**MBA 1st Year Business Statistics Unit 1 Very Short Question Answer Notes**** **Study Material Unit wise Chapter Wise Notes Syllabus Scope, function and limitations of statistics, Measures of Central Tendency-Mean, Median, Mode, Percentiles, Quartiles, Measures of Dispersion-Range, Interquartile range, Mean Deviation, Mean absolute deviation, Standard Deviation, Variance, Coefficient of Variation. Measures of Shape and Relative location; Skewness and Kurtosis; Chebyshev’s Theorem. Topic Wise Syllabus Of The Content Study Notes.

**Section A**

**Very Short Questions Answers**

**.1 . Define the term statistics. **

**Ans**. By statistics, we mean aggregates of facts affected to a marked extent by multiplicity of causes numerically expressed or estimated according to reasonable standards of accuracy, collected in a systematic manner for a predetermined purpose and placed in; relatikon to each other.

**Q.2. Give any four
characteristics of good average.**

**Ans.** The characteristics of good average are:

- It should be based on all the items.
- It should be easy to understand and simple to calculate.
- It should not be affected much by extreme values.
- It should be rigidly defined so that conclusion remains uniform irrespective of enumeration by any person.

**Q.3. what do you understand by arithmetic mean?**

**Ans.** Arithmetic mean or arithmetic average, which is popularly known as
mean, is obtained by dividing the sum of all the values by the number of items.

‘Arithmetic mean is the amount secured by dividing the sum of values of the items in a series by their number.’

**Q.4. Write the
meaning of weighted arithmetic mean.**

**Ans.** In this type of mean, each observation is assigned weight according
to its importance. For its calculation each observation is multiplied by its
respective weight and the sum of such products its divided by the sum of the
weights.

**Q.5. Write the
meaning of mid value of arithmetic mean.**

**Ans.** Sometimes it may be possible that mid values are given in place of class intervals. In such situations class intervals are not necessary for calculating arith3metic mean. But mean can directly be obtained.

**Q.6. Define the
case of inclusive series in arithmetic mean.**

**Ans.** If the data is given in the form of an inclusive series, there is
no need to change it into an exclusive series because mid – point of the class
remains unaffected in this case. Rest of the procedure is the same.

**Q.7. Write the
meaning of Charlier’s accuracy check.**

**Ans.** With the help of this check, accuracy of calculation incolved in
the computation of mean 4can be checked. This check is applicable equally to
discrete as well as continuous frequency distribution. The formula given by
Charlier is as under:

Ef7 (d’ + 1) = E fd’ + Ef

If left hand side is equal to right hand side, we say that calculations are correct. For checking the accuracy of calculation, and additional column is formed. This column is F (d’ + 1).

**Q.8. the sum of
squars of the deviations from arithmetic mean is minimum. Show how.**

**Ans.** Sum of square of the deviations about mean is less as compared to
sum of the squares of the deviations about any arbitraty value A.

Symbolically, E (X – X)2 < E (X – A)2

**Q.9. Define the
meaning of combined arithmetic mean with formula.**

**Ans.** A combined mean can be obtained if two or more means with their number observations are given, The combined mean for two group having N1 and N2 observations respectively, is given by

**Q.10. Define
median.**

**Ans.** Median is the central value average. It may be defined as the middle number of the series. It is obtained by observing the middle point value of the data. This type of average is called positi23onal average. Partition value and mode are also positional averages.

**Q.11. Wha is meant
by mode?**

**Ans.** The word “Mode’ has its
origin fro1m French word ‘La-mode’ which means fashion or the most popular
phenomenon. In this context, it is sais that ‘Mode means most fashionable
item.’

**Q.12. Write the
equation of empirical mode.**

**Ans.** Mode may also be calculated on the basis of its relationship with
mean and median by applying the following equatikons:

Mode = 3 Median -2 Mean or X = 3M -2X

Such mode is called as ‘Empirical mode’.

**Q.13. Write the
formula for determination of modal value of mode**

**Ans.** Formula for determination of modal value of mode

**Q.14. Define the
two merits and demerits of mode.**

**Ans. Merits of
mode:** These are as follows:

- Simplicity.
- Not affected by extreme values.

Demerits of mode: 1. Indeterminate and ill – defined.

- Not based on all values.

**Q.15. Define the
term geometric mean.**

**Ans.** Geometric mean is the nth root of the product of n values of a
series. It means, if there are two values, we take square root of the product
of these two values, i.e. geometric mean of a and b would be equal to
similarily, the geometric mean of a, b
and c will be equal to cube root of the product, i.e.

**Q.16. What is
weighted geometric mean?**

**Ans.** If there is difference in relative importance of different values in a series, weighted geometric mean may be used. Weighted geometric mean is the nth root of the product of various values raised to the power of their respective weights.

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