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Course: Business Statistics

Internal Assignment Applicable for April 2020 Examination

Mfr 1 - life of bulf (in hrs) Mfr 2 - life of bulf (in hrs)
684 819
831 907
859 952
893 994
922 1016
939 1038
972 1096
1016 1153
697 836
835 912
860 959
899 1004
924 1018
943 1072
977 1100
1041 1154
720 888
848 918
868 962
905 1005
1. A sample of 20 bulbs each was picked from the manufacturing facility of
two bulb manufacturers – Mfr 1 and Mfr 2. The table above provides the life
of bulbs for the two manufacturers. You are a quality testing person and are
presented with this data:

i. Which manufacturer has better performance on the life of bulbs? What are
the different measures you can consider to calculate performance?
ii. How would you assess the variability in performance of the two bulb
manufacturers?

iii. Would your answer to the first question change based on your assessment
of the variability in performance of bulb manufacturers?

Answer: (i) To measure the performance of bulbs in terms of life, we need to calculate the
arithmetic mean and median and decide accordingly.

Calculation of mean:

Mean:

Answer: (ii) To assess the variability in performance, we can calculate standard deviation
and make the decision accordingly.

Calculation of standard deviation

Answer: (iii) As per the first solution (Mean and median) Mfr 2 is better as compared to Mfr
1. Standard deviation is a mathematical tool to help us assess how far the values are spread
above and below the mean. A high standard deviation shows that the data is widely spread
(less reliable) and a low standard deviation shows that the data are clustered closely around
the mean (more reliable). By this also, Mfr 2 is better so there is no change in the solution
and it would remain the same.

Question: 2. For the data in the table below:

i. What do the correlation coefficients of 1, shaded in yellow, indicate?

ii. The highest correlation coefficient is 0.84, shaded in green. What can you
infer from that score about the relationship between the two variables?

iii. The two lowest correlation coefficients are 0.06 and -0.06. What can you
infer from that score about the relationship between the two variables?

r correlation Assets Expense Return 3-Year 5-Year

coefficient Ratio 2006 Return Return
Assets 1
Expense Ratio -0.29 1.00
Return 0.08 -0.13 1.00
 3-Year Return 0.07 -0.11 0.70 1.00
5-Year Return 0.06 -0.06 0.59 0.84 1.00

Answer: Correlation

When two or more variables move in sympathy with other, then they are said to be
correlated. If both variables move in the same direction then they are said to be positively
correlated. If the variables move in opposite direction then they are said to be negatively
correlated. If they move haphazardly then there is no correlation between them. Correlation
analysis deals with the following.

Question (i). What do the correlation coefficients of 1, shaded in yellow,

indicate?

A correlation coefficient of 1

Question (ii). The highest correlation coefficient is 0.84, shaded in green.

What can you infer from that score about the relationship between the two
variables?

Question (iii). The two lowest correlation coefficients are 0.06 and -0.06.
What can you infer from that score about the relationship between the two
variables?

A negative correlation coefficient of -0.06 means that for every positive increase in one
variable, there is

Question 3. The Indian cricket team is visiting New Zealand to play a test
series comprising five matches. In each match, assume that the Indian team
has a 70% chance of winning. Further, assuming that the matches are
independent of each other, what is the probability that:

a. The Indian team will win the series?

Answer: There are 5 matches

Therefore, n = 5
b. The team will win all five matches, and that the team will lose all?
Answer : Team will win all five matches means, n = 5
and team will lose all means, n = 0

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