COURSE: MBA ASSIGNMENT 1ST SEMISTER

NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102

MB0024 :STATISTICS FOR MANAGEMENT
Set 1

QUESTION 1:
Case 1
ABC Branch of XYZ Bank has decided to give 10 Lakh of loan each on long term basis to only
two of their customers (accountholders), who are businessmen of the locality. About 20
businessmen had applied for loan in order to develop their business further. In order to reject
some of the applications (as the fund was limited), the Bank decided that accountholder who
had maintained a minimum balance of 50000 INR would only be considered for the loan. As a
result, 10 applications were automatically rejected as they were not satisfying the requirement of
minimum balance. Now, the 10 applications remained and it was found that monthly minimum
balance in all the cases were more than 50000 INR for the last 12 months. Their account details
of monthly minimum balance are given below.

Month Monthly Minimum Balance in INR

s

A/C A/C A/C A/C A/C A/C A/C A/C A/C A/C
Holder Holder Holder 3 Holder Holder Holder Holder Holder Holder Holder
1 2 4 5 6 7 8 9 10
Jan, 60000 56000 66000 86000 56000 59000 59000 52000 53000 56000
2008
Feb, 70000 76000 74000 96000 76000 96000 78000 73000 98000 76000
2008
Mar, 55000 11000 112000 190000 11000 12000 11500 11200 11300 120000
2008 0 0 0 0 0 0
Apr, 90000 89000 90000 98000 89000 97000 87000 93000 66000 89000
2008
May, 56000 88000 84000 84000 88000 98000 90000 89000 87000 86000
2008
Jun, 80000 52000 57000 57000 52000 57000 55000 54000 59000 72000
2008
Jul, 82000 58000 96000 66000 58000 56000 86000 55000 98000 98000
2008
Aug, 79000 95000 55000 93000 95000 98000 99000 96000 59000 95000
2008
Sept, 51000 86000 76000 74000 86000 88000 89000 97000 87000 84000
2008
Oct, 95000 90000 95000 99000 90000 99000 95000 99000 95000 90000
2008
Nov, 82000 82000 87000 84000 82000 88000 87000 88000 86000 82000
2008
Dec, 83000 55000 56000 57000 55000 59000 59000 59000 52000 53000
2008

You as an Assistant Branch Manager of the Bank are entrusted the task of selecting two
account holders for sanctioning the loans. How you will select the two individuals among the 10
applicants to give the loan using appropriate statistical techniques? Give proper justification for
your selection.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
ANSWER…
As an Assistant branch manager I will use below mentioned method to sanction loan

Mode of selection:

1) Calculate the mean of each Account holders balance in bank.

Formula used to calculate “Mean”

2) Then calculate the Standard deviation of each account holder.

Formula used to calculate “Standard Deviation”

3) Then after calculation Standard deviation calculate the Coefficient of variation using
formula as mentioned below:

Coefficient of Variation ‘CV’ % = Standard deviation ‘S’ × 100

X mean

The attached page is having calculations done for getting final value i.e. Coefficient of
variation from which we can decide as to whom to sanction loan.
Based upon values of CV it is observed that CV of account holder 1 and account holder 7 is
on lower side i.e. 20.04% and 21.46%.
This means that the variation of balance is low in case of account holder 1 and account
holder 7 compared to other account holders hence the stability of balance will be well
maintained by these two account holders.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT

SET 2

QUESTION 1:

What do you mean by sample survey? What are the different sampling methods? Briefly
describe them.

ANSWER…

Introduction

Sample is a finite subset of a population drawn from it to estimate the characteristics of the
population. Sampling is a tool which enables us to draw conclusions about the characteristics of
the population. Survey sampling describes the process of selecting a sample of elements from a
target population in order to conduct a survey. A survey may refer to many different types or
techniques of observation, but in the context of survey sampling it most often refers to a
questionnaire used to measure the characteristics and/or attitudes of people. The purpose of
sampling is to reduce the cost and/or the amount of work that it would take to survey the entire
target population. A survey that measures the entire target population is called a census.
Sample survey can also be described as the technique used to study about a population with
the help of a sample. Population is the totality all objects about which the study is proposed.
Sample is only a portion of this population, which is selected using certain statistical principles
called sampling designs (this is for guaranteeing that a representative sample is obtained for the
study). Once the sample decided information will be collected from this sample, which process
is called sample survey

Sampling methods are classified as either

1) Probability or
2) Non-probability.

In probability samples, each member of the population has a known non-zero probability of
being selected.

Probability methods include

 Random sampling,
 Systematic sampling, and
 Stratified sampling.

