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Hee 2212: Statistics For Entrepreneurs Question Paper

Hee 2212: Statistics For Entrepreneurs

Course:Bachelor Of Science In Entrepreneurship

Institution: Kirinyaga University question papers

Exam Year:2016

KIRINYAGA UNIVERSITY
UNIVERSITY EXAMINATION 2016/2017
YEAR 11 SEMESTER 1 EXAMINATION FOR THE DEGREE OF BACHELOR OF SCIENCE IN ENTREPRENEURSHIP
HEE 2212:STATISTICS FOR ENTREPRENEURS

INSTRUCTIONS
Answer question one [compulsory] and any other two questions

QUESTION ONE [30MKS]
a)A statistical argument can assert a falsehood.Describe some common factors that lead to this. 5mks
b)Arithmetic means is a rigidly defined measure of central tendency.However its application is limited by some conditions.Briefly explain. 5mks
c)The following data relates to the earnings per day in Kenyan shillings for 30 casual labourers working in a flower firm.

Worker’s initial Amount (sh.) Worker’s initial Amount (sh.) Worker’s initial Amount (sh.)
AA 101 KK 120 UU 129
BB 106 LL 104 VV 121
CC 111 MM 100 WW 109
DD 107 NN 105 XX 107
EE 129 OO 105 YY 125
FF 106 PP 109 ZZ 111
GG 100 QQ 121 AB 120
HH 111 RR 120 AC 107
II 125 SS 107 AD 116
JJ 125 TT 101 AE 130

Required;
i.Using an exclusive method of 6 classes, determine the class interval and present the data in a frequency table.
ii.Modal earning per day.
iii.Average earnings per day
iv.Median earnings per day and an ogive curve to demonstrate the median point 16mks
d) A card is drawn randomly from a deck of ordinary playing cards.You win K sh. 10 if the card is a spade or an ace.What is the probability that you will win the game?take note that;
?There are 52 cards in the deck.
?There are 13 spades
?There are 4 aces
?There is 1 ace that is also a spade. 4mks

QUESTION TWO
Given below are the annual income and net savings of a sample of 10 staff belonging to a daily farm in Kirinyaga county.

Employee File no 01 02 03 04 05 06 07 08 09 10
Income [x] (sh.’000’) 780 360 980 250 750 820 900 620 650 390
Net savings [y] (sh.’000’) 84 51 91 60 68 62 86 58 53 47

Required
a.Using the least square method,determine the regression equation of net savings as a function of income from the above data. 8mks
b.Interpret the regression equation fully 2mks
c.Estimate the net saving of an employee assumed to earn sh.500,000 annually. 2mks
d.Determine the coefficient of correlation ‘r’ and comment on the result with relation to the above data. 8mks

QUESTION THREE
Discuss the components of time series with the aid of diagrams 8mks
a)The following information relates to firms trading in the manufacturing sector.
Dividend declared (in percentage) 0-10 10-20 20-30 30-40
Number of companies 5 8 3 5

Required
The geometric mean of the distribution.(To 4d.p)

b)The following data give the changes in the price and consumption[quantity] of certain major constituents of the consumption basket of goods of the labour class.Use 1968 as the base year.

1968 1978
commodity unit Price [sh.] consumption (quantity) Price (sh) Consumption (quantity)
Rice Quintal 25o 16 320 20
Wheat Quintal 12o 12 160 10
Cloth Metre 8 50 10 35

Required
i.Laspeyre’s price index
ii.Paasche’s price index
iii.Paasche's quantity index
iv.Fishers’ ideal index 8mks

QUESTION FOUR
a.In January 2014 Kijiko Group Limited employed 900 staff members of whom 790 were men.During the year 170 staff left and 130 of these were men.The total recruitment during the year was 130 out of whom 30 were women.During the year 2015 ,employees who quit revealed a decline by 30 amongst the men in comparison to 2014 and no woman left.60 more men but 20 fewer women were recruited with regards to the previous year.The total number employed as at 1st January,2016 amounted to 930.

Required;
Record the above in a concise tabular form showing all the relevant subtotals and totals.
b.Mr Juma is a entrepreneur in Kisumu Town.He estimated his sales turnover for the month of December 2015 to be approximately sh. 395,000.However due to increased population in the area,his realized revenue was sh.450,000.Competitors with similar businesses in the area had sales turnover of sh.400,000 on average for the month.Calculate the absolute error,relative error and percentage error. 3mks
c.Describe any three limitations of statistics 3mks
d.The personnel Manager at the corporate headquarters of a large engineering firm wanted to know about the patterns of availing of leave in the manufacturing units.The data related to leave taken by staff is as follows;

Number Staff members
No. Of days of leave Manufacturing units 1 Manufacturing unit 2
0-5 20 18
5-10 22 20
10-15 32 36
15-20 36 40
20-25 30 26
25-30 16 18

Required
i.Range and coefficient of range of both units
ii.Variance from each units (to 2 d.p)
iii.Standard deviation from each unit (to 2 d.p) 10mks

QUESTION FIVE
a)Particulars regarding income of two villages are given below

Village
Mjini Ndomba
No of households 650 525
Average income per household per month 950 990
Variance of income 100 81

Required
i.Determine which village has the greatest variation in income and state why.
ii.Compute the total income of both the villages put together.
iii.Compute the average income of households in both village put together.
iv.State why standard deviation is superior to arithmetic mean 9mks
b) Highlight the five key steps involved in testing a hypothesis in statistics. 5mks
c) The mean lifetime of a sample of 100 light tubes produced by a company is found to be 1580 hours with a standard deviation of 90 hours.Test the hypothesis that the mean lifetime of the tubes produced by the company is 1600 hours at 5% level of significance. 6mks

Hee 2212: Statistics For Entrepreneurs Question Paper

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