Description

SESSION JAN-FEB’24
PROGRAM MASTER OF BUSINESS ADMINISTRATION
(MBA)
SEMESTER 1
COURSE CODE & NAME DMBA103 STATISTICS FOR MANAGEMENT
Assignment Set – 1
1. Discuss Binomial Distribution.
Whataretheassumptionsunderwhichbinomialdistributionisapplied? Give examples 5+5
Ans 1.
The binomial distribution is a foundational concept in statistics, particularly useful for
modeling scenarios where outcomes are dichotomous, meaning they result in one of two
possible outcomes: success or failure. This type of distribution allows for the calculation of
the probability of a fixed number of successes in a given number of trials within a clearly
defined set of conditions.
Assumptions of the Binomial Distribution
For a statistical scenario to be appropriately modeled by a binomial distribution, several key
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2. Discuss meaning, definition, functions and requisites for classification.
Ans 2.
Meaning and Definition of Classification
Classification refers to the systematic arrangement of entities based on shared qualities or
characteristics into groups or categories. This method is fundamental in various fields such as
biology, library science, data analysis, and social sciences, serving as a means to organize and
simplify complex sets of data or information. The purpose of classification is to enhance
understanding and efficiency in accessing information. By grouping entities that exhibit
similar traits, classification helps in establishing order and facilitating effective
3. A clerk calculated arithmetic mean of 50 values as 39.2. However, it was found that
instead of taking two values as 25 and 32, he took them as 52 and 23. Find the corrected
arithmetic mean. 10
Ans 3.
To find the corrected arithmetic mean after the discovery of the data entry error, we first need
to understand the impact of the error on the initially calculated mean. Let’s start by examining
the error and then recalculating the correct mean.
Step 1: Reviewing the Initial Calculation
The clerk originally calculated the arithmetic mean of 50 values as 39.2. The arithmetic mean
Assignment Set – 2
4. What is sampling? Explain the importance in solving business problems. Critically
examine the well-known methods of probability sampling and non-probability sampling
2+2+3+3
Ans 4.
Sampling is a statistical method used to select a subset of data, or a sample, from a larger
population for the purpose of making predictions or inferences about that population. It is a
critical tool in research and business decision-making because it allows for the collection of
data points that are manageable, cost-effective, and timely, without needing to survey the
entire population.
Importance in Solving Business Problems
In business, sampling is crucial for making informed decisions efficiently and effectively.
5. What do you mean by index number? Explain the characteristics and uses of index
numbers in detail.
Ans 5.
Index numbers are statistical measures designed to show changes in a variable or group of
variables over time, relative to a base period. They are crucial tools in economics and
business for tracking trends, comparing data, and making informed decisions. This essay
explains the characteristics and uses of index numbers in detail.
Characteristics of Index Numbers
6. In a singing competition, two judges assigned the ranks for seven candidates which is
depicted in table given below. Find Spearman’s rank correlation coefficient.
Competitor 1 2 3 4 5 6 7
Judge I 5 6 4 3 2 7 1
Judge II 6 4 5 1 2 7 3
Ans 6.
Spearman’s rank correlation coefficient, denoted as ρ (rho), is a non-parametric measure of
rank correlation that assesses how well the relationship between two rankings can be
described using a monotonic function. This statistic is useful when dealing with ordinal data,
where the exact differences between ranked items are not meaningful, but their order is. In
the context of a singing competition, Spearman’s rho can help determine the degree of