MB0040 – STATISTICS FOR MANAGEMENT

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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.

 

 

 

1 Distinguish between Classification and Tabulation. Explain the structure and components of a Table with an example.

Answer : Classification vs Tabulation

 

Both classification and tabulation are methods of summarizing data in statistics, which makes further analysis of data to draw inferences from the data. In this article, we will discuss in detail the two methods of summarizing the data and distinguish between classification and tabulation of data.

What is Classification of Data?

In statistics, classification is the process of separation of data into several classes or groups using properties in the data set. For example, the

 

 

2 a) Describe the characteristics of Normal probability distribution.

Answer : The Normal Probability Distribution is very common in the field of statistics.

Whenever you measure things like people’s height, weight, salary, opinions or votes, the graph of the results is very often a normal curve.

 

The Normal Distribution

A random variable X whose distribution has the shape of a normal curve is called a normal random variable.

 

 

b) In a sample of 120 workers in a factory, the mean and standard deviation of wages were Rs. 11.35 and Rs.3.03 respectively. Find the percentage of workers getting wages between Rs.9 and Rs.17 in the whole factory assuming that the wages are normally distributed.

 

Answer :

 

 

 

3 a) The procedure of testing hypothesis requires a researcher to adopt several steps.

Describe in brief all such steps.

Answer : Five Steps of Hypothesis Testing

 

The basic logic of hypothesis testing is to prove or disprove the research question.  By only allowing an error of 5% or 1% and making correct decisions based on statistical principles, the researcher can conclude that the result must be real if chance alone could produce the same result only 5% of the time or less. These five steps consists of

 

 

b) Distinguish between:

 

i. Stratified random sampling and Systematic sampling

 

Answer : Stratified Random Sampling

Stratified Random Sampling, also sometimes called proportional or quota random sampling, involves dividing your population into homogeneous subgroups and then taking a simple random sample in each subgroup. In more formal terms:

Objective: Divide the population into non-overlapping groups (i.e., strata) N1, N2, N3, … Ni, such that N1 + N2 + N3 + … + Ni = N. Then do a

 

 

ii. Judgement sampling and Convenience sampling

 

Answer : Judgmental sampling is a non-probability sampling technique where the researcher selects units to be sampled based on their knowledge and professional judgment.

 

Purposive sampling is used in cases where the specialty of an authority can select a more representative sample that can bring more

 

 

4 a) What is regression analysis? How does it differ from correlation analysis?

 

Answer : Regression analysis:

 

In statistics, regression analysis is a statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables, when the focus is on the relationship between a

 

b) Calculate Karl Pearson’s coefficient of correlation between X series and Y series.

 

x	110	120	130	120	140	135	155	160	165	155
y	12	18	20	15	25	30	35	20	25	10

 

Answer :

 

5 Briefly explain the methods and theories of Business forecasting.

Answer : Business forecasting provides a guide to long-term strategic planning and helps to inform decisions about scheduling of production, personnel and distribution. These are common statistical tasks in business that are often done poorly and frequently confused with planning and setting of goals. The Programme in Business Forecasting introduces participants to forecasting techniques and provides a practical understanding of the main forecasting tools used by economists, as well as business, marketing and financial analysts.

 

Business Forecasting Methods

 

Q6 Construct Fisher’s Ideal Index for the given information and check whether Fisher’s formula satisfies Time Reversal and Factor Reversal Tests.

 

Items	P0	Q0	P1	Q1
A	16	5	20	6
B	12	10	18	12
C	14	8	16	10
D	20	6	22	10
E	80	3	90	5
F	40	2	50	5

 

Answer :

Dear students get fully solved assignments

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