In non-probability sampling, members are selected from the population in some non-random
manner.
Non Probability method include
 Convenience sampling,
 Judgment sampling,
 Quota sampling, and
 Snowball sampling

The advantage of probability sampling is that sampling error can be calculated.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
Sampling error is the degree to which a sample might differ from the population. When inferring
to the population, results are reported plus or minus the sampling error.
In non-probability sampling, the degree to which the sample differs from the population
remains unknown

Probability Sampling Methods

1. Random sampling: is the purest form of probability sampling. Each member of the
population has an equal and known chance of being selected. When there are very large
populations, it is often difficult or impossible to identify every member of the population, so the
pool of available subjects becomes biased.

2. Systematic sampling: is often used instead of random sampling. It is also called an Nth
name selection technique. After the required sample size has been calculated, every Nth record
is selected from a list of population members. As long as the list does not contain any hidden
order, this sampling method is as good as the random sampling method. Its only advantage
over the random sampling technique is simplicity. Systematic sampling is frequently used to
select a specified number of records from a computer file.

3. Stratified sampling: is commonly used probability method that is superior to random

sampling because it reduces sampling error. A stratum is a subset of the population that share
at least one common characteristic.
Examples of stratums might be males and females, or managers and non-managers. The
researcher first identifies the relevant stratums and their actual representation in the population.
Random sampling is then used to select a sufficient number of subjects from each stratum.
"Sufficient" refers to a sample size large enough for us to be reasonably confident that the
stratum represents the population.
Stratified sampling is often used when one or more of the stratums in the population have a low
incidence relative to the other stratums.

Non Probability Methods

1. Convenience sampling: is used in exploratory research where the researcher is interested
in getting an inexpensive approximation of the truth. As the name implies, the sample is
selected because they are convenient. This non-probability method is often used during
preliminary research efforts to get a gross estimate of the results, without incurring the cost or
time required to select a random sample.

2. Judgment sampling: is a common non-probability method. The researcher selects the

sample based on judgment. This is usually extension of convenience sampling. For example, a
researcher may decide to draw the entire sample from one "representative" city, even though
the population includes all cities. When using this method, the researcher must be confident that
the chosen sample is truly representative of the entire population.

3. Quota sampling: is the non-probability equivalent of stratified sampling. Like stratified

sampling, the researcher first identifies the stratums and their proportions as they are
represented in the population. Then convenience or judgment sampling is used to select the
required number of subjects from each stratum. This differs from stratified sampling, where the
stratums are filled by random sampling.

4. Snowball sampling: is a special non-probability method used when the desired sample
characteristic is rare. It may be extremely difficult or cost prohibitive to locate respondents in
these situations. Snowball sampling relies on referrals from initial subjects to generate additional

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
subjects. While this technique can dramatically lower search costs, it comes at the expense of
introducing bias because the technique itself reduces the likelihood that the sample will
represent a good cross section from the population.
QUESTION 2:

What is the different between correlation and regression? What do you understand by Rank
Correlation? When we use rank correlation and when we use Pearsonian Correlation
Coefficient? Fit a linear regression line in the following data –
X 12 15 18 20 27 34 28 48
Y 123 150 158 170 180 184 176 130

ANSWER…
Difference between Correlation and Regression are :
Correlation Regression
Definition: When two or more variables Definition: Regression is defined as, “the
move in sympathy with other, then they are measure of the average relationship between
said to be correlated. If both variables move two or more variables in terms of the original
in the same direction then they are said to units of the data.”
be positively correlated. If the variables
move in opposite direction then they are
said to be negatively correlated. If they
move haphazardly then there is no
correlation between them.
Correlation analysis deals with Regression analysis attempts to predict the
1) Measuring the relationship between average x for a given y. In Regression it is
variables. attempted to quantify the dependence of one
2) Testing the relationship for its variable on the other. The dependence is
significance. expressed in the form of the equations.
3) Giving confidence interval for population
correlation measure. Regression
Correlation analysis attempts to study the
relationship between the two variables x
and y.

Correlation coefficient Regression coefficient

rxy= ryx byx=bxy
-1<r<1 If byx can be greater than one,but bxy must
be less than one such that byx.bxy<1
It has no units attached to it It has units attached to it
It is not based on cause and effect It is based on cause and effect relationship
relationship
It indirectly helps in estimation It is meant for estimation

Rank correlation:

In statistics, rank correlation is the study of relationships between different rankings on the same
set of items. A rank correlation coefficient measures the correspondence between two rankings
and assesses its significance.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
Two of the more popular rank correlation statistics are

1. Spearman's rank correlation coefficient (Spearman's ρ)

2. Kendall's tau rank correlation coefficient (Kendall's τ)

An increasing rank correlation coefficient implies increasing agreement between rankings.

