Business Statistics — Winter 2023

What is statistics? How do you think that the knowledge of statistics is essential in management decision? Give examples.

What are the different measures of central tendency? Discuss the essentials of an ideal average.

Five men in a company of 20 are graduates. If 3 men are picked out of the 20 at random, What is the probability that they all are graduates? What is the probability that at least one graduate? And what is the probability that no graduate?

Find the correlation coefficient by Karl Pearson’s method between x and y and interpret its value. X: 57 42 40 33 42 45 42 44 40 56 44 43 Y: 10 60 30 41 29 27 27 19 18 19 31 29

Explain the meaning of each of the following terms:

Random phenomenon

Random Event

Sample space

Describe various methods of measuring variations. Which of these do you consider as the best and why?

Afinancial analyst wanted to find out whether inventory turnover influences company’s earnings per share (in percent). Arandom sample of 7 companies listed in a stock exchange was selected and the following data was recorded for each. Company Inventory turnover Earnings per share (Number of times) (Percent) A 4 11 B 5 9 C 7 13 D 8 E 6 13 F 3 G 5 Find the strength of association between inventory turnover and earnings per share and interpret this finding by using Spearman’s Rank correlation.

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Write detail note on principle of measurement scale.

Aproblem in business statistics is given to five students, A, B, C, Dand E. Their chances of solving it are ½, 1/3, ¼, 1/5 and 1/6 respectively. What is the probability that problem will be solved?

What is mean by ‘correlation’? Distinguish between positive, negative and zero correlation.

In a post office, three clerks are assigned to process incoming mail. The first clerk, A processes 40 percent; the second clerk, Bprocesses 35 percent; and the third clerk, C processes 25 percent of the mail. The first clerk has an error rate of 0.04, the second clerk has an error rate of 0.06 and the third clerk has an error rate of 0.03. Amail selected at random from day’s output is found to have an error. The postmaster wishes to know that the probability that it was processed by clerk Aor clerk Bor clerk C.

The mean yearly salary paid to all employees in a company was Rs.24,00,000. The mean yearly salary paid to male and female employees was Rs. 25,00,000 and Rs. 19,00,000, respectively. Find out the percentage of male and female employees in the company.

Define the terms relative frequency and cumulative frequency. How are these related to a frequency distribution?

The length of time taken by each of 18 workers to complete a specific job was observed to be the following: Time (in 5-9 10-14 15-19 20-24 25-29 min) Number 3 8 4 2 1 of workers

Calculate the median time

Calculate Q1 and Q3

The following data relate to the scores obtained by 9 sales men of a company in an intelligence test and their weekly sales (Rs. In 1000’s) Salesman A B C D E F G H I Weekly sales 50 60 50 60 80 50 80 40 70 Time score 30 60 40 50 60 30 70 50 60

Obtain the regression equation of sales on intelligence test scores of the salesman.

If the intelligence test score of a salesman is 65, what would be his excepted weekly sales?

What do you mean by probability? Explain the importance of probability.