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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:2013
QUESTION ONE (30 MARKS)
a) With illustrations and examples discuss the term statistical inferences. (4 Marks) b) Explain the characteristics of a good estimator. (4 Marks) c) The quality department of a wire manufacturing company selects a sample of wire specimen in order to test for breaking strength. Past experience shows that the breaking strengths of a certain type of wire are normally distributed with standard deviation of 200kg. A random sample of 64 specimens gave a mean of 6200kg. Determine the population mean at 95% level of confidence. (5 Marks) d) Discuss the concepts of Type I and Type II error as used in hypothesis testing. (3 Marks) e) A sample of 100 tyres is taken from a lot. The mean life of tyres is found to be 39,350kms, with a standard deviation of 3260km. Could the sample have come from a population with mean life of 40,000km? Use 1% level of significance. (4 Marks) f) Sampling is the process of selecting a small portion from the entire population random. Discuss the above statement explaining three methods of probability sampling. (5 Marks) g) Explain the following terms; i. Decision maker ii. Action space iii. Multiple regression iv. Judgemental forecasts v. Process control. (5 Marks)
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QUESTION TWO (20 MARKS)
a) Why is it that random sampling is more preferred to non-random sampling? Give justification. (6 Marks) b) A random sample of 400 students in a certain college is taken and 55% are in favour of the proposed new system of timetables. With 95% confidence, what proportion of all students are in favour of the timetables? (4 Marks) c) A random sample of 10 packets is taken and found to have a mean weight of 60 grams and a standard deviation of 12grams. What is the mean weight of the population of 95% confidence and 99% confidence respectively? Comment on the ranges. (5 Marks) d) A batch of 5000 bulbs has a mean of 1000 hours and variance of 5625 hours Required: i. How many bulbs will cease before 900 hours. (2 Marks) ii. How many bulbs will cease between 950 hours and 1200 hours? (3 Marks)
QUESTION THREE (20 MARKS)
A businessman has three alternatives open to him each of which can be followed by any four possible events. The conditional payoffs (in sh) for each action-event combination are given below
Payoffs conditional on events Alternative A B C D X 10 0 -12 8 Y -6 14 20 -4 Z 16 8 0 10 Determine which alternative should the businessman choose if he adopts the following criteria;
a) Maximum criterion b) Maximax criterion c) Hurwlcz, criterion- degree of option being 0.7 d) Laplace criterion e) Minimax regret criterion. (20 Marks)
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QUESTION FOUR (20 MARKS)
a) Discuss time series analysis as one way of forecasting. (5 Marks) b) Given are the figures of production of a sugar factory in thousands tones in quarters of the of the year Quarters Year i ii iii iv 2004 97 88 76 94 2005 101 93 79 98 2006 106 96 83 103 2007 110 101 98 106
Required; i. Compute the four centered yearly moving averages for the quarters. (5 Marks) ii. On a graph paper plot the figures for actual values and the averages to determine the trend. (6 Marks) iii. Forecast the production for 2008 using the trend. (4 Marks)
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