The coefficient is inside the interval [-1, 1] and assumes the value:
• -1 if the disagreement between the two rankings is perfect; one ranking is the reverse of
the other.
• 0 if the rankings are completely independent.
• 1 if the agreement between the two rankings is perfect; the two rankings are the same.

SPEARMAN RANK CORRELATION COEFFICIENT:

Spearman Rank Correlation Coefficient is a non-parametric measure of correlation, using ranks

to calculate the correlation. Spearman Rank Correlation Coefficient uses ranks to calculate
correlation.
Whenever we are interested to know if two variables are related to each other, we use a
statistical technique known as correlation. If the change in one variable brings about a change in
the other variable, they are said to be correlated.

A well known measure of correlation is the Pearson product moment correlation coefficient
which can be calculated if the data is in interval/ ratio scale.

It is also known as the "spearman rho" or "spearman r correlation".

The Spearman Rank Correlation Coefficient is its analogue when the data is in terms of ranks.
One can therefore also call it correlation coefficient between the ranks. The correlation
coefficient is sometimes denoted by rs.

PEARSON PRODUCT-MOMENT CORRELATION:

Pearson Product-Moment Correlation is one of the measures of correlation which quantifies the
strength as well as direction of such relationship. It is usually denoted by Greek letter ρ.
In the study of relationships, two variables are said to be correlated if change in one variable is
accompanied by change in the other – either in the same or reverse direction.

CONDITIONS:

This coefficient is used if two conditions are satisfied

1. the variables are in the interval or ratio scale of measurement
2. a linear relationship between them is suspected
RANGE OF ρ
Value of ρ Strength of relationship
-1.0 to –0.5 or 1.0 to 0.5 Strong
-0.5 to –0.3 or 0.3 to 0.5 Moderate
-0.3 to –0.1 or 0.1 to 0.3 Weak
–0.1 to 0.1 None or very weak

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT

Fit a linear regression line in the following data –

X 12 15 18 20 27 34 28 48
Y 123 150 158 170 180 184 176 130
y = mx + b
n( xy)  ( x)( y)
slope = m =
n( x2)  ( x)2

y  m( x)
intercept = b =
n

Column1 x y xy x^2
12 123 1476 144
15 150 2250 225
18 158 2844 324
20 170 3400 400
27 180 4860 729
34 184 6256 1156
28 176 4928 784
48 130 6240 2304
sum 202 1271 32254 6066

Slope m= 8(32254)-(202)(1271) = 258032-256742 = 1290/7724=0.1670119

8(6066)- (202)^2 48528-40804

Intercept b= 1271-0.1670119(202) = 1271-33.736406 = 1237.2636/8= 154.65795

8 8

Therefore line is y = mx + b
y = 0.1670119x + 154.65795

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT

QUESTION 3:

What do you mean by business forecasting? What are the different methods of business
forecasting? Describe the effectiveness of time-series analysis as a mode of business
forecasting. Describe the method of moving averages.

ANSWER…
Introduction

Business forecasting refers to the analysis of past and present economic conditions with the
object of drawing inferences about probable future business conditions. To forecast the future,
various data, information and facts concerning to economic condition of business for past and
present are analyzed. The process of forecasting includes the use of statistical and
mathematical methods for long term, short term, medium term or any specific term.

Following are the main methods of business forecasting:

1. Business Barometers
Business indices are constructed to study and analyze the business activities on the basis of
which future conditions are predetermined. As business indices are the indicators of future
conditions, so they are also known as “Business Barometers” or “Economic Barometers. With
the help of these business barometers the trend of fluctuations in business conditions are made
known and by forecasting a decision can be taken relating to the problem. The construction of
business barometer consists of gross national product, wholesale prices, consumer prices,
industrial production, stock prices, bank deposits etc. These quantities may be concerted into
relatives on a certain base. The relatives so obtained may be weighted and their average be
computed. The index thus arrived at in the business barometer.
The business barometers are of three types:
i) Barometers relating to general business activities: it is also known as general index
of business activity which refers to weighted or composite indices of individual index
business activities. With the help of general index of business activity long term trend
and cyclical fluctuations in the „economic activities of a country are measured but in
some specific cases the long term trends can be different from general trends. These
types of index help in formation of country economic policies.
ii) ii) Business barometers for specific business or industry: These barometers are used
as the supplement of general index of business activity and these are constructed to
measure the future variations in a specific business or industry.
iii) Business barometers concerning to individual business firm: This type of barometer
is constructed to measure the expected variations in a specific individual firm of an
industry.

