Business Statistics Suggestions, Hons 3rd Year Exam 2021, Management Department
Business Statistics Suggestions
Hons 3rd Year Exam 2021
Management Department
Part A
1) What is statistics?
Ans: Statistic is the science of decision making in the field of uncertainty.
2) What is ogive?
Ans: Ogive is a graph of cumulative frequency distribution.
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3) What is modal class?
Ans: The class which belongs highest frequency is called modal class. No extra column is required fo calculating mode.
4) What is the range between 1 and -1?
Ans: Range Highest value-Lowest value
= 1- (-1)
= 2
5) What are the minimum and maximum values of probability’?
Ans: Minimum value 0 and maximum value 1.
6) What is event?
Ans: One or more of the possible outcomes of doing something or one of the possible outcomes from conducting an experiment.
7) What is population?
Ans: A population is the collection of all possible objects having certain characteristic under a study
8) Define type-1 error.
Ans: Type I error is the rejecting a null hypothesis when it is true..
9) What is meant by r = 1 r = – 1 and r =0?
Ans: The value r = 1 , Means the perfect positive correlation.
The value of r = – 1 Means called perfect Negative correlation.
The value of r = 0 Means called Zero (0) correlation.
10) What is co-efficient of correlation?
Ans: Co-efficient of correlation is the measure of the strength of the linear relationship between two variables.
11) What is forecasting?
Ans: Busies formatives is Contained with predication of future Condition of basemen of the basis of past data
(12) Which index number is ideal?
Ans: Fisher index number is ideal.
13) What is data?
Ans : Data are the collection of raw facts and figures from any sets of enquiry for the purpose from atry sets of enquiry for the purpose of statistical analysis.
14) Who invented the stem and leaf display?
Ans: John Tukey.
15) What is the empirical relationship among arithmetic mean, median and mode.
Ans: Mode = 3 Median – 2 Mean
16) Define random variable.
Ans: A variable that is allowed to take on any value within a given range.
17) What is mutually exclusive event?
Ans: Events that can not happen together is called mutually exclusive event.
18) What is sampling error?
Ans: The error that arises due to drawing inference about a Population based on Sampling is known Sampling error.
19) What do you mean by correlation coefficient?
Ans: Co-efficient of correlation is the measure of the strength of the linear relationship between two variables.
20) What is least-square method?
Ans: The method of least squares is a standard approach in regression analysis to approximate the solution at over determined systems ie, sets of equations.
21) Which index number has no upward and downward tendency?
Ans: Cost of liking index number has no upward and downward tendency.
22) What is data array?
Ans: Data array means the arrangement of raw data by either descending or ascending order.
23) Define central tendency.
Ans: Central tendency is a typical value of a data set around which other figures congregate.
24) What is the five numbers summary?
Ans: 1. Lowest value,
2. Highest value;
3. First Quartile,
4. Third Quartile;
5. Median.
25) What is variance?
Ans: Variance is one of the absolute measures of variation/dispersion variance is the mean of sum of square of the difference between variable and its arithmetic mean.
26) What is skewness?
Ans: Skewness is the degree of a symmetry or, departure from symmetry, of a distribution.
27) What is called probability?
Ans : Probability is the favourable specific ratio of occurring or not occurring of any event.
28) What is the elaboration of ANOVA?
Ans: Analysis of Variance.
29) What is meant by type-ll error?
Ans: Type II error is the accepting a null hypothesis when it is false.
30) What do you mean by r+1 and r-1?
Ans: The value of r+1, Means the perfect positive correlation.
The value of r=-1. Means called perfect Negative correlation.
31) What are the components of time series?
Ans: The components of time series are (1) Trend
(ii) Seasonal Variation
(iii) Cyclical Variation
(iv) Irregular variation
32) What is value index?
Ans: A value index measures general changes in the total value of some variable over the time.
33) What is business statistics?
Ans: Business Statistics is a science assisting us to make, decision under uncertainties based on some numerical and measurable scale.
34) When mode is ill defined?
And: If a Series of observations has more than one mode then the mode is said to be ill defined mode.
35) What is regression analysis?
And: Regression Analysis is a mathematical measure of the average relationship between two or more variables in terms of original units of the data.
36) What is range?
And: Difference between highest value and lowest value.
37) Under what condition time reversal test is satisfied?
And: Time Reversal Test is satisfied when oPn x nPo = 1
38) What is sampling?
