Master of Business Administration- MBA Semester 1MB0040
Statistics for Management - 4 Credits(Book ID: B1731)Assignment Set - 1 (60 Marks)Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions.Q1.a. Explain the characteristics of Statistics.b. What are the components of Statistics? Give a brief description of each of thecomponents.
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Q2.Explain the objectives of Statistical Average. What are the requisites of a good average?Q3.a. Mention the Characteristics of Chi-square test.b. Two research workers classified some people in income groups on the basis of samplingstudies. Their results are as follow:
Show that the sampling technique of atleast one research worker isdefective
Q4.What do you mean by cost of living index? Discuss the methods of construction of cost of living index with an example for each.
strategies of different components. After appropriate analysis of the various courses of actions, the team selects the best course of action, known as the ‘optimum strategy’.
ii) In Industry:
The system of modern industries is so complex that the optimum pointof operation in its various components cannot be intuitively judged by an individual.The business environment is always changing and any decision useful at one time maynot be so good sometime later. There is always a need to check the validity of decisionscontinuously against the situations. The industrial revolution with increased division of labor and introduction of management responsibilities has made each component anindependent unit having their own goals. For example: production departmentminimizes the cost of production but maximise output. Marketing departmentmaximizes the output, but minimizes cost of unit sales. Finance department tries tooptimize the capital investment and personnel department appoints good people atminimum cost. Thus each department plans its own objectives and all these objectivesof various department or components come to conflict with one another and may notagree to the overall objectives of the organization. The application of OR techniqueshelps in overcoming this difficulty by integrating the diversified activities of variouscomponents to serve the interest of the organization as a whole efficiently. OR methodsin industry can be applied in the fields of production, inventory controls and marketing, purchasing, transportation and competitive strategies.
In modern times, it has become necessary for every government to havecareful planning, for economic development of the country. OR techniques can befruitfully applied to maximise the per capita income, with minimum sacrifice and time.A government can thus use OR for framing future economic and social policies.
With increase in population, there is a need to increase agriculture output. But thiscannot be done arbitrarily. There are several restrictions. Hence the need to determine acourse of action serving the best under the given restrictions. You can solve this problem by applying OR techniques
v) In Hospitals
:OR methods can solve waiting problems in out-patient department of big hospitals andadministrative problems of the hospital organizations.
You can apply different OR methods to regulate the arrival of trains and processingtimes minimize the passengers waiting time and reduce congestion, formulate suitabletransportation policy, thereby reducing the costs and time of trans-shipment.
vii) Research and Development:
You can apply OR methodologies in the field of R&D for several purposes, such as tocontrol and plan product introductions.