2. Time Series Analysis is also used for the purpose of making business forecasting. The
forecasting through time series analysis is possible only when the business data of various
years are available which reflects a definite trend and seasonal variation.

3. Extrapolation is the simplest method of business forecasting.

By extrapolation, a businessman finds out the possible trend of demand of his goods and about
their future price trends also.
The accuracy of extrapolation depends on two factors:

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
i) Knowledge about the fluctuations of the figures,
ii) Knowledge about the course of events relating to the problem under consideration.

4. Regression Analysis:
The regression approach offers many valuable contributions to the solution of the forecasting
problem. It is the means by which we select from among the many possible relationships
between variables in a complex economy those which will be useful for forecasting. Regression
relationship may involve one predicted or dependent and one independent variables simple
regression, or it may involve relationships between the variable to be forecast and several
independent variables under multiple regressions. Statistical techniques to estimate the
regression equations are often fairly complex and time-consuming but there are many computer
programs now available that estimate simple and multiple regressions quickly.

5. Modern Econometric Methods:

Econometric techniques, which originated in the eighteenth century, have recently gained in
popularity for forecasting. The term econometrics refers to the application of mathematical
economic theory and statistical procedures to economic data in order to verify economic
theorems. Models take the form of a set of simultaneous equations. The value of the constants
in such equations are supplied by a study of statistical time series,

6. Exponential Smoothing Method:

This method is regarded as the best method of business forecasting as compared to other
methods. Exponential smoothing is a special kind of weighted average and is found extremely
useful in short-term forecasting of inventories and sales.

Choice of a Method of Forecasting:

The selection of an appropriate method depends on many factors – the context of the forecast,
the relevance and availability of historical data, the degree of accuracy desired, the time period
for which forecasts are required, the cost benefit of the forecast to the company, and the time
available for making the analysis.

Effectiveness of Time Series Analysis:

Time series analysis is also used for the purpose of making business forecasting. The
forecasting through time series analysis is possible only when the business data of various
years are available which reflects a definite trend and seasonal variation. By time series
analysis the long term trend, secular trend, seasonal and cyclical variations are ascertained,
analyzed and separated from the data of various years.
Merits:
i) It s an easy method of forecasting.
ii) By this method a comparative study of variations can be made.
iii) Reliable results of forecasting are obtained as this method is based on mathematical
model.

Method of Moving Averages One of the most simple and popular technical analysis indicators
is the moving averages method. This method is known for its flexibility and user-friendliness.
This method calculates the average price of the currency or stock over a period of time. The
term “moving average” means that the average moves or follows a certain trend. The aim of this
tool is to indicate to the trader if there is a beginning of any new trend or if there is a signal of
end to the old trend. Traders use this method, as it is relatively easy to understand the direction
of the trends with the help of moving averages.
Moving average method is supposed to be the simplest one, as it helps to understand the chart

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
patterns in an easier way. Since the currency’s average price is considered, the price’s volatile
movements are evened. This method rules out the daily fluctuation in the prices and helps the
trader to go with the right trend, thus ensuring that the trader trades in his own good. We come
across different types of moving averages, which are based on the way these averages are
computed. Still, the basis of interpretation of averages is similar across all the types. The
computation of each type set itself different from other in terms of weightage it lays on the prices
of the currencies. Current price trend is always given a higher weightage. The three basic types
of moving averages are viz. simple, linear and exponential. A simple moving average is the
simplest way to calculate the moving price averages. The historical closing prices over certain
time period are added. This sum is divided by the number of instances used in summation. For
example, if the moving average is calculated for 15 days, the past 15 historical closing prices
are summed up and then divided by 15. This method is effective when the number of prices
considered is more, thus enabling the trader to understand the trend and its future direction
more effectively. A linear moving average is the less used one out of all. But it solves the
problem of equal weightage. The difference between simple average and linear average method
is the weightage that is provided to the position of the prices in the latter. Let’s consider the
above example. In linear average method, the closing price on the 15th day is multiplied by 15,
the 14th day closing price by 14 and so on till the 1st day closing price by 1. These results are
totaled and then divided by 15. The exponential moving average method shares some similarity
with the linear moving average method. This method lays emphasis on the smoothing factor,
there by weighing recent data with higher points than the previous data. This method is more
receptive to any market news than the simple average method. Hence this makes exponential
method more popular among traders. Moving averages methods help to identify the correct
trends and their respective levels of resistance.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT

QUESTION 4

What is definition of Statistics? What are the different characteristics of statistics? What are the
different functions of Statistics? What are the limitations of Statistics?

