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Master of Business Administration - MBA Semester 1

MBA103-Statistics of Management

Set - 1

Q1. Explain the concept of inferential statistics and how it is different from Descriptive statistics.

(Inferential statistics

Descriptive statistics)

Answer. : 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 examination of each
member of an entire population is

Q2. Marks obtained by 50 students are given below.

Marks 10-20 20-30 30-40 40-50 50-60 60-70 70-80

No. Of 2 8 6 14 3 10 7
Students

Calculate the median.

Calculation of Median

Answer. Median= L+ {[(N/2-F)/f] x h}

Q3. Define Regression analysis. Differentiate between Correlation Coefficient and Regression
Coefficient.

(Explanation of Regression Analysis

Difference between Correlation and Regression Coefficient)

Answer. Regression analysis

Regression analysis is used to estimate the values of the dependent variables from the values of the
independent variables. Regression analysis is used to get a measure of the error involved while using
the
 Set - 2

Q1. What is Business Forecasting? Point out its objectives and Differentiate among Prediction,
Projection and Forecasting.

Meaning of business forecasting

Objectives of business forecasting

Meaning of Prediction, Projection and Forecasting

Answer. Business Forecasting

Business forecasting refers to the analysis of past and present economic conditions with the object
of drawing inferences about probable future business conditions. The process of making definite

Q2. From the following data fit the straight line and predict the production for 2017 & 2018.

Years 2009 2010 2011 2012 2013 2014 2015

Production 8 12 13 17 25 22 30
(In Tonnes)

Fitting of straight line

Forecast for 2017

Forecast for 2018

Answer.

Q3. . For four commodities following figures are given

2014 2016

Commodity Price Quantity Price Quantity

A 25 6 28 5
B 28 7 25 8
C 12 15 10 20
D 35 4 40 3

Considering 2014 as base construct the following Index Numbers for 2016, construct

i. Laspeyre’s Index Number

ii. Paasche’s Index Number

iii. Dorbish and Bowley’s Index Number

iv. Fisher’s Index Number

Answer.

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