Business Statistics

Question Bank Unit 1

1. “Statistics are like a clay of which you can make a God or a Devil as you please”. In the light of the Statement
discuss the uses & limitations of statistics.
2. Define statistics & discuss its nature & scope in brief. How it is usefull in decision-making.

3. Explain inclusive and exclusive series with example.

4. “Statistics is Art or Science”. Discuss.

5. What is meant by skewness? Describe the methods of measuring skewness.

6. What are Quartiles and their use?

7. What is Skewness? How does it differ from dispersion? Also mention the different measures of Skewness.

8. Do you think that Standard Deviation is the best measure of dispersion amongst all the measures? Is there any
limitation/s of Standard Deviation?

9. What do you mean by central tendency? Describe the methods of measuring the central tendency

10. The mean salary of employees of a firm is Rupees 30,000. The mean annual salaries of male and female
employees are Rupees 35,000 and Rupees 23,000 respectively. Find out the percentage of male and female
employees in the firm.

11. The arithmetic mean of 150 observations was found out to be 80.5. At the time of calculation, one observation
was wrongly recorded as 850 instead of 85. Calculate the correct mean.

12. In a hotel a total of 500 bulbs were installed simultaneously and their failure over time
was observed as detailed below. You are required to calculate the mean life of bulbs.

End of 1 2 3 4 5 6 7
week

No of 12 40 108 242 346 428 500

failures

13. The radio music listeners market is diverse. Listner formats might include adult contemporary, album rock, and
top 40, oldies, rap, and country and western, classical & jazz. In targeting audiences, market researchers need to
be concerned about the ages of the listeners attracted to particular formats. Suppose a market, researcher surveyed
a sample of 170 listeners of oldies stations and obtained the following age distribution.

Age 15-20 20-25 25-30 30-35 35-40 40-45 45-50

No. of 9 16 27 44 42 23 7
Listeners

i) Calculate the mean of old listeners.

ii) Determine the median & mode.

14. The following data gives the marks obtained by 60 students in a class. Calculate the arithmetic mean median and
mode.

Marks 20 30 40 50 60 70

No. of 8 12 20 10 6 4
students

15. Find out Mean, Median and Mode from the following data:
 Marks : 10-20 20-30 30-40 40-50 50-60

No. of students: 15 20 45 15 5

16. An incomplete frequency distribution is given as follows:

Variable 10-20 20-30 30-40 40-50 50-60 60-70 70-80
Freq. 12 30 ? 65 ? 25 18 Total-229
Given that the median value is 46, determine the missing frequencies.

17. Calculate Mean Deviation about median and its coefficient from the following series:
5 men get less than Rs. 5
12 men get less than Rs. 10
22 men get less than Rs. 15
30 men get less than Rs. 20
36 men get less than Rs. 25
40 men get less than Rs. 30

18. Find arithmetic mean & standard deviation from the following data & also find coefficient of variation-
Age(less 10 20 30 40 50 60 70 80
then)
No.of 15 30 50 75 100 110 115 125
Persons

19. Find the coefficient of Skewness of the following data: -

Age (in years): 4-6 6-8 8-10 10-12 12-14 14-16 16-18
No. of students: 30 90 120 150 80 60 20
20. An investor is fond of investing in equity shares. During a period of falling prices in the stock exchange, a stock
is sold at Rs 120 per share on one day, Rs 105 on the next and Rs 90 on the third day. The investor has purchased
50 shares on the first day, 80 shares on the second day and 100 shares on the third' day. What average price per
share did the investor pay?
21. You are given the record of daily wages paid to workers in two factories A and B.
Monthly Wages (‘000 Rs) 2-3 3-4 4-5 5-6 6-7 7-8 8-9
No. of workers Factory A 15 30 40 60 30 14 7
Factory B 25 40 60 35 20 15 5
In which factory, are wages more uniform?

22. Suppose a study is conducted on laundry usage in 50 households that contains washer & dryers. Following data
are the number of gallons used by each washing machine during the washing cycle

15 17 16 15 16 17 18 15 14 15

16 16 17 16 15 15 17 14 15 16

16 17 14 15 12 15 16 14 14 16

15 13 16 17 17 15 16 16 16 14

17 16 17 14 16 13 16 15 16 15

Summarize the data in tabular form & interpret the findings by calculating standard deviation. Recommend on
the result obtained.