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DRIVE- SPRING 2014
PROGRAM- BBA
SEMESTER- 1
SUBJECT CODE & NAME- BBA104
QUANTITATIVE TECHNIQUES IN BUSINESS
Q1. Give a brief description of the different measures of central tendency. What are the advantages and disadvantages of the three common averages: Mean, Median and Mode?
[(Meaning of measures of central tendency, Description of different measures of central tendency, Advantages and disadvantages (Mean, Median and Mode)] 2, 4, 4
Answer: Measure of Central Tendency
The most important objective of statistical analysis is to determine a single value for the entire mass of data, which describes the overall level of the group of observations. It is a single figure and describes the entire series of observations with their varying sizes. A single number describing some features of a frequency distribution is called descriptive statistics. There are various ways in which
Q2 Explain the following:
a. Control charts for variables
b. Control charts for attributes
c. Acceptance sampling (4, 4, 2)
Answer: Control charts for variables
Control charts for variables monitor characteristics that can be measured and have a continuous scale, such as length, diameter, height, weight, volume, or width. When an item is inspected, the variable
Q3. What is consumer price index number? Explain the methods of constructing consumer price index with an example for each. [(Explanation of consumer price index number, Two methods of constructing consumer price index (Explanation and Example)] 2, 8
Answer:
Consumer Price Index Number
Consumer Price Index Number is an index number of the cost met by a specified class of consumers in buying a "basket of goods and services". The “baskets of goods and services" "mean goods and services needed in day to day life of the specified class of consumers. The pattern of consumption of goods is different in different classes which differ due to their income variation. And so, the general index numbers fail to indicate the changes in cost with regard to various classes of consumers. The class of consumers means group of consumers having almost identical pattern of consumption.
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