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Bust 0216: Quantitative Methods In Business Question Paper
Bust 0216: Quantitative Methods In Business
Course:Diploma In Education Arts
Institution: Chuka University question papers
Exam Year:2013
CHUKA
UNIVERSITY
UNIVERSITY EXAMINATIONS
SECOND YEAR EXAMINATION FOR THE AWARD
OF DIPLOMA IN EDUCATION (ARTS)
BUST 0216: QUANTITATIVE METHODS IN BUSINESS
STREAM: BUST (Y2S1) TIME: 2 HOURS
DAY/DATE: TUESDAY 6/8/2013 2.30 P.M. – 4.30 P.M.
INSTRUCTIONS:
ANSWER QUESTION ONE AND ANY OTHER TWO QUESTIONS
DO NOT WRITE ON THE QUESTION PAPER
1. (a) “Quantitative tools and techniques are basically important for improving the quality of managerial decisions”. Examine the statement and discuss the role of quantitative methods in planning and control of business activities. [12 marks]
(b) Briefly describe the roles of statistics as a tool of management. [8 marks]
(c) Calculate the mean, variance and the standard deviation for random variable sales from the following information provided by sales manager for a certain business unit for a new product. [10 marks]
Monthly sales (in units) Probability
50 0.10
100 0.30
150 0.30
200 0.15
250 0.1
300 0.05
2. (a) Sampling theory is very important in decision making in business environment. Define the term sampling theory and briefly discuss its objectives in relation to decision making. [10 marks]
(b) The relationship governing the intra-industrial and inter-industrial sales and purchases of four basic industries – Agriculture (A), Manufacturing (M), Transportation (T) and Energy (E) of a certain economy is given by the following input output matrix.
A
M T E
0.3 0.2 0 0.1
0.2 0.3 0.2 0.1
0.2 0.2 0.1 0.3
0.1 0.2 0.3 0.2
(i) How many units of Energy are required to produce one unit of manufactured goods. [3 marks]
(ii) How many units of energy are required to produce three units of all goods in the economy. [4 marks]
(iii) Which sector of the economy is least dependent on the cost of energy. [3 marks]
3. (a) State and briefly discuss properties of correlation co-efficient. [8 marks]
(b) Records of a department in Chuka University show the following about the environment of first year students in Business studies, Economics and Business law: 38 take business studies, 42 take Business law and 20 take economics. 4 take economics and business law, 15 take business studies and economics, 9 take business studies and business law, and 12 take business studies and economics but no business law.
(i) Draw a Venn diagram representing this information and label all the areas. [3 marks]
(c) Use the Venn diagram to answer the following:
(i) How many take none of the three courses [3 marks]
(ii) How many take business maths and economics [3 marks]
(iii) How many take exactly one of these three courses [3 marks]
4. (a) Explain the meaning and significance of the concept of “Standard Error” in sampling analysis. [6 marks]
(b) The following data relate to the age of six employees and the number of days which they reported sick in a month.
Age 20 28 30 32 35 46
Sick days 09 11 08 13 14 15
From the data:
(i) Calculate Karl Pearson’s co-efficient of correlation and interpret its value. [7 marks]
(ii) Compute spearman’s rank correlation co-efficient and comment on the magnitude of correlation co-efficient. [7 marks]
5. (a) State the points of difference between correlation and regression analysis.
[4 marks]
(b) Briefly explain the assumptions in regression analysis. [4 marks]
(c) (i) Briefly discuss the properties of sampling distribution of mean. [3 marks]
(ii) The time between two arrivals in a queing model is normally distributed with a mean of 2 minutes and standard deviation of 0.25 minutes. If a random sample of size 36 is drawn, what is the probability that the sample mean will be greater than 2.1 minutes? [9 marks]
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