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Business Statistics-NMIMS Dec 16

Business Statistics-NMIMS Dec 16

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Q1. You want to do a survey of student opinion in a district regarding outdoor sports. What will be your sampling plan? How will you ensure randomness? (10 Marks)

 

Q2. The “Lena Bank” sells a form of life insurance called “Lena life insurance (LLI)”. The approval process for the life insurance consists of underwriting, which includes a review of application, a medical information bureau check, possible request for additional medical information and medical exams, and a policy completion stage during which the policy pages are generated and sent to the bank for delivery. The ability to deliver approved policy to customers in timely manner is critical to the profitability of this service to the bank. During a period of one month, a random sample of 27 approved policies was selected, and the following processing times in days were recorded

72

19

16

61

28

28

31

70

60

56

31

56

22

17

18

45

48

17

17

17

71

52

63

50

51

69

16

 

         

 

Compute the mean, median, mode, first quartile and third quartile. Also, compute the range, Inter-quartile range, Variance, Mean Deviation and Coefficient of variation. Based on your findings, what would you tell a customer who enters the bank to purchase this type of insurance policy and asks you how long the approval process takes? (10 marks)

 

Q3 a) What is the measure of central tendency if data has extreme values? Give example. (5 marks)

Q3 b) Two cards were drawn, without replacement, from a pack of 52 cards. What is the probability that they are both Kings or both Queens? (5 marks)

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