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Agbm 241:Business Statistics Question Paper
Agbm 241:Business Statistics
Course:Bachelor Of Agribusiness Management
Institution: Chuka University question papers
Exam Year:2014
INSTRUCTIONS:
? Answer Question ONE and any other TWO Questions ? Show all your workings and cancel any rough works ? Do not write on the question paper ? A mathematical table is provided
QUESTION ONE
(a) “Modern statistical tools and techniques are basically important for improving the quality of managerial decisions.” Explain these statements and discuss the role of statistics in planning and control of business. Also explain the limitations of statistics. [15 marks]
(b) “Statistics are numerical statements of facts but all facts numerically stated are not statistics.” Comment upon the statement. [5 marks]
(c) Discuss the validity of this statement. “A secondary source is not as reliable as primary source.” [5 marks]
(d) Explain precautions that must be taken into account while drafting a questionnaire in order that it may be really useful. [5 marks]
QUESTION TWO
(a) What is sampling? Explain the importance of sampling in solving business problems. Critically examine the well known methods of probability sampling and non-probability sampling. [12 marks]
2
(b) The following distribution is with regard to weigh in grams of mangoes of a given variety. If mangoes of weight less than 443 grams are considered unsuitable for foreign market, what is the percentage of total yield suitable for it? Assume the given frequency distribution to be typical of the variety:
Weight in gms No. of mangoes 410 – 419 10 420 – 429 20 430 – 439 42 440 – 449 54 450 – 459 45 460 – 469 18 470 - 479 7
Required:
Draw an ogive of „more than? type of the above data and deduce how many mangoes will be more than 443 grams. [8 marks]
QUESTION THREE
(a) Describe in brief the various steps concerning research methodology. [8 marks]
(b) 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? [6 marks]
(c) Clearly explain with suitable illustrations the significance of correlation in taking some business problems. [6 marks]
QUESTION FOUR
(a) Find correlation coefficient between sales and expenses from the data given below. Statistically, comment on your findings. [8 marks]
Firm 1 2 3 4 5 6 7 8 9 10 Sales (ksh M) 50 50 55 60 65 65 65 60 60 15 Expenses (ksh M) 11 13 14 16 16 15 15 14 13 13
(b) Giving examples, briefly explain the various types of correlation [6 marks]
(c) Suppose you are provided with a given time series data and asked to analyse its general pattern of trend and whether a seasonal and / or a cyclical component contributed to movements in the series. [6 marks]
3
QUESTION FIVE
(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 houses? [10 marks]
(b) Assume that you are the Sales Manager of XYZ Ltd and you are provided with the following data.
Year 2002 2003 2004 2005 2006 2007 2008 Sales (ksh M) 33 35 60 67 68 82 90
Fit a straight line trend for the above data and find the trend values. Estimate the sales for 2014. [10 marks]
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