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Hbc2240:Advanced Business Question Paper
Hbc2240:Advanced Business
Course:Bachelor Of Commerce
Institution: Meru University Of Science And Technology question papers
Exam Year:2014
QUESTION ONE – (30MARKS)
(a) Discuss sampling as the best way of doing research. (5 Marks) (b) In which areas of research are we likely to use the following methods of sampling. Give examples. (i) Stratified sampling ( 4 Marks) (ii) Systematic sampling ( 4 Marks) (iii) Mult-stage sampling ( 4 Marks) (iv) Cluster sampling (4 Marks) (c) A machine produces the following units per hour and the data is randomly collected for 10 hours. The production is 63, 64, 69, 71, 70, 69, 63, 70, 65 and 66. If the mean production is 65 units calculate the value of “t” (4 Marks) (d) A random sample of 600 items was taken from a manufacturing line and 75 items were found to be defective. Calculate the mean proportion and also the number of items that will be defective in the manufacturing line. (5 Marks)
QUESTION TWO – (20MARKS)
(a) Explain any five properties of a normal distribution. (5 Marks) (b) Discuss the importance or applicability of normal curve in practical sense. (5 Marks)
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(c) How many workers have a salary between Sh.400,000 and Sh.650,000 if the arithmetic mean Sh.500,000 and a standard deviation of Sh.100,000 where the number of workers is 15,000? The salary of the workers is assumed to follow the normal distribution. (5 Marks) (d) A large flashlight is powered by five batteries; suppose that the life of a battery is normally distributed with a mean of 150 hours and a standard deviation of 15 hour. The flashlight will cease functioning if one or more of its batteries is dead. Assuming the lives of batteries are independent, what is the probability that flashlight will operate more than 130 hours? (5 Marks)
QUESTION THREE – (20 MARKS)
(a) Critically analyze the importance of forecasting citing typical applications. (8 Marks) (b) Describe the following technique of forecasting: (i) Quantitative techniques (3 Marks) (ii) Qualitative techniques (3 Marks) (iii) Delphi method (3 Marks) (iv) Historical analogy (3 Marks)
QUESTION FOUR – (20 MARKS)
(a) A manager has a choice between: (i) A risky contract promising Sh.10m with probability 0.7 and Sh.6m with probability 0.3 and (ii) A diversified portfolio consisting of two contracts with independent outcomes each promising Sh.4m. with probability 0.6 and Sh.3m with probability of 0.4.
Required Construct a decision tree for using to get EMV. Construct a pay off table for the problem above Advise the manager accordingly. (10 Marks) (b) Discuss decision tree and its advantages. (5 Marks) (c) Explain the following terms (i) Decision maker (ii) Action space (iii) Outcomes (iv) Events (v) Pay off (5 Marks)
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QUESTION FIVE – (20 MARKS)
(a) A firm wishes to estimate with a maximum allowable error of 0.05 and 99% level of confidence, the proportion of consumers who prefer its products. How large sample will be required in order to make such an estimate if the preliminary sales reports indicate 35% of all consumers prefer the firms product? (5 Marks) (b) A random sample of 12 items is taken and is found to have a mean weight of 65kg and the standard deviation of 15Kg. what is the mean weight of the population with; (i) 95% confidence (ii) 99% confidence (iii) Briefly comment on the two intervals (5 Marks) (c) A certain drug is said to be effective in curing flu. In an experiment on 500 persons with flu, half of them were given the drug and half of them were given vitamins pills. The patients reactions to the treatment are recorded in the following table.
Helped Harmed No. effect
Drug 200 70 100
Vitamin A 180 80 110
On the basis of this data can it be concluded that there is significant difference in the effect of the drug and vitamins pills. (10 Marks)
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