Mb0040 statistics for management 4

The range of the correlation coefficient is from -1 to 1.

Mb0040 statistics for management 4

B Assignment Set- 1 60 Marks Note: Each question carries 10 Marks. Answer all the questions Q1. Due to advanced communication network, rapid changes in consumer behaviour, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions.

Therefore, there is a need for them to depend more upon quantitative techniques like mathematical models, statistics, operations research and econometrics. Decision making is a key part of our day-to-day life.

Even when we wish to purchase a television, we like to know the price, quality, durability, and maintainability of various brands and models before buying one. As you can see, in this scenario we are collecting data and making an optimum decision. In other words, we are using Statistics. Again, suppose a company wishes to introduce a new product, it has to collect data on market potential, consumer likings, availability of raw materials, feasibility of producing the product.

Hence, data collection is the back-bone of any decision making process.

Many organisations find themselves data-rich but poor in drawing information from it. Therefore, it is important to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect.

Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. The two categories of Statistics are descriptive statistics and inferential statistics.

For complete assignment visit http: Distinguish between the following with example. C Qualitative and Quantitative data d Class limits and class intervals.

The class interval that does not include upper class limit is called an exclusive type of class interval. The class interval that includes the upper class limit is called an inclusive type of class interval.

Hindi, English and Kannada. There are 28 students taking Hindi, 26 taking English and 16 taking Kannada. There are 12 students taking both Hindi and English, 4 taking Hindi and Kannada and 6 that are taking English and Kannada.

In addition, we know that 2 students are taking all the three languages. There are students, so the size of our sample space is Our event is that a student drawn at random is not taking any language classes.

Let H be the number of students taking Hindi, E be the number of students taking Englishand K be the number of students taking Kannada. We draw a Venn diagram.

Mb0040 statistics for management 4

List down various measures of central tendency and explain the difference between them? Graphical representation is a good way to represent summarised data. However, graphs provide us only an overview and thus may not be used for further analysis.

Hence, we use summary statistics like computing averages. Mass data, which is collected, classified, tabulated and presented systematically, is analysed further to bring its size to a single representative figure.

This single figure is the measure which can be found at central part of the range of all values.

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It is the one which represents the entire data set. Hence, this is called the measure of central tendency. In other words, the tendency of data to cluster around a figure which is in central location is known as central tendency. Measure of central tendency or average of first order describes the concentration of large numbers around a particular value.

It is a single value which represents all units.

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The two most common measures of central tendency are the median and the mean, which can be illustrated with an example. Suppose we draw a sample of five women and measure their weights.MB Statistics for Management (4 Credits) Book code:B Group A: 1 Marks Questions (Question Number ) Documents Similar To MBStatistics for Management-Answer Keys.

Question Bank of Financial and Management Accounting_ 4 Mark. Uploaded by. lakkuMS. MB Statistics for Management Set/5(4). 3. Statistics brings out the hidden relastions between variables Statistics analysis helps in drawing inferences on the data.

Statistics analysis out . MB, Statistics for Management, MBA-1 The word statistics is derived from the Latin word status, which means state a political state.

3. In plural form, it stands for numerical facts per tainting to a collection of objects. (T/F) 4. In singular form, it stands for the science of collections organization, analysis and interpretation of.

Group C: 4 Marks Questions (Question Number ) Full Marks: Please Answer All Questions – Only One Option is Correct Group A 1.

Statistics are collected in a a. Random Manner b. Whims & Fancies c. Systematic manner d/5(4). Home / Essays / Mb – Statistics for Management Fall August drive MBA SEMESTER 1 MB – STATISTICS FOR MANAGEMENT- 4 Credits (Book ID: B) Assignment Set- 1 (60 Marks) Note: Each question carries 10 Marks.

Jan 06,  · The mean wage is Rs. 75 per day, SD wage is Rs 5 per day for a group of workers and the same is Rs 60 and Rs for the other group of workers. Find mean and standard deviation for the entire group.

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