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Business Statistics Assignment

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18 views2 pages

Business Statistics Assignment

Uploaded by

johibel889
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Business statistics Assignment

1.Discuss the definition of statistics and explain its importance in the modern business
environment. Highlight its characteristics, functions, and limitations with suitable
examples.

2.Explain the need for data in business decision-making. Discuss the organization of
data, different types of data classification, and differentiate between qualitative and
quantitative data with examples.
3.Describe various methods of data collection and representation. Explain the principles
of measurement and the primary sources of data used in business research.
4.Define and differentiate the four scales of measurement—Nominal, Ordinal, Interval,
and Ratio. Provide examples of how each scale is applied in business statistics.

5.A group of students scored the following marks in a test: 45, 50, 60, 40, 55, 65, and
70.

a) Calculate the Arithmetic Mean, Median, and Mode.


b) Determine the Standard Deviation and Coefficient of Variance for the data.

6.The marks of students in a class are distributed as follows: 25, 30, 35, 40, 45, 50, 55,
60.

a) Compute the Geometric Mean and Harmonic Mean.

b) Compare the results with the Arithmetic Mean and comment on the findings.

7. The monthly salaries (in ₹) of 8 employees in a company are: 25,000, 28,000,


30,000, 35,000, 40,000, 42,000, 50,000, and 60,000.

a) Calculate the Range, Quartile Deviation, and Standard Deviation.

b) Analyze the data for Skewness and Kurtosis using appropriate measures.

8.Discuss the objectives of statistical averages and the requisites of a good average.
Compare the properties, merits, and demerits of Arithmetic Mean, Median, and Mode
with suitable examples.

9.Explain the concept of Measures of Dispersion. Discuss the importance of Range,


Quartile Deviation, Mean Deviation, Standard Deviation, and Coefficient of Variance in
statistical analysis with business-related examples.
10.Define Skewness and Kurtosis. Explain their significance in understanding data
distribution. Illustrate how these concepts are applied in analyzing business data with
examples.

11) A committee of 4 members is to be selected from 8 people. In how many ways can
this selection be made?

12) How many different arrangements can be made using the letters of the word
STATISTICS?
13) A bag contains 5 red balls, 4 blue balls, and 3 green balls. If two balls are drawn at
random, find the probability that:
i) Both balls are red.

ii) One ball is red, and the other is blue.

14) In a class of 40 students, 25 study Mathematics, 20 study Science, and 10 study


both subjects. If a student is selected randomly, what is the probability that they:

i) Study Mathematics or Science?

ii) Study neither Mathematics nor Science?

15) A company manufactures products in two plants: 60% from Plant A and 40% from
Plant B. 90% of Plant A’s products are of high quality, and 80% of Plant B’s products are
of high quality. If a product is selected randomly and is found to be of high quality, what
is the probability that it came from Plant
16) A coin is tossed 5 times. Find the probability of getting exactly 3 heads using the
Binomial Distribution.
17) Customers arrive at a store at an average rate of 5 per minute. Find the probability
of exactly 3 customers arriving in a given minute using the Poisson Distribution.
18) A dice is rolled, and a game is played where you win ₹10 if a 4 appears, ₹5 if a 5 or
6 appears, and lose ₹2 for any other result. Calculate the expected value of the game.

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