DMBA109 STATISTICS FOR MANAGEMENT

Description

SESSION	JULY-AUGUST 2024
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	1
COURSE CODE & NAME	DMBA109 STATISTICS FOR MANAGEMENT

 

 

Assignment Set – 1

 

 

1. What are the functions and limitations of Statistics?

Ans 1.

Functions of Statistics

Statistics is a branch of mathematics that involves the collection, organization, analysis, interpretation, and presentation of data. Its primary functions include:

Data Collection: Statistics provides systematic methods for gathering data from diverse sources, ensuring accuracy and reliability. Tools like surveys, experiments, and observational studies help collect meaningful data.

Data Organization and Presentation: Collected data is often vast and complex. Statistics organizes it into manageable forms, such as

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2. 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.

Ans 2.

Correcting the Arithmetic Mean

The arithmetic mean of 50 values was calculated as 39.2, but two incorrect values (52 and 23) were used instead of the correct values (25 and 32). We need to find the corrected mean.

Steps to Calculate the Corrected Mean:

1 Calculate the Total Using the Incorrect Mean:

 

3. Define Following Terms:

• Mutually exclusive Events
• Independent Events

Ans 3.

1. Mutually Exclusive Events

Mutually exclusive events are events that cannot occur simultaneously. In probability theory, if two events are mutually exclusive, the occurrence of one event excludes the possibility of the other event happening.

Key Characteristics:

• If and  are mutually exclusive events, then:
• This means the probability of both events occurring together is zero.
• The events have no common

 

 

Assignment Set – 2

 

4. The data given below depicts the sales statistics of six sales representatives in two different localities. Find whether there is a relationship between the buying habits of the people in the localities.

Representative	1	2	3	4	5	6
Locality I	70	40	65	110	60	20
Locality II	70	30	80	100	90	20

 

Ans 4.

Analysis of Relationship Between Buying Habits in Two Localities

The given data represents the sales statistics of six sales representatives in two different localities. To determine the relationship between buying habits in Locality I and Locality II, we calculate the Pearson Correlation

 

5. Discuss the concept, objectives and assumptions of ANNOVA

Ans 5.

Concept of ANOVA

Analysis of Variance (ANOVA) is a statistical method used to compare the means of three or more groups to determine if there are significant differences among them. It tests whether the variation among group means is greater than what would be expected by chance. Developed by Ronald Fisher, ANOVA extends the ttt-test for comparing two means to more than two groups, making it a critical tool in hypothesis testing when analyzing complex datasets.

ANOVA uses the F-test to evaluate the null hypothesis that all group means are equal. If the null hypothesis is

 

6. What are the components of time series? Bring out the significance of moving average in analysing a time series and point out its limitations.

Ans 6.

Components of Time Series

Time series analysis examines data points collected over time to identify patterns, trends, and seasonality. The four main components are:

• Trend: This represents