ANSWER…

According to Croxton and Cowden, ‘Statistics is the science of collection, presentation, analysis
and interpretation of numerical data.’ Thus, Statistics contains the tools and techniques required
for the collection, presentation, analysis and interpretation of data. This definition is precise and
comprehensive.

Characteristic of Statistics
a. Statistics Deals with aggregate of facts: Single figure cannot be analyzed.
b. Statistics are affected to a marked extent by multiplicity of causes: The statistics of yield of
paddy is the result of factors such as fertility of soil, amount of rainfall, quality of seed used,
quality and quantity of fertilizer used, etc.
c. Statistics are numerically expressed: Only numerical facts can be statistically analyzed.
Therefore, facts as ‘price decreases with increasing production’ cannot be called statistics.
d. Statistics are enumerated or estimated according to reasonable standards of accuracy: The
facts should be enumerated (collected from the field) or estimated (computed) with required
degree of accuracy. The degree of accuracy differs from purpose to purpose. In measuring the
length of screws, an accuracy upto a millimeter may be required, whereas, while measuring the
heights of students in a class, accuracy upto a centimeter is enough.
e. Statistics are collected in a systematic manner: The facts should be collected according to
planned and scientific methods. Otherwise, they are likely to be wrong and misleading.
f. Statistics are collected for a pre-determined purpose: There must be a definite purpose for
collecting facts. E.g. Movement of wholesale price of a commodity.
g. Statistics are placed in relation to each other: The facts must be placed in such a way that a
comparative and analytical study becomes possible.
Thus, only related facts which are arranged in logical order can be called statistics.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
Functions of Statistics :
1. It simplifies mass data
2. It makes comparison easier
3. It brings out trends and tendencies in the data
4. It brings out hidden relations between variables.
5. Decision making process becomes easier.

Major limitations of Statistics are:

1. Statistics does not deal with qualitative data. It deals only with quantitative data.
2. Statistics does not deal with individual fact: Statistical methods can be applied only to
aggregate to facts.
3. Statistical inferences (conclusions) are not exact: Statistical inferences are true only on an
average. They are probabilistic statements.
4. Statistics can be misused and misinterpreted: Increasing misuse of Statistics has led to
increasing distrust in statistics.
5. Common men cannot handle Statistics properly: Only statisticians can handle statistics
properly.

QUESTION 5:

What are the different stages of planning a statistical survey? Describe the various methods for
collecting data in a statistical survey.

ANSWER...

The planning stage For statistical survey consists of the following sequence of activities.
1. Nature of the problem to be investigated should be clearly defined in a un-ambiguous
manner.
2. Objectives of investigation should be stated at the outset. Objectives could be to obtain
certain estimates or to establish a theory or to verify a existing statement to find relationship
between characteristics etc.
3. The scope of investigation has to be made clear. It refers to area to be covered, identification
of units to be studied, nature of characteristics to be observed, accuracy of measurements,
analytical methods, time, cost and other resources required.
4. Whether to use data collected from primary or secondary source should be determined in
advance.
5. The organization of investigation is the final step in the process. It encompasses the
determination of number of investigators required, their training, supervision work needed, funds
required etc.

Collection of primary data can be done by anyone of the following methods.

i. Direct personal observation
ii. Indirect oral interview
iii. Information through agencies
iv. Information through mailed questionnaires
v. Information through schedule filled by investigators
.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT

QUESTION 6:

What are the functions of classification? What are the requisites of a good classification? What
is Table and describe the usefulness of a table in mode of presentation of data?

ANSWER…

The functions of classification are:

a. It reduce the bulk data
b. It simplifies the data and makes the data more comprehensible
c. It facilitates comparison of characteristics d. It renders the data ready for any statistical
analysis

Requisites of good classification are:

i. Unambiguous: It should not lead to any confusion
ii. Exhaustive: every unit should be allotted to one and only one class
iii. Mutually exclusive: There should not be any overlapping.
iv. Flexibility: It should be capable of being adjusted to changing situation.
v. Suitability: It should be suitable to objectives of survey.
vi. Stability: It should remain stable through out the investigation
vii. Homogeneity: Similar units are placed in the same class.

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COURSE: MBA ASSIGNMENT 1ST SEMISTER
NAME: KUNDAIKER SAIESH GAJANAN ROLL NO 520943102
MB0024 :STATISTICS FOR MANAGEMENT
viii. Revealing: Should bring out essential features of the collected data.

Table is nothing but logical listing of related data in rows and columns.
Objectives of tabulation are:
i. To simplify complex data
ii. To highlight important characteristics
iii. To present data in minimum space
iv. To facilitate comparison
v. To bring out trends and tendencies
vi. To facilitate further analysis

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