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Hbc2110:Introduction To Business Statistics Question Paper
Hbc2110:Introduction To Business Statistics
Course:Bachelor Of Commerce
Institution: Meru University Of Science And Technology question papers
Exam Year:2014
QUESTION ONE – (30 MARKS)
(a) “Modern statistical tools and techniques are basically for improving the quality of managerial decisions.” Explain these statements and discuss the role of statistics in planning and control of business. (15 marks)
(b) “Statistics are numerical statements of facts but all facts numerically stated are not statistics.”Comment upon the statement. (5 marks)
(c) In an examination of 675 candidates the examiner supplied the following information:
Marks obtained No. of candidates Less than 10% 7 Less than 20% 39 Less than 30% 95 Less than 40% 201 Less than 50% 381 Less than 60% 545 Less than 70% 631 Less than 80% 675
Required: calculate the mode and median of the percentage marks obtained. (10 marks)
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QUESTION TWO – (20 MARKS)
(a) Briefly explain FIVE factors to consider before constructing index numbers.(10 marks)
(b) You have conducted a market survey with a sample of size 50 regarding the acceptability of a new product which your company wants to launch. The scores of the respondents on the appropriate scale are as follows: 40,26,39,27,32,45,9,35,28,41,23,18,28,40,45,24,25,27,41,45,26,35,25,43,30,29,40,26 44,39,8,42,38,45,8,40,43,37,40,48,41,44,36,39,25,42,36,35,41 Prepare a frequency table and present the same information as a histogram. (10 marks)
QUESTION THREE – (20 MARKS)
(a) The mean length of life of a certain cutting tool is 41.5 hours with a standard deviation of 2.5 hours. What is the probability that a sample of size 50 drawn from this population will have a mean between 40.5 hours and 42 hours? (4 marks)
(b) Suppose you are provided with a given time series data and asked to analyse its general pattern and fluctuations. Describe in detail the steps you would follow in determining the pattern of trend and whether a seasonal and /or a cyclical component contributed to movements in the series. (6 marks)
(c) Given the data:
Commodities
A B
P0 1 1 Q0 10 5
P1 2 X Q1 5 2
Where p and q respectively stand for price and quantity and subscripts stand for time period. Find X, if the ration between Laspeyres? (L) and Paasche?s (P) Index number is: L: P = 28:27 (10 marks)
QUESTION FOUR – (20 MARKS)
(a) What is business forecasting, the assumptions on which business forecasts are made and briefly describe the techniques that are commonly employed by big business per the casting. (10 marks)
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(b) Below are given figures of production (in million tonnes) of a milk factory:
Year 2004 2006 2007 2008 2009 2010 2011 Production (in m.tonnes) 77 88 94 85 91 98 90
i. Fit a straight line trend by the „least squares method? and tabulate the trend values. ii. What is the monthly increase in the production of cement? (10 marks)
QUESTION FIVE – (20 MARKS)
(a) Distinguish between correlation and regression. Also point out the properties of regression coefficients. (8 marks)
(b) In trying to evaluate the effectiveness in its advertising campaign; a firm compiled the following information:
Year 2001 2002 2003 2004 2005 2006 2007 2008
Adv.Expenditure
Sales (Shs „M?)
12
5.0
15
5.6
15
5.8
24
7.2
23
7.0
38
8.8
42
9.2
48
9.5
Required: Calculate the regression equation of sales on advertising expenditure. Estimate the probable sales when advertisement expenditure is Ksh 60M. Advise the management of this firm accordingly. (12 marks)
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