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Agbm 241:Business Statistics Question Paper
Agbm 241:Business Statistics
Course:Agribusiness Management
Institution: Chuka University question papers
Exam Year:2011
INSTRUCTIONS
(a) Answer Question ONE and any other TWO questions. (b) Show all your workings. (c) Do not write on the question paper.
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. [15 marks]
(b) “Statistics are numerical statements of facts but all facts numerically stated are not statistics”. Comment upon the statement. [5 marks]
(c) Distinguish between primary and secondary data. Give a brief account of the chief methods of collecting primary data and bring out their merits and defects. [10 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) You have conducted a market survey with a sample of size 50 regarding the acceptability of a new product which your company wants to launch. The scores of the respondents on the appropriate scale are as follows:
40, 26, 39, 27, 32, 45, 9, 35, 28, 41, 23, 18, 28, 40, 45, 24, 25, 27, 41, 45, 26, 35, 25, 43, 30, 29, 40, 26, 44, 39, 8, 42, 38, 45, 8, 40, 43, 37, 40, 48, 41, 44, 36, 39, 25, 42, 36, 35, 41
Prepare a frequency table and present the same information as a histogram. [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 illustration the role of correlation in taking some business problems. [6 marks]
QUESTION FOUR
(a) The following figures give rainfall in inches for the year and the production in 00?s of kgs for the Rabi crop and Kharif crop. Calculate the Karl Pearson?s coefficient of correlation between rainfall and total production. [6 marks]
Rainfall 20 22 24 26 28 30 32 Rabi Production 15 18 20 32 40 39 40 Khalif Production 15 17 20 18 20 21 15
(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 and fluctuations. Describe in detail the steps you would follow in determining the pattern of trend and whether a seasonal and/or a cyclical component contributed to movements in the series. [8 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) Below are given figures of production (in million tones) of a milk factory:
Year 2004 2006 2007 2008 2009 2010 2011 Production (in m. tones) 77 88 94 85 91 98 90
(i) Fit a straight line trend by the „least squares method? and tabulate the trend values.
(ii) What is the monthly increase in the production of cement? [10 marks]
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