Then, assuming the null hypothesis is true, the probability of a difference that large or larger is computed. After discovering the business opportunity, he will see the possibilities of assembling men, money, materials etc. Chain index number b. Objectives of Business forecasting: Take a look at the example below.

Adequate planning, no matter whether it is overall or sectoral, short-term or long term, largely depends on forecasting.

You can use test statistics to determine whether to reject the null hypothesis. Data are analyzed Describe the functions of Statistics.

The number of questions should be less. The table shows the data of Expenditure of a family on food, clothing, education, rent and other items. Explain the objectives and theories of Business forecasting. A successful promoter is also the prophet of economic conditions.

Thus if the price of Rice has gone up above a certain level in a certain time period, there is likelihood that after some time it will go down below the normal level, thus, according to this theory a certain level of business activity is normal-sub normal or abnormal conditions cannot remaining so for ever- there is a bound to be reaction to them.

Simple random sampling Suppose the probability of dialing a wrong number is 0. Grand totals, measures of central tendency and measures of dispersion, graphs and diagrams and coefficient of correlation all provide ample scope for comparison.

That is why Bowley remarked, "Statistics is a science of averages. Efficient utilisation of capital is a delicate issue before the management. Give a brief description of each of the components.

Undoubtedly, forecasting is a prelude to planning and indeed it is the foundation on which planning takes place. That is given by: They are sent to the respondents with a covering letter soliciting cooperation by giving correct information and mailing it back.

In many cases we can't even obtain a long series of repetitions due to time, cost, or other limitations. A statistical analysis tool that separates the total variability found within a data set into two components: It is denoted by P A.

If the occurrence of one event does affect the probability of the other occurring, then the events are dependent. A Testing HypothesisNull and Alternate hypothesis In hypothesis testing, we must state the assumed or hypothesized value of the population parameter before we begin sampling.

This test measures and summarises the differences if any, between the observed and expected values of the considered statistical model. They are as follows: Two cards are drawn without replacement from well stuffed pack of 52 cards. A nonparametric test that a concerned with the degrees of agreement between a set of observed ranks Sample Values and a theoretical frequency distribution.

The objectives of investigation are explained in the covering letter together with assurance for keeping information provided by them as confidential. For example, when a die is rolled the probability of getting a 2 is because one of the six faces is a 2. Mention the Characteristics of Chi-square test.

An example would be rolling a 2 on a die and flipping a head on a coin. Interval Interval scales are numeric scales in which we know not only the order, but also the exact differences between the values.

If we use a hypothesized value of a population mean in a problem, we would represent it symbolically as H0. Find the mean for whole class. This will not always be the case, but you would still follow these steps even if you are using a different distribution and test statistic.

What are the requisites of a good average?. MB – Statistics for Management - 4 Credits (Book ID: B) Assignment Set - 1 (60 Marks) Note: Assignment Set -1 must be written within pages. Answer all questions. Q1.a. Explain the characteristics of Statistics.

MB STATISTICS FOR MANAGEMENT 1. Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics. Explain the applications of statistics?

ANS. Answer: Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments.

Jan 06, · Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments. Statistics For Management.

STATISTICS FOR MANAGEMENT ASSIGNMENT - 1 MBA 1st Semester Subject Code: MB Roll No: NAME: SANJAY EKBOTE Statistics For Management 1. (a) ‘Statistics is the backbone of decision-making’. Comment.

(b). Explain the characteristics of Statistics. Answer: Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments.

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