerical data in aggregate form relating to any field of stud e.g. statistics of births, statistics of prices, statistics of road accidents etc. Secondly it is used in singular sense which refers to the methods and procedures used in the collection, analysis, interpretation of data and presently the data in various forms such as tables, graphs, charts, diagrams QUESTION2. a. What do you mean by Probability? DRIVE SPRING 2017 PROGRAM MBA SEMESTER I SUBJECT CODE & NAME MBA 103- Statistics for Management BK ID B1731 CERDIT 4 MARKS 60
• 2. Answer. 2a. Probability is a branch of mathematics that deals with calculating the likelihood of a givenevent'soccurrence,whichisexpressedasanumberbetween1and0.Aneventwithaprobability of 1 canbe consideredacertainty:forexample,theprobabilityof acointossresultingineither"heads" or "tails" is 1, because there are b.A bag contains 5 white, 6 red, 2 greenand 2 black balls. One ball is selected at random from the bag. Find the probability that the selected ball is- i. white ii. non-white iii. white or green iv. black or red Answer2b. (i)Total No. of Balls = (5+ Probability of white ball = P(E) = n(E)/n(S) = 5/15 = 1/3 (ii)Total No. of Balls = Probability of Non-white ball = P(E) = n(E)/n(S) = 10/15 = 2/3 (iii)Probability of white Probability of white or green balls = 1/3 + 2/15 = 7/15 (iv)Total no. black Probability of black or red balls = 2/15+6/15 = 8/15 . QUESTION3. What Do you mean by Sampling? Describe various Probability and Non- Probability Sampling Methods.
• 3. Answer3. Sampling - In statistics, quality assurance,and survey methodology,sampling is concernedwith the selection of a subset of individuals from withina statistical population to estimate characteristics of the whole population. Each observation measures one or more properties (such as weight,location, color) of observable bodies distinguished as QUESTION4. Write short notes on a. Type I and Type II error Answer4a. When you do a hypothesis test,two types of errors are possible: type I and type II. The risks of these two errors are inversely related and determined by the level of significance and the powerfor the test.Therefore,youshoulddetermine whicherrorhas more severe consequencesfor your situation before you b. Level of Significance Answer4b. In hypothesis testing, the significance level is the criterion used for rejecting the null hypothesis.The significancelevel isusedinhypothesistestingasfollows:First,the difference between the results of the experiment and the null hypothesis is determined. Then, assuming the null hypothesis is true, the probability of a difference that large or larger is computed . Finally, this probability is compared to the c. Null Hypothesis Answer4c. In inferential statistics, the term "null hypothesis" usually refers to a general statement or defaultpositionthatthere isnorelationshipbetweentwomeasuredphenomena,or noassociation among groups. Rejecting or disproving the null hypothesis—and thus concluding that there are grounds for believing that there is a relationship between two phenomena (e.g. that a potential treatment has a measurable effect)—is a central task in the modern practice of science, and gives a precise criterion for rejecting a d. Two–tailed Tests and One–tailed Tests
• 4. Answer4d. In statistical significance testing, a one-tailed test and a two-tailed test are alternative waysof computingthe statistical significance of aparameterinferredfromadataset,intermsof a test statistic. A two-tailed test is used if deviations of the estimated parameter in either direction from some benchmark value are consideredtheoreticallypossible; in contrast, a one-tailed test is used if only deviations in one direction are e. Test Statistics Answer4e. A test statistic is a standardized value that is calculated from sample data during a hypothesis test. You can use test statistics to determine whether to reject the null hypothesis. The teststatisticcomparesyourdata withwhat isexpectedunderthe null hypothesis.The teststatisticis used to calculate the p-value. QUESTION5. a. Explain The concept of One Way ANOVA Answer5a. The one-wayANOVA comparesthe meansbetweenthe groupsyouare interestedinand determines whether any of those means are statistically significantly different from each other. Specifically, it tests the null hypothesis: One-way ANOVA Null Hypothesis b. Table givenbelow depicts the data on productionrate by five workmen on four machines. Test whether the rate is significantly different due to workers and machines Answer5b. Descriptives ( with 95 % Confidence Interval for Mean)
• 5. QUESTION6. a. Explain the meaning of Weighted Index Numbers. Answer6a. Whenall commoditiesare notof equalimportance.We assignweighttoeachcommodity relative to its importance and index number computed from these weightsis called weighted index numbers. b. Information of sales price per unit of different commodities for two different years is given in following table- Construct the Price Index taking 2010 as the base year and2016 as the current year by following methods. i. Laspeyre’s Price Index ii. Paasche’s Method iii. Dorbish and Bowley’s method iv. Fisher’s Ideal Index Method Answer6b. The computation table is as follows for getting the required price indexes – Commodities Price Quantity 𝑃1 𝑄0 𝑃0 𝑄0 𝑃1 𝑄1 𝑃0 𝑄1
• 6. Dear students get fully solved assignments Send your semester & Specialization name to our mail id : help.mbaassignments@gmail.com or call us at : 08263069601