Quantitative Analysis for Managerial Applications

ASSIGNMENTS

Course Code : MS 08

Course Title : Quantitative Analysis for Managerial Applications

Assignment No. : 08/TMA-1/SEM-I/2011

Coverage : All Blocks

Note: Answer all the questions and send them to the Coordinator of the Study Centre you are attached with.

1. Calculate the mean, median and mode from the following data relating to production of a steel mill for 60 days

|Production (in tons per day) |21-22 |23-24 |25-26 |27-28 |29-30 |

|Number of days |7 |13 |22 |10 |8 |

2. A restaurant is experiencing discontentment among its customers. It analyses that there are three factors responsible viz. food quality, service quality and interior décor. By conducting an analysis, it assesses the probabilities of discontentment with the three factors as 0.40, 0.35 and 0.25 respectively. By conducting a survey among the customers, it also evaluated the probabilities of a customer going away discontented on account of these factors as 0.6, 0.8 and 0.5, respectively. With this information, the restaurant wants to know that, if a customer is discontented, what are the probabilities that it is so due to food, service or interior décor?

3. The monthly incomes of a group of 10,000 persons were found to be normally distributed with mean equal to [pic]15,000 and standard deviation equal to [pic]1000. What is the lowest income among the richest 250 persons?

4. Write short notes on the following:

a. Test of goodness of fit

b. Critical Region of a test

c. Exponential Smoothing Method

Of the 10,000 persons the richest are the persons numbered

9751 - 10,000, so person 9751 has the lowest income of the richest 250 persons. If you look at the ratio of 9750 to 10,000 you find it is .975 is where the 9750th persons income is. By the Empirical Rule 99.7% of all the data falls within 3 standard deviations of the mean, and that means that...