And: The methods for selecting sample from a Population is known in Sampling
39) What is Median?
And: The median is the measure of central tendency which takes place in middle of an ordered sequence of values.
40. What is price index number?
Ans: The Price Index measures the relative change in the retail or wholesale price level of any Particula.
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41. What is seasonal variation?
Ans: A variation which occurs with some degree of regularity withies is specific period of one year or shorter is called sesame variation.
42. What is joint probability?
Ans: The probability of two events occurring together is called joint probability.
43. What is co-efficient of variation?
Ans. Co-efficient of variation is the ratio of standard deviation and mean of a distribution. For suitable calculation it is expressed in percent.
44. When AM, GM and HM are equal?
Ans: If each value of a observation are equal then arithmetic mean, geometrie mean & harmoniemean are equal.
45. What is weighted average?
And: When we calculated the arithmetic mean/Average considering the weight of every observation, the mean/average is called the weighted arithmetic mean/weighted average.
46. Calulate range: 0,2.
Ans: Range (R) L-S=2-0=2
47. Who is the father of modern statisties?
Ans. Sir Ronald AFisher (1890-1962) is the father of statistics
48) What is Classification?
Ans. Classification is the process of arranging the available facts into homogeneous groups or classes according to resemblances and similarities.
49) What is Random Variable?
Ans. Random variable is a variable whose values are determined by chance.
50) Define population.
Ans. Population means aggregate of all elements under study. Population size is denoted by N.
51. When mean is 79 and variance is 64, find the value of Co-efficient of variance.
And: 10.13%
52. What do you mean by frequency?
Ans. The number of times a value of a variable occurs is called the frequency of that value.
53. What is two-tailed test?
Ans: It we use not equal to type alternative hypathesis then the test is called two tailed test.
54. What is parameters?
Ans: A parameter is a specific characteristic of a population. The unknown constants or any function of them that appear in mathematical specification of a population is known as parameter.
55. What is conditional probability?
Ans: If A and B are not two independent even then the probability that A occurs given that B has already occured is called conditional probability.
56) What is mant by multiple regression?
Ans: Multiple regression is a statistical tool in which the dependent variable depends on thw or more explanatory variables.
57. What is power of the test?
Ans. The probability of not committing a type II error is called the power of the test hypothesis.
58. What is empty set?
Ans. The empty set is unique set having no elements its size or cardinality is zero.
59. What is regression model?
Ans. A regression model is used to investigate the relationship between two or more variable and estimate one variable based on the others.
60.What is random variable?
Ans. A variable that is allowed to take on any value within a given range.
61. What is level of significance?
Ans. The probability of type I error is called level of significance.
62. What is sample space? (j)
Ans. The get of all Possible outcomes of an experiment is called sample space.
63. What is standard error?
Ans. Standard error means the standard deviation of the sampling distribution of a statistic.
64. What is slope?
Ans. A constant for any given straight line whose value represents how much each unit change of the independent variable changes the dependent variable.
65. What is linear relationship?
Ans. There is a perfect linear relationship between two variables if a scatter plot of the points falls on a straight line. The relationship is linear even if the points diverge from the line as long as the divergence is random rather than being systematic
Part B
1. Describe the limitations of statistics.
2. What are the methods of collecting secondary data?
3. What is the necessity of time series analysis?
4. Show the differences between correlation and regression.
5. Why standard deviation is considered to be the best measure?
6. Show the difference between population and sample.
7. What are the purpose of constructing index number?
8. What are the characteristics of statistics?
9. What are the characteristics of a good Central value/average?
10. Distinguish between skewness and kurtosis.
11. Discuss the importance of statistics.
12. Write down the significance of measuring correlation.
13. Mention the significance of measuring dispersion.
14. Discuss the importance of graphical representation of statistical data.
15. Explain the addition and multiplication theorem of probability.
16. Discuss the steps of hypothesis testing.
17. So difference between diagram and graph.
18. Discuss the types of series.
19. Differentiate between median and mode.
Part C
1. a) Define population sample and sampling with example.
b) Explain the advantages of sample survey compared to population survey. Discuss about the various sampling method.
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2. What is kurtosis? Describe the various type of Kurtosis with diagram.
3. Define index number. Which index number is called ideal and why?
4. a) Write the difference between costliving index and price index.
b) Prove the Fisher’s index can satisfy both both TRT and FRT.
5. a) “Statistics is the main tool for the decision making of business”- Explain.
b)Narrate the scope of statistics.
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