MBA- Semester 1 Assignment Set 1 Marks 60 (6X10=60)

MB0040- Statistics for Management - 4 credits

Subject Code -

MB0040

*** Please fill in all the details in complete and only in CAPITAL letters

Name

BIPIN PRASAD

Registration Number

1205011977

INSTRUCTIONS FOR ASSIGNMENT SUBMISSION

1. Completed assignments must be typed and formatted neatly and soft copies should be

uploaded on or before the dates mentioned above. (September 15,2012)

2. Ensure that you answer all questions according to the marks allocated. 3. Content that has been directly copied from the Internet or the Book will NOT be

accepted.
4. Please attempt all the assignments individually and independently. Assignments that

have been copied and shared among students will be automatically rejected and disqualified.

5. Please attach correct assignments to correct subjects. Incase of any errors the student

will be marked absent for the specific subject

6. Late submissions will NOT be accepted. 7. Follow assignment format and complete all the details for each assignment individually. 8. Roll no/Registration Number found mentioned anywhere else except the place

provided, the assignments will be rejected.

9. Incase students extra details like contact number, Name found listed anywhere on this

document, the assignments will be rejected.

Note: Each question carries 10 Marks. Answer all the questions.

Question 1- Define Statistics. What are the functions of Statistics? Distinguish between Primary data and Secondary data. Answer: Statistics is defined as a, Science of recording, organizing, analyzing and reporting information in numerical (Data) for the measure something. Different scholar have define the statistics in different ways, according to Prof. A.C. Bouley Statistic is a science of counting, Averages, which measures the social phenomena. There are four Components have been defined as follows: 1) Collection of Data 2) Presentation of Data 3) Analysis of Data 4) Interpretation of Data Statistics makes effective in the decision making and it need the skill to understand it. Function of the Statistics: - The use of the statistics has been involved in one process. The function of the statistic is following: 1) Statistics Simplifies mass data: The statistic help into making the data simple. The statically data are easier to study or taking decision in survey of a town, there will be huge amount of the data collected, which is not possible to study for a decision, but with the help of statistic it can be interpretation will be easier. 2) Statistics makes Comparison easier: Statistic helps in the comparison of the amount of the data. Like the data collected from the different town. It can be easily study with statistic like the Census data of a Town can be easily study in the form of statically (In the form of graph). 3) Statistics brings our trends and tendencies in the data: The data can be easily study or analysis according to trends and tendencies of statistic. 4) Statistic brings out the hidden relations between variables: Statically analysis helps in drawing inferences on data. Statically analysis brings out the hidden relations between variables. 5) Decision making power becomes easier: after the interpretation and analysis, it is easier to take ant decision according to result.

The different between Primary and Secondary Data is Distinguished below:

Primary Data 1. Data is original and thus more accurate and reliable 2. Gathering data is expensive. 3. Data is not easily accessible. 4. Most of the data is homogeneous 5. Collection of data requires more time. 6. Extra precautionary measures need not be taken. 7. Data given detailed information.

Secondary Data 1. Data is not reliable. 2. Gathering data is cheap. 3. Data is easily accessible through internet or other resources. 4. Data is not homogeneous. 5. Collection of data requires less time. 6. Data needs extra care. 7. Data may not be adequate.

Question 2 Draw a histogram for the following distribution:

Age No. of people

0-10 2

10-20 5

20-30 10

30-40 8

40-50 4

Question 3 Find the (i) arithmetic mean and (ii) the median value of the following set of values: 40, 32, 24, 36, 42, 18, and 10. Answer; (1) Arithmetic mean The arithmetic mean X is given by, X = fi Xi/ fi X = (40+52+24+36+42+18+10)/7 = 202/7 = 28.85 Therefore, the arithmetic mean is 28.85. (2) Arranging in ascending order, we get 10, 18, 24, 32, 36, 40, 42 We have n=7 So, Median = 32 Therefore, the median value is 32.

Question 4 - Calculate the standard deviation of the following data: Marks No. of students 78-80 3 80-82 15 82-84 26 84-86 23 86-88 9 88-90 4

Answer: Frequency table of data for Number of Student Class interval 78-80 80-82 82-84 84-86 86-88 88-90 Mid Value X 79 81 83 85 87 89 Frequency "f" 3 15 26 23 9 4 80 d=X-83 2 -2 -1 0 1 2 3 fd -6 -15 0 23 18 12 32 fd2 12 15 0 23 36 36 122

2 = [fd2/N [fd/f]2 x (C.I)2 2 = [122/80 [32/80]2] X (2)2 2= [1.525-0.16] X 4 = 5.46 = (5.46)-2 = 2.336 Therefore, the standard deviation is 2.336.

Question 5 - Explain the following terms with respect to Statistics: (i) Sample, (ii) Variable, (iii) Population.

Answer: (i) Sample - sample is a finite subset of a population. A sample is choses among the all people/population to estimate the characteristics of the population. It is tool which, enable us to draw conclusion about the characteristic of the population.

Population

Sample

(ii) Variable variable denotes the random outcomes of any data, which can be get change by time or situation and may be random. There are two types of variables (1) Discrete random variable variable is discrete when the number of possible outcome in a random experiment is countable. (2) Continuous random variables Random variable is continuous when the number of outcomes in a random experiment is uncountable. (iii) Population The group consisting of all the units is called universe or population. There are four type of population. 1) Finite Population- a population with finite number of units. 2) Infinite Population a population with finite number of units. 3) Existent Population - A population of concrete object like books in the library 4) Hypothetical Population Throwing a coin infinite number of times.

Question 6 - An unbiased coin is tossed six times. What is the probability that the tosses will result in: (i) at least four heads, and (ii) exactly two heads Answer: Let n be the event of getting head So from question, P= , q= , n= 6 Therefore, Binomial distribution = (1/2 + 1/2)6 (i) Probability that the at least four heads comes.

P (X4) = P (X=4) + P (X=6) {6C4 (1/2)6-4} x (1/2)5} + {6C6 (1/2)6-6. (1/2)6} P (X4) = 6 x (1/2)7 + (1/2)6
= 6 x 1/128 + 1/64 = 3/64 + 1/64 = 4/64 (ii) Probability that the exactly two heads comes.

P (X=4) = 6C2 x (1/2)6-2 x (1/2)2 = 6x5/2x1) x (1/2)4 x (1/2)2 = 30/2 x 1/16 x 1/4
= 15/64