MBA 103- Statistics for Management

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ASSIGNMENT

DRIVE	FALL 2016
PROGRAM	Master of Business Administration- MBA
SEMESTER	Semester 1
SUBJECT CODE & NAME	MBA 103- Statistics for Management
BK ID	B1731
CREDIT & MARKS	4 Credits, 30 marks

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.

Question. 1. Give the meaning of the word Statistics. Mention the characteristics of Statistics.

Answer: The word statistics is used to give the following three meanings.

Firstly it is used in plural sense which refers to the collection of numerical data in aggregate form relating to any field of stud e.g. statistics of births, statistics of prices, statistics of road accidents etc.

Secondly it is used in singular sense which refers to the methods and procedures used in the collection, analysis, interpretation of data and presently the data in various forms such as tables, graphs, charts, diagrams and finding averages

Question. 2. a. What do you mean by Probability?

Answer: Probability is the measure of the likelihood that an event will occur. Probability is quantified as a number between 0 and 1 (where 0 indicates impossibility and 1 indicates certainty). The higher the probability of an event, the more certain that the event will occur. A simple example is the tossing of a fair (unbiased) coin. Since the coin is unbiased, the two outcomes ("head" and "tail") are both equally probable; the probability of "head" equals the probability of "tail." Since no other outcomes are possible, the probability is 1/2 (or

b. A bag contains 5 white, 6 red, 2 green and 2 black balls. One ball is selected at random from the bag. Find the probability that the selected ball is-

i. white

ii. non-white

iii. white or green

iv. black or red

Answer:

i. white- 5/15

ii. non-white- 4/14

Question. 3. What Do you mean by Sampling? Describe various Probability and Non- Probability Sampling Methods                                     

Answer: There are several alternative ways of taking a sample. The major alternative sampling plans may be grouped into probability techniques and non-probability techniques. In probability sampling every element in the population has a known nonzero probability of selection. The simple random is the best known probability sample, in

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