Ans 1.

Meaning of Classification: The process of dividing the data into different groups ( viz. classes) which are homogeneous within but heterogeneous between themselves, is called a classification.It helps in understanding the salient features of the data and also the comparison with similar data. For a final analysis it is the best friend of a statistician. Meaning of tabulation: It is the process of condensation of the data for convenience, in statistical processing, presentation and interpretation of the information. Difference between Classification and Tabulation: In classification, data are separated and grouped based on a property of the data common to all values. In tabulation, data is arranged into columns and rows based on characteristics/properties, or indicators. Tabulation often emphasize on the presentation aspects of the data, while classification is used as a means of sorting of data for further analysis.

Structure and Components of a Table with an example: In statistics, tabulation is a method of summarizing data, using a systematic arrangement of data into rows and columns. Tabulation is carried out with the intention of carrying out investigation, for comparison, to identify errors and omissions in data, to study a prevailing trend, to simplify the raw data, to use the space economically and use it as future reference. Generally a statistical table has following components.

Component Title

Description

Title is a brief and clear explanation of the contains of the table A number is assigned to a table for easy identification when many tables are included. Table Number Date of the creation of the table should be indicated Date Each row of the table is given a brief name, usually provided in the first column. Such a name is known as a stub, and the column is known as the stub column Row Designations Each column is given a heading to explain the nature of the figures included in each column. Such names are known as captions or headings. Column Headings Data is entered into the main body and should be created for easy identification of each data items. Numeric values are often ordered in either ascending or descending order. Body of the table The unit of measurement of the values in the table body should be indicated. Unit of Measurement The tables should provide the primary and secondary sources for the data below the body of the table. Sources Footnotes and References Addition details for clarifying the contents of the table.

Ans. 2(a)
The characteristics of Normal probability distribution are as follows: 1. The highest point occurs at x=. 2. It is symmetric about the mean, . One half of the curve is a mirror image of the other half, i.e., the area under the curve to the right of is equal to the area under the curve to the left of equals . 3. It has inflection points at - and +. 4. The curve is asymptotic to the horizontal axis at the extremes. 5. The total area under the curve equals one. 6. Empirical Rule: Approximately 68% of the area under the curve is between - and +. Approximately 95% of the area under the curve is between -2 and +2. Approximately 99.7% of the area under the curve is between -3 and +3.

Ans. 2(b)
N=120, Mean (M) = Rs. 11.35 and Standard deviation (S.D) = Rs. 3.03 Formula: Z = (X1- M)/ S.D Z1 = (X1- M)/ S.D = (9 - 11.35)/ 3.03 = -0.775 (Area from the left) Z2 = (X1- M)/ S.D = (17-11.35)/ 3.03 = 1.864 (Area to the right)

Ans. 3(a)
The goal in Hypothesis Testing is to analyze a sample in an attempt to distinguish between population characteristics that are likely to occur and population characteristics that are unlikely to occur. Seven Steps to Hypothesis Testing are as follows:

1) Describe in words the population characteristic about which hypotheses are to be tested 2) State the null hypothesis, Ho 3) State the alternative hypothesis, H1 or Ha 4) Display the test statistic to be used 5) Identify the rejection region 1) Is it an upper, lower, or two-tailed test? 2) Determine the critical value associated with , the level of significance of the test 6) Compute all the quantities in the test statistic, and compute the test statistic itself 7) State the conclusion. That is, decide whether to reject the null hypothesis, Ho, or fail to reject the null hypothesis. The conclusion depends on the level of significance of the test. Also, remember to state your result in the context of the specific problem

Ans. 3(b)
i. Difference between Stratified random sampling and Systematic sampling Basically in a stratified sampling procedure, the population is first partitioned into disjoint classes (the strata) which together are exhaustive. Thus each population element should be within one and only one stratum. Then a simple random sample is taken from each stratum, the sampling effort may either be a proportional allocation (each simple random sample would contain an amount of variates from a stratum which is proportional to the size of that stratum) or according to optimal allocation, where the target is to have a final sample withthe minimum variabilty possible. The main difference between stratified and cluster sampling is that in stratified sampling all the strata need to be sampled. In cluster sampling one proceeds by first selecting a number of clusters at random and then sampling each cluster or conduct a census of each cluster. Judgement sampling and Convenience sampling

ii.

Non-probability or Judgement Samples has to do with a basic researcher assumptions about the nature of the population, the researcher assumes that any sample would be representative to the population,the results of this type of representative as the research assumed) and the results may be biased. Probability or Random samples is a sample that to be drawn from the population such that each element in the population has a chance to be in the selected sample the results of the random samples can be used in Statistical inference purposes.

Ans. 4(a)
Regression analysis meaning: It is a statistical process for estimating the relationships among variables. It includes many techniques for modeling and analyzing several variables,

when the focus is on the relationship between a dependent variable and one or more independent variables. More specifically, regression analysis helps one understand how the typical value of the dependent variable (or 'Criterion Variable') changes when any one of the independent variables is varied, while the other independent variables are held fixed. Regression and Correlation difference: Correlation, as the name suggests, is a measure of the degree to which two variables are related. For instance, if x and y are two variables, correlation would be a linear association between them. Regression, on the other hand,tells us the exact kind of linear association that exists between those two variables.

Ans. 4(b)

Ans 5.
Meaning of Business forecasting: Forecasting is the process of using past events to make systematic predictions about future outcomes or trends.Business forecasting is an estimate or prediction of future developments in business such as sales, expenditures, and profits .(usually are made by past events). Methods of Business forecasting are as follows: Delphi Technique The RAND Corporation developed the Delphi Technique in the late 1960s. In the Delphi Technique, a group of experts responds to a series of questionnaires. The experts are kept apart and unaware of each other. The results of the first questionnaire are compiled, and a second questionnaire based on the results of the first is presented to the experts, who are asked to reevaluate their responses to the first questionnaire. This questioning, compilation and requestioning continues until the researchers have a narrow range of opinions. Scenario Writing In Scenario Writing, the forecaster generates different outcomes based on different starting criteria. The decision-maker then decides on the most likely outcome from the numerous scenarios presented. Scenario writing typically yields best, worst and middle options. Subjective Approach Subjective forecasting allows forecasters to predict outcomes based on their subjective thoughts and feelings. Subjective forecasting uses brainstorming sessions to generate ideas and to solve problems casually, free from criticism and peer pressure. They are often used

when time constraints prohibit objective forecasts. Subjective forecasts are subject to biases and should be viewed skeptically by decision-makers. Time-Series Forecasting Time-series forecasting is a quantitative forecasting technique. It measures data gathered over time to identify trends. The data may be taken over any interval: hourly; daily; weekly; monthly; yearly; or longer. Trend, cyclical, seasonal and irregular components make up the time series. The trend component refers to the data's gradual shifting over time. It is often shown as an upward- or downward-sloping line to represent increasing or decreasing trends, respectively. Cyclical components lie above or below the trend line and repeat for a year or longer. The business cycle illustrates a cyclical component. Theories of Business forecasting are: 1.Sequence or time-lag theory; 2. Action and reaction theory. 3. Economic rhythm theory. 4. Specific historical analogy.

Ans. 6