## Quantitative Analysis for Managerial Applications

**Quantitative Analysis for Managerial Applications**

(1) What do you understand by time series analysis? How would you go about conducting such an analysis for forecasting the sales of a product in your firm?

(2) Compare time series analysis with other methods of forecasting, briefly summarizing the strengths and weaknesses of various methods.

(3) What would be the considerations in the choice of a forecasting method?

(4) What are the basic steps in establishing a relationship between variables from a given data?

(5) What do you understand by the term correlation? Explain how the study of correlation helps in forecasting demand of a product.

(6) Why is forecasting so important in business? Identify applications of forecasting for

(a) Long term decisions.

(b) Medium term decisions.

(c) Short term decisions.

(7) What is the practical utility of the central limit theorem in applied statistics?

(8) What is the major difference between probability and non-probability sampling?

(9) Discuss the important of measuring variability for managerial decision making.?

(10) Review the advantages and disadvantages of each of the measures of variation.

(11) What is the concept of relative variation? What problem situations call for the use of relative variation in their solution?

(12) Distinguish between Karl Pearson's and Bowley's coefficient of skewness. Which one of these would you prefer and why?

(13) List the various measures of central tendency studied in this unit and explain the difference between them.?

(14) Discuss the mathematical properties of arithmetic mean and median?

(15) Review for each of the measure of central tendency, their advantages and disadvantages?

(16) Explain how you will decide which average to use in a particular problem?

(17) What are quantiles? Explain and illustrate the concepts of quartiles, deciles and percentiles?

(18) Explain the purpose and methods of classification of data giving suitable examples?

(19) What are the general guidelines of forming a frequency distribution with particular reference to the choice of class intervals and number of classes?

(20) Explain the various diagrams and graphs that can be used for charting a frequency distribution?

(21) What are ogives? Point out the role. Discuss the method of constructing ogives with the help of an example.

(22) Distinguish between primary and secondary data. Discuss the various methods of collecting primary data. Indicate the situation in which each of these methods should be used?

(23) Discuss the validity of the statement: "A secondary source is not as reliable as a primary source."

(24) Discuss the various sources of secondary data. Point out the precautions to be taken while using such data?

(25)State the essentials of a good questionnaire? Describe briefly the questionnaire method of collecting primary data.

(26) Explain what precautions must be taken while drafting a useful questionnaire?

(27) As the personnel manager in a particular industry, you are asked to determine the effect of increased wages on output. Draft a suitable questionnaire for this purpose?

(28) It you were to conduct a survey regarding smoking habits among students of IGNOU, what method of data collection would you adopt? Give reasons for your choice?

(29) Distinguish between the census and sampling methods of data collection and compare their merits and demerits. Why is the sampling method unavoidable in certain situations?

(30) Explain their `population' and `sample'. Explain why it is sometimes necessary and often desirable to collect information about the population by conducting a sample survey instead of complete enumeration?

(31) Think of any major decision you made recently. Recall the steps taken by you to arrive at the final decision. Prepare a list of those steps?

(32) Comment on the following statements:

(a)"Statistics are numerical statement of facts but all facts numerically stated are not statistics".

(b)"Statistics is the science of averages".

(33) What is the type of the following models?

(a)Frequency curves in statistics,

(b)Motion films,

(c)Flow chart in production control, and

(d)Family of equations describing the structure of an atom.

(34) List at least two applications of statistics in each, functional area of management.

(35)What factors in modern society contribute to the increasing importance of quantitative approach to management?

(36)Describe the major phases of statistics. Formulate a business problem and analyse it by applying these phases?

(37) Explain the distinction between:

(a) Static and dynamic models

(b) Analytical and simulation models

(c) Descriptive and prescriptive models.

(38) Describe the main features of the quantitative approach to management?