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MB 0040- Statistics for Management – Summer 2016

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MB 0040- Statistics for Management


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.

QUESTION1. Write Short notes on 

  1. Inferential Statistics

Answer1a.Inferential statistics use a random sample of data taken from a population to describe and make inferences about the population. Inferential statistics are valuable when it is not convenient or possible to examine each member of an entire population. For example, it is impractical to measure


  1. Questionnaire design
  2. Statistical survey
  3. Ogives
  4. Histogram


QUESTION2. a. What do you mean by Probability? 

Answer2a. Probability is a branch of mathematics that deals with calculating the likelihood of a given event’s occurrence, which is expressed as a number between 1 and 0. An event with a probability of 1 can be considered a certainty: for example, the probability of a coin toss resulting in either “heads” or “tails” is 1, because there are no other options, assuming the coin lands flat. An


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-

  1. white
  2. non-white

iii. white or green 

  1. black or red


QUESTION3. What Do you mean by Sampling? Describe various Probability and Non- Probability Sampling Methods.


Sampling – In statistics, quality assurance, and survey methodology, sampling is concerned with the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population. Each observation measures one or more properties (such as weight, location, color)


QUESTION4. Write short notes on

  1. Type I and Type II error

Answer4a. When you do a hypothesis test, two types of errors are possible: type I and type II. The risks of these two errors are inversely related and determined by the level of significance and the power

  1. Level of Significance


  1. Null Hypothesis
  2. Two–tailed Tests and One–tailed Tests
  3. Test Statistics


QUESTION5. a. Explain The concept of One Way ANOVA

Answer5a. The one-way ANOVA compares the means between the groups you are interested in and determines whether any of those means are statistically significantly different from each other.

  1. Table given below depicts the data on production rate by five workmen on four machines. Test whether the rate is significantly different due to workers and machines



QUESTION6. a. Explain the meaning of Weighted Index Numbers.

Answer6a. When all commodities are not of equal importance. We assign weight to each commodity relative to its importance and index number computed from these weights is called weighted


  1. Information of sales price per unit of different commodities for two different years is given in following table-

Construct the Price Index taking 2010 as the base year and 2016 as the current year by following methods. 

  1. Laspeyre’s Price Index
  2. Paasche’s Method

iii. Dorbish and Bowley’s method 

  1. Fisher’s Ideal Index Method




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