Download The following are some of the characteristics of Normal distribution

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MB0040- STATISTICS FOR MANAGEMENT
Q1 Distinguish between Classification and Tabulation. Explain the structure and components of a Table with an
example.
Meaning of Classification and Tabulation
Differences between Classification and Tabulation
Structure and Components of a Table with an example
Answer.
Meaning of Classification and Tabulation
Classification
According to Secrist, “Classification is the process of arranging data into sequences and groups according to their common
characteristics or separating them into different but related parts”. According to Stockton and Clark, “The process of
grouping large number of individual facts and observations, on the basis of similarity among the items is called
Classification”.
Q2 a) Describe the characteristics of Normal probability distribution.
b) In a sample of 120 workers in a factory, the mean and standard deviation of wages were Rs. 11.35 and Rs.3.03
respectively. Find the percentage of workers getting wages between Rs.9 and Rs.17 in the whole factory assuming
that the wages are normally distributed.
Characteristics of Normal probability distribution
Formula/Computation/Solution to the problem
Answer.
a) Characteristics of Normal probability distribution
The following are some of the characteristics of Normal distribution:
1. Normal distribution is a Continuous probability distribution
2. Its Formula/Computation/Solution to the problem
Z1= (x1-µ)/σ
= (9-11.35)/3.03
Q3 a) The procedure of testing hypothesis requires a researcher to adopt several steps. Describe in brief all such
steps.
b) Distinguish between:
i. Stratified random sampling and Systematic sampling
ii. Judgment sampling and Convenience sampling
Hypothesis testing procedure
Differences
Answer.
Steps for procedure of testing hypothesis
Five Steps in Hypothesis Testing:
1. Specify the Null Hypothesis
2. Specify the Alternative Hypothesis
3. Set the Significance Level (a)
Q4 a) What is regression analysis? How does it differ from correlation analysis?
b) Calculate Karl Pearson’s coefficient of correlation between X series and Y series.
x
y
110
12
120
18
130
20
120
15
140
25
135
30
155
35
160
20
165
25
155
10
Meaning of Regression and Correlation
Differences
Formula/ Computation/ Solution to the problem
Answer.
Meaning of Regression and Correlation
Regression analysis
According to M. M. Blair, Regression is defined as, “the measure of the average relationship between two or more variables
Formula/ Computation/ Solution to the problem
Q5 Briefly explain the methods and theories of Business forecasting.
Meaning of Business forecasting
Methods of Business forecasting
Theories of Business forecasting
Answer.
Meaning of Business forecasting
Business forecasting provides a guide to long-term strategic planning and helps to inform decisions about scheduling of
production, personnel and distribution. These are common statistical tasks in business that are often done poorly and
frequently confused with planning and setting of goals. Forecasting of USB-ED introduces participants to forecasting
techniques and provides a practical understanding of the main forecasting tools used by economists, and business, marketing
Q6 Construct Fisher’s Ideal Index for the given information and check whether Fisher’s formula satisfies Time
Reversal and Factor Reversal Tests.
Items P0
Q0
P1
Q1
A
16
5
20
6
B
12
10
18
12
C
14
8
16
10
D
20
6
22
10
E
80
3
90
5
F
40
2
50
5
Formula of Fishers Ideal Index
Computation of Fisher’s Ideal Index
Fisher’s formula satisfies Time Reversal Test
Fisher’s formula satisfies Factor Reversal Test
Answer.
Formula of Fishers Ideal Index
This method is a combination of Laspeyre’s and Paasche’s method. If we find out the geometric average of Laspeyre’s
index and Paasche’s index, we get the index suggested by Fisher. Fisher’s index number is given by:
Where,
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