The Cost of Delay

1) Distinguish between descriptive and inferential statistics.

Ans; statistics are numerical statements of facts in any department of enquiry placed in relation to each other.

-Bowley

Descriptive statistics | Inferential statistics |

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2) Write a note on various types of statistical data.

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3) Explain the role of statistics in business and economics.

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4) Records of number of orders received by a company in the last 40 weeks reveal the following information.

6 | 13 | 15 | 16 | 5 | 33 | 11 | 15 | 5 | 17 | 12 | 18 | 12 | 15 | 18 | 18 | 17 | 16 | 9 | 20 |

12 | 18 | 8 | 22 | 19 | 18 | 7 | 10 | 13 | 26 | 23 | 10 | 29 | 12 | 17 | 32 | 11 | 24 | 18 | 26 |

Arrange these data in the form of a frequency distribution taking class intervals as 5-9, 10-14, etc.and represent graphically as a histogram.

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Class interval | Tally marks | frequency |

5-9 | |||| | |

10-14 | | |

15-19 | | |

20-24 | | |

25-29 | | |

30-34 | | |

35-39 | | |

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5) The following information relates to the number of students in an MBA class of a business school according to the major field of specialization:

Marketing | 56 |

Finance | 108 |

Human Resource Development | 43 |

Taxation | 28 |

Information Technology | 15 |

Draw a pie chart to show this information.

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6) The annual tuition fees of some of the top institutions in the world for MBA programme are given here:

Institution | Fee for 2010-11(in lakhs of Nu.)23.0 |

Harvard Business school | 22.0 |

MIT Sloan School of Management | 23.0 |

Kellogg School of Management | 23.0 |

IIM Ahmedabad | 6.6 |

ISB,Hyderabad | 18.5 |

(Source: Mail Today, February 21, 2011)

Show these data by a bar chart.

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