BBA104–Quantitative Techniques in Business

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Assignment

DRIVE	SUMMER 2014
PROGRAMME	BBA
SUB CODE AND NAME	BBA104–Quantitative Techniques in Business
SEM	1
BOOK ID	B1500
CREDITS	2
MARKS	30

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.

Q.1 Statistics plays a vital role in almost every facet of human life. Define Statistics. Explain the applications of statistics in business and management.

Answer :  Statistics :

A type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. Statistics is a general term used to summarize a process that an analyst, mathematician or statistician can use to characterize a data set. If the data set is based on a sample of a larger population, then the analyst can extend inferences onto the population based on the statistical results from the sample. Some statistical measures include regression analysis, mean, kurtosis, skewness, analysis of variance and variance. Statisticians improve data quality by developing specific experiment

Q.2. a. What do you understand by time series? What are the different types of variation in time series? Briefly describe each with an example.

b. Construct a consumer price index for the information given by using Aggregate expenditure method,

Commodities	Quantity 2007 Q0	Unit	P0	P1
			2007	2008
A	7	Quintal	300	310
B	5	Quintal	305	308
C	4	Quintal	416	419
D	9	Quintal	530	625
E	3	K.G.	18	23
F	5	Quintal	1050	1070

Answer : a. Time series :

A time series is a sequence of data points, measured typically at successive points in time spaced at uniform time intervals. Examples of time series are the daily closing value of the Dow Jones Industrial Average and the annual flow volume of the Nile River at Aswan. Time series are very frequently plotted via line charts. Time series are used in statistics, signal processing, pattern recognition, econometrics, mathematical finance, weather forecasting,

b. There are two methods for the compute of consumer price index numbers.

(1) Aggregate expenditure method

(2) Family Budget Method

Aggregate expenditure method:

Q.3. What is statistical quality control? Discuss the various control charts.

Ans : Statistical Quality Control (SQC):

It is the term used to describe the set of statistical tools used by quality professionals. SQC is used to analyze the quality problems and solve them. Statistical quality control refers to the use of statistical methods in the monitoring and maintaining of the quality of products and services. All the tools of SQC are helpful in evaluating the quality of services. SQC uses different tools to analyze quality problem.

1) Descriptive Statistics

2) Statistical Process Control (SPC)

3) Acceptance Sampling

Descriptive Statistics involves describing quality

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