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Master of Business Administration - MBA Semester 1

MBA103 - Statistics for Management

SET-I

Q1. According to the definition of Statistics given by Croxton and Cowden, what are the four
components of Statistics?
1st Component 2.5
2nd Component 2.5
3rd Component 2.5
4th Component 2.

Answer. 1st Component (Collection of data)

Careful planning is required while collecting data. Two methods used for collecting data are census
method and sampling method. The investigator has to take care while selecting an appropriate
collection method. In the census method, every unit or object of the population is

Q2. What do you mean by Statistical Averages? List various requisites of a Good Average.
A Statistical Averages.
Requisites of a Good Average.

Answer. The statistical average or simply an average refers to the measure of middle value of the data
set. The objectives

Q3. Explain the concept of combined mean.

Find the mean for the entire group of workers from the following data:

Group 1 Group 2

Mean Wages 150 200

No. of workers 500 450

Combined Mean 4
Mean of Entire group 6

Answer.
 SET-II
Q1. Write short notes on :
a. Standard Deviation 2
b. Addition rule of probability 2
c. Sampling and Non Sampling errors in statistics 4
d. Advantages of Business forecasting 2

Answer. Standard Deviation

Standard deviation is the root of sum of the squares of deviations divided by their numbers. It is also
called mean square error deviation (or) root mean square deviation. It is a second moment of
dispersion.

Q2. Marks obtained by 50 students are given below.

Marks 10-20 20-30 30-40 40-50 50-60 60-70 70-80

No. of students 2 8 6 14 3 10 7

Find Median 5
Mode

Answer.

Q3. Sales for last 7 years of ABC ltd is given in following table:

Year 2011 2012 2013 2014 2015 2016 2017

Sales (in 120 130 135 125 140 160 165
1000 Rs. )

Based on above data forecast the Sales for year 2018 & 2019.
Fitting of straight line 6
Sales for year 2018 2
Sales for year 2019 2

Answer.

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