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MBA 605
ESSENTIAL ANALYTICAL METHODS
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FOR BUSINESS
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ROLL NO 431(SHJ)
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JAVED MOHAMMEDHANIF BUMLAJIWALA
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Question 1
• Bioinformatics;
• Biology (biostatistics or biometrics);
• Climatology;
• Computing or computer science (statistical computing is a highly
sought-after skill);
• Economics (econometrics);
• Finance (financial statistics);
• Psychology (psychometrics);
• Physics (statistical physics is a modern discipline in physics);
• The health industry (medical statistics).
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not. Business initiatives are altered to improve organizational
performance based on feedback from statistical studies. Advertising
companies use statistics to assess target markets and formulate
campaigns. Marketers use statistics to identify opportunities for
business development.
Please find below some great formulas which help us to count our daily
wages and % of performance..
Like this there are many other ways like graphical presentation and
other data management issues we use a the statistics in a very
deep way.
Since the advent of the internet, statistics have become important for
online business operators. Whether it be measuring search engine
traffic, assessing product conversion or determining which paid ads are
working, statistics provide the necessary data in a meaningful way to
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support strategic decision making. Without the use of statistics,
businesses could not calculate returns on investment and business
decision making would become a hit and miss affair.
Question 2
Discuss the limitations of using correlation as an analytical
technique. How does it compare to regression analysis?
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homoscedastic. Referring to diagrams of data typical of various
magnitudes of the coefficient correlation,
one may notice that the assumption of linearity pertains to the main
axis of the ellipse enclosing the data points. Its main axis should be
approximately linear. The assumption of homoscedascity pertains to
the secondary axis of this ellipse. The width of the ellipse should be
approximately equal to the length of the secondary axis. To the extent
that any of these assumptions are violated, the coefficient of
correlation does not correctly reflect the relationship.
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being the same as the sign of b1, the coefficient of x1 in the
estimated regression equation.
Question 3
Then, for more advanced models, I'd rather speak of approaches than
models. Indeed, the more complex the model, the more latitude is left
to the mathematician to tweak in subtle ways the behavior of the
forecasting model.
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The mixture / boosting approach: mixing loads of simple predictors
in order in improve the overall forecast works well. The combination of
large number of simple predictors can be used to reflect really complex
behaviors.
1. Secular trend
2. Seasonal variation
3. Cyclical variation
4. Irregular variation
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Seasonal variation: Seasonal variations are short-term fluctuation in a
time series which occur periodically in a year. This continues to repeat
year after year. The major factors that are responsible for the
repetitive pattern of seasonal variations are weather conditions and
customs of people. More woolen clothes are sold in winter than in the
season of summer .Regardless of the trend we can observe that in
each year more ice creams are sold in summer and very little in winter
season. The sales in the departmental stores are more during festive
seasons that in the normal days.
Question 4
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* How do you plan to use your degree?
* Do you believe the MBA can take you on your target stage.
Question 5
First left hand row presenting the total team members for
collections process.
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Allocation – This column shows how many accounts allocated to
each team team player with the value.
Target Forward Flow – The next column presenting how much flow
they allowed to forward for next level.
Current Forward Flow – the third column showing how much flow
they currently sitting on.
100%
80% PAID
SYED
60%
PADDY
RAWAN
40%
HEBA
20% ALI
0%
AED Count AED Count % AED Count % AED %
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To create this report we are using many statistical formulas behind on
row sheets which result as above format.
Question 6
Mode no doubt possesses the merit of being the most popular item of
a series and has also the advantage of easy calculation and common
understandability yet its drawbacks are too many to be set off against
these merits. Mean is simple in calculation, its value is definite and can
be easily determined. It is amenable to algebraic treatment and is
usually not affected much by fluctuations of sampling. Mode is hardly
suitable for most of the elementary studies as it is correctly
determined only by curve-fitting which is an extremely difficult
process. It is unrepresentative in many cases, and is not based on all
the observations of a series. Thus, of these two averages, mean has
definite advantages over mode, though there may be some cases
where mode may have preference over mean. Mode has its own
importance and it may be the reason for giving its value along with
mean but it should be clearly understood that mode cannot replace
mean and for that matter neither can median do so. However, it
should not be taken to mean that mode is superficial averages and
have no independent virtues. There are certain fields in which mode
may give better result that the mean, but such cases are few and the
universality of mean cannot be challenged on account of these cases.
Question 7
Standard Deviation
The standard deviation is kind of the "mean of the mean," and often
can help you find the story behind the data. To understand this
concept, it can help to learn about what statisticians call normal
distribution of data.
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Let's say you are writing a story about nutrition. You need to look at
people's typical daily calorie consumption. Like most data, the
numbers for people's typical consumption probably will turn out to be
normally distributed. That is, for most people, their consumption will
be close to the mean, while fewer people eat a lot more or a lot less
than the mean.
When you think about it, that's just common sense. Not that many
people are getting by on a single serving of kelp and rice. Or on eight
meals of steak and milkshakes. Most people lie somewhere in
between.
Interquartile Range
Mean difference
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deviation, the distances from the mean are squared, so on average,
large deviations are weighted more heavily, and thus outliers can
heavily influence it. In the MAD, the magnitude of the distances of a
small number of outliers is irrelevant.
Question 8
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At first the indexes were constructed only on annual basis, but shortly
the time interval reduced to a monthly basis and weekly index
comparable within themselves, the constitute data are adjusted for
sensational variation and for the difference in the working numbers of
day.
Yet in spite of the progress has been made, their remain so many
problems and limitation.
Reference Page
Question 1
→ http://www.bu.edu/stat/undergraduate-program-information/why-study-statistics
→ http://www.stat.mq.edu.au/information_for/career/why_study_statistics/
→ http://ezinearticles.com/?Using-Statistics-To-Improve-And-Measure-Business-
Performance&id=744164
Question 2
→ http://abyss.uoregon.edu/~js/glossary/correlation.html
Question 3
→ http://wwwjas-style.blogspot.com/2008/12/components-of-time-series.html
→ http://blog.lokad.com/journal/2009/7/7/favorite-forecasting-models.html
Question 4
→ http://www.expertcollective.com/interview-mba/mba-interview-questions.html
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Question 5
Office Chart data provided by our management Majid Al Futtaim Jcb Najm card.
Question 6
http://www.mean/mode/comparison/tutore.
Question 7
http://www.robertniles.com/stats/stdev.shtml
http://en.wikipedia.org/wiki/Median_absolute_deviation
Question 8
http://www.jstor.org/pss/2278841
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