Q1. (a) ‘Statistics is the backbone of decision-making’. Comment. Ans.(a) Due to advanced communication network‚ rapid changes in consumer behavior‚ varied expectations of variety of consumers and new market openings‚ modern managers have a difficult task of making quick and appropriate decisions. Therefore‚ there is a need for them to depend more upon quantitative techniques like mathematical models‚ statistics‚ operations research and econometrics. Decision making is a key part of our day-to-day
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Administration- MBA Semester 1 MB0040 - Statistics for Management Q1. A Explain the characteristics of statistics? B. What are the components of statistics? Give a brief description of each of its component’s? Answer: (A) Some of its important characteristics are given below: * Statistics are aggregates of facts. * Statistics are numerically expressed. * Statistics are affected to a marked extent by multiplicity of causes. * Statistics are enumerated or estimated according to
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1) Suppose that an independent laboratory has tested trash bags and has found that no 30-gallon bags that are currently on the market have a mean breaking strength of 50 pounds or more. On the basis of these results‚ the producer of the new‚ improved trash bag feels sure that its 30-gallon bag will be the strongest such bag on the market if the new trash bag’s mean breaking strength can be shown to be at least 50 pounds. The mean of the sample of 40 trash bag breaking strengths in Table 1.9 is x=50
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Given the secretive nature of infidelity‚ exact figures about cheating and extra-marital affairs are nearly impossible to establish. But‚ listed below are some of the most well-supported facts about cheating. All cited sources can be found on our reference page. •It is estimated that roughly 30 to 60% of all married individuals (in the United States) will engage in infidelity at some point during their marriage (see‚ Buss and Shackelford for review of this research). And these numbers are probably
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The contingency tables and relative frequency probabilities in this exercise are based on the Springdale Shopping Survey database. Information like that gained from the two parts of this exercise could provide helpful insights into the nature of the respondents‚ their perceptions‚ and their spending behaviors. In particular‚ part 2 examines how conditional probabilities related to spending behavior might vary‚ depending on the gender of the respondent. Based on the relative frequencies for responses
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corresponding to the 52nd percentile is .05 A normally distributed variable has a mean of 10 and a standard deviation of 2. The probability that a value between 7 and 9 is obtained is .2417 An accelerated life test on a large number of type-D alkaline batteries revealed that the mean life for a particular use before they failed is 19.0 hours. The distribution of the lives approximated a normal distribution. The standard deviation was 1.2 hours. About 95.44% of the batteries failed between what two values
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How Statistics benefit the medical field or something. Definition: Statistics refer to the collection‚ organization and analysis of quantitative data. Statistics‚ like numerical data or an observation that describe the characteristics of a specific population‚ has more than a fair amount of importance to the doctors‚ technology and its patients The Medical field is expanding due to factors like the increased population and demands. As a result of this‚ medical administrators are using statistics
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Descriptive and Inferential Statistics Statistical methods in psychology have two main branches‚ which are descriptive and inferential. They each play a major part in the data that is collected for research and other studies. This paper will show the functions of statistics‚ how descriptive and inferential statistics are defined and the relationship between the two. Statistics is a necessary tool in psychology. It provides data for research studies as well as providing background information and
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How does the practical life exercises help children in their daily living? What is Practical Life Practical: means basic‚ useful‚ purposeful Life: means the way of living. Practical life Exercises are just that‚ they are Exercises so the child can learn how to do living activities in a purposeful way. Reason for Practical Life Exercises Children are naturally interested in activities they have witnessed. Therefore‚ Dr
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National Income Statistics and Standard of Living The national income statistics show that the USA has the highest standard of living; this can be proved by looking at the gross national income of The United States‚ which is $12‚969.6 million‚ and the gross national income per capita which is $43‚740. This figure is over 125 times the income per capita of Tanzania which is $340. This also suggests that the standard of living in Tanzania is very poor. The UK calculated a gross national income
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