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Bachelor of Business Administration – BBA Semester 1
BBA104 – Quantitative Techniques in Business – 2 Credits
(Book ID: B1500)
Assignment – 30 marks
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.
Q.1 Statistics plays a vital role in almost every facet of human life. Define Statistics. Explain the applications of statistics in business and management.
(Meaning – 3 marks, Applications – 7 marks) 10 marks
Answer : Statistics :
A type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. Statistics is a general term used to summarize a process that an analyst, mathematician or statistician can use to characterize a data set.
Q2. A study of different sampling methods is necessary because precision, accuracy, and efficiency of the sample results depend on the method employed for selecting the sample. Explain the Probability and Non-probability sampling methods.
(Probability sampling methods- 5 marks, Non-probability sampling methods – 5 marks) 10 marks
Answer : Probability sampling methods :
A probability sampling is one in which every unit in the population has a chance (greater than zero) of being selected in the sample, and this probability can be accurately determined. The combination of these traits makes it possible to produce unbiased estimates of population totals, by weighting sampled units according to their probability of selection
Q3. Construct a consumer price index for the information given by using
(i) Aggregate expenditure method,
(ii) Family budget method.
(Formula- 2 marks, Calculation- 6 marks, Solution to the problem-2 marks) 10 marks
| Commodities | Quantity 2007
Q0 |
Unit | P0 | P1 |
| 2007 | 2008 | |||
| A | 7 | Quintal | 300 | 310 |
| B | 5 | Quintal | 305 | 308 |
| C | 4 | Quintal | 416 | 419 |
| D | 9 | Quintal | 530 | 625 |
| E | 3 | K.G. | 18 | 23 |
| F | 5 | Quintal | 1050 | 1070 |
Answer : There are two methods for the compute of consumer price index numbers.
(1) Aggregate expenditure method
(2) Family Budget Method
(1) Aggregate expenditure method:
In this method, the quantities of commodities consumed by the particular group in the base year are estimated and these figures or their proportions are used as weights. Then the total expenditure on each commodity for each year is calculated.