DMBA103 STATISTICS FOR MANAGEMENT

Description

SESSION	JAN-FEB’24
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	1
COURSE CODE & NAME	DMBA103 STATISTICS FOR MANAGEMENT

 

 

 

Assignment Set – 1

 

 

1. Discuss Binomial Distribution.

What are the assumptions under which binomial distribution is applied? Give examples  5+5

Ans 1.

The binomial distribution is a foundational concept in statistics, particularly useful for modeling scenarios where outcomes are dichotomous, meaning they result in one of two possible outcomes: success or failure. This type of distribution allows for the calculation of the probability of a fixed number of successes in a given number of trials within a clearly defined set of conditions.

Assumptions of the Its Half solved only

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2. Discuss meaning, definition, functions and requisites for classification.

Ans 2.

Meaning and Definition of Classification

Classification refers to the systematic arrangement of entities based on shared qualities or characteristics into groups or categories. This method is fundamental in various fields such as biology, library science, data analysis, and social sciences, serving as a means to organize and simplify complex sets of data or information. The purpose of classification is to enhance understanding and efficiency in accessing information. By grouping entities that exhibit similar traits, classification helps in establishing order and facilitating effective communication of

 

3. A clerk calculated arithmetic mean of 50 values as 39.2. However, it was found that instead of taking two values as 25 and 32, he took them as 52 and 23. Find the corrected arithmetic mean. 10

Ans 3.

To find the corrected arithmetic mean after the discovery of the data entry error, we first need to understand the impact of the error on the initially calculated mean. Let’s start by examining the error and then recalculating the correct mean.

Step 1: Reviewing the Initial Calculation

The clerk originally calculated the arithmetic mean of 50 values as 39.2. The arithmetic mean is calculated

 

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Assignment Set – 2

 

4. What is sampling? Explain the importance in solving business problems. Critically examine the well-known methods of probability sampling and non-probability sampling 2+2+3+3

Ans 4.

Sampling is a statistical method used to select a subset of data, or a sample, from a larger population for the purpose of making predictions or inferences about that population. It is a critical tool in research and business decision-making because it allows for the collection of data points that are manageable, cost-effective, and timely, without needing to survey the entire population.

Importance in

 

5. What do you mean by index number? Explain the characteristics and uses of index numbers in detail.

Ans 5.

Index numbers are statistical measures designed to show changes in a variable or group of variables over time, relative to a base period. They are crucial tools in economics and business for tracking trends, comparing data, and making informed decisions. This essay explains the characteristics and uses of index numbers in detail.

Characteristics of Index Numbers

1. Relative Measure:

 

6. In a singing competition, two judges assigned the ranks for seven candidates which is depicted in table given below. Find Spearman’s rank correlation coefficient.

Competitor	1	2	3	4	5	6	7
Judge I	5	6	4	3	2	7	1
Judge II	6	4	5	1	2	7	3

 

Ans 6.

Spearman’s rank correlation coefficient, denoted as ρ (rho), is a non-parametric measure of rank correlation that assesses how well the relationship between two rankings can be described using a monotonic function. This statistic is useful when dealing with ordinal data, where the exact differences between ranked items are not meaningful, but their order is. In the context of a singing competition, Spearman’s rho can help determine the degree of agreement between two judges regarding the rankings of competitors.

In this case, we have two sets of rankings given by Judge I and Judge II for seven competitors. To compute