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DRIVE

Spring 2017

PROGRAM

MBA

SEMESTER

SUBJECT CODE & NAME

MBA103- Statistics for Management

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.

Q1. Give the meaning of the word Statistics. Mention the characteristics of Statistics.

Meaning of Statistics

Characteristics of Statistics

Answer:

Statistics plays an important role in almost every facet of human life. In business context,
managers are required to justify decisions on the basis of data. They need statistical models to
support these decisions. Statistical skills enable managers to collect, analyse and interpret
data in order to

QUESTION2. a. What do you mean by Probability?

Answer2a. Probability is a branch of mathematics that deals with calculating the likelihood of a given
event's occurrence, which is expressed as a number between 1 and 0. An event with a probability of 1
can be considered a certainty: for example, the probability of a coin toss resulting in either "heads" or
"tails" is 1, because there are no other options, assuming the coin lands flat. An event with a
probability of .

b.A bag contains 5 white, 6 red, 2 green and 2 black balls. One ball is selected at random from
the bag. Find the probability that the selected ball is-

i. white

ii. Red

Answer2b.

(i)Total No. of Balls = (5+6+2+2) = 15

Probability of

QUESTION3. What Do you mean by Sampling? Describe various Probability and Non-
Probability Sampling Methods.

Answer3.

Sampling - In statistics, quality assurance, and survey methodology, sampling is concerned with the
selection of a subset of individuals from within a 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 independent objects or individuals. In survey sampling,

Set 2

QUESTION 1. 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
power for the test.
QUESTION2. a. Explain The concept of One Way ANOVA

Answer5a. The one-way ANOVA compares the means between the groups you are interested in and
determines whether any of those means are statistically significantly different from each other.
Specifically,

b. Table given below depicts the data on production rate by five workmen on four machines.
Test whether the rate is significantly different due to workers and machines

Answer5b.

QUESTION3. a. Explain the meaning of Weighted Index Numbers.

Answer6a. When all commodities are not of equal importance. We assign weight to each commodity
relative to its importance and index number computed from these weights is called weighted index

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