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Business Statistics
1. The sales figures of two firms (in million Rs.) calculated over a period of time are as follows:
Firm A 120 100 110 80 90 70 50 60 40
Firm B 50 40 60 90 80 70 110 100 120
a. Find mean and standard deviation of both the firms and interpret the same.
b. Which firm has better performance? How do you analyze the performance in this case?
c. If you need to invest in a firm then which firm would you choose and why? (10 Marks)
1. (a) Mean – For a data set, the arithmetic mean, also called the expected value or average, is the central value of a discrete set of numbers: specifically, the sum of the values divided by the number of values.
2. The Manager wants to fix income of employees for production department. The past data on 8 incomes with the experience is shown below
Experience (in years) 10 12 6 7 10 8 1 5
Income (in thousands) 25 28 17 18 24 21 10 16
a. Find the correlation between the experience and income.
b. Determine the coefficient of determination and interpret it.
c. Estimate the monthly salary for a person having 14 years of experience by assuming the linear relation between the two variables. (10 Marks)
Sol:
2. (a) Correlation shows the relationship between two variables.
Correlation is Positive when the values increase together, and
Correlation is Negative when one
3. The weekly demand of a cell phone shop is following the normal distribution with average number of cell phones sold is 200 units and it has also been found that 90% of time the demand is lying less than 220 units.
a. Using this information find the standard deviation of the distribution. (5 Marks)
b. Determine the lowest stock that the company should maintain so that the probability of shortage is not higher than 5%. (5 Marks)
Ans :
3. (a) The following information is given by the sum: The weekly demand of a cell phone shop is following the normal
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