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Business Statistics-1-2015

Business Statistics-1-2015

Q1: In today's global scenario, Quantitative Techniques are widely used to take business decisions. Decision-Making on rational and logical basis has become imperative. Sampling techniques are used for analysis. However, these techniques do have their limitations. If you are a statistical analyst, what are the various limitations you would encounter in your sampling techniques? What types of sampling and non-sampling errors would you encounter? Write about them.

 

Q2: You are given the position about a certain data in a factory before and after the settlement of an industrial dispute. Critically analyze the data and comment on the gains/losses for the workers as well as the management point of view.

                                      Before                   After

No. of workers                 2,400          2,350

Mean Wages (Rs)            45.5            47.5

Median Wages (Rs)         48               45

Standard Deviation (Rs)      12               10

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