CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
SMUAPR15
ASSESSMENT_CODE MB0040_SMUAPR15
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
17924
QUESTION_TEXT
Discuss the functions of statistics.
1.Statistics simplifies mass data
2.Statistics brings out trends and tendencies in the data
SCHEME OF EVALUATION 3.Statistics bring out the hidden relations between variables
4.Decision making power becomes easier
5.Statistics makes comparison easier
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73060
QUESTION_TEXT
What are the merits and demerits of Business Barometers method?
SCHEME OF
EVALUATION
Merits
● The business barometer method is scientific and reliable and
used by management for the purpose of various business decisions
at different levels
● Business barometer method helps forecasting future trends of
a business
● Business barometers are the indicators of future business
trends and help to forecast the speed of fluctuations
● This method helps to find solutions of various business
problems such as development of market, capital investment,
exploration of new consumer market etc
Demerits
● It is very difficult to construct indices of business activities
● In most of the cases, the business barometers provide
inaccurate, incomplete and inconclusive forecasting due to index
numbers prepared on the basis of incorrect and inadequate data
● The business barometers are the indicators of past conditions
and the forecasting based on these conditions may be erroneous
● Separate indices are calculated for individual industry and firm
which are entirely different from general indices
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73061
QUESTION_TEXT
a.
b.
Write 5 importance of diagram and 5 limitations of diagrams?
Write 5 general rules for drawing the diagram?
SCHEME OF
EVALUATION
Importance of diagram:
1. They are simple, attractive and easily understandable
2. They give quick information
3. It helps to compare the variables
4. Diagrams are more suitable to illustrate discrete data
5. It will have more stable effect in the readers mind
Limitations of diagram
1. Diagram shows approximate value
2. Diagrams are not suitable for further analysis
3. Some diagrams are limited to experts (multidimensional)
4. Details cannot be provided fully
5. It is useful only for comparison (5 marks)
General rules for drawing the diagram:
1. Each diagram should have a suitable title indicating the
theme with which the diagram is intended, at the top or at the
bottom.
2. The size of the diagram should emphasize the important
characteristics of the data.
3. Approximate proposition should be maintained for length
and breadth of the diagram
4. A proper/suitable scale to be adopted for diagram
5. Selection of approximate diagram is important and wrong
selection may mislead the reader. (5 marks)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73063
QUESTION_TEXT What are the components of time series? Explain
SCHEME OF
EVALUATION
Long term trend or secular trend: This refers to the smooth or
regular long term growth or decline of the series. This movement
can be characterized by a trend curve. If this curve is a straight line,
then it is called a trend line. If the variable increases over a long
period of time, then it is called an upward trend. If the variable
decreases over a long period of time, then it is called downward
trend. If the variable moves upward or downward along a straight
line then the trend is called a linear trend, otherwise it is called a
non-linear trend (2.5 marks)
Seasonal variations: Variations in a time series that are periodic in
nature and occur regularly over short periods of time during a year
are called seasonal variations. These variations are precise and can
be forecasted The following is the example of seasonal variations in
a time series The prices of vegetables drop down after rainy season
or in winter months and they go up during summer, every year (2.5
marks)
Cyclic variations:The long-term oscillations that represent consistent
rise and decline in the values of the variables are called cyclic
variations. Since these are long-term oscillations in the time series,
the period of oscillation is usually greater than one year. The
oscillations are either a trend curve or a trend line. The period of
one cycle is the time-distance between two successive peaks or two
successive troughs (2.5 marks)
Random variations: Random variations are called irregular
movements. Movements that occur usually in brief periods of time,
without any pattern and which are unpredictable in nature are
called irregular movements. These movements do not have any
regular period or time of occurrences. For example, the effect of
national strikes, floods, earthquakes, etc. It is very difficult to study
the behavior of such a time series (2.5 marks)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
125194
QUESTION_TEXT
Explain the objectives of statistical average and also list the requisites
of a good average.
SCHEME OF
EVALUATION
The statistical average or simply an average refers to the measure of
middle value of the data set. The objectives of statistical average are
to: · Present mass data in a concise form – The mass data is
condensed to make the data readable and to use it for further analysis.
It is very difficult for human mind to grasp a large body of numerical
figures. A measure of average is used to summarize such data into a
single figure which makes it easier to understand, · Facilitate
comparison – It is difficult to compare two different sets mass data.
However, we can compare those two after computing the averages of
individual data sets. While comparing, the same measures average
should be used. It leads to incorrect conclusions when mean salary of
employees is compared with the median salary of employees. ·
Establish relationship between data sets – The average can be used to
draw inferences about the unknown relationships between the data
sets. Computing the averages of the data sets is helpful for estimating
the average of population. · Provide basis for decision–making – In
many fields such as business, finance, insurance and other sectors,
managers compute the averages and draw useful inferences or
conclusions for taking effective decisions. (5 marks)
Requisites of a Good Average Following are the requisites of a good
average: · It should be simple to calculate and easy to understand · It
should be based on all values · It should not be affected by extreme
values · It should not be affected by sampling fluctuation · It should
be rigidly defined, preferably by an algebraic formula, so different
persons obtain the same value for a given set of data By following
these requisites, we can achieve a good average (5 marks)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
125200
Write a note on
i.
Business Forecasting
QUESTION_TEXT
ii.
i.
Time series Analysis
Business Forecasting–
Business forecasting refers to the analysis of past and present
economic conditions with the object of drawing inferences about
probable future business conditions. The process of making definite
estimates of future course of events is referred to as forecasting and
the figure or statements obtained from the process is known as
‘forecast’, future course of events is rarely known. In order to be
assured of the coming course of events, an organized system of
forecasting helps. The following are two aspects of scientific business
forecasting.
SCHEME OF
EVALUATION
1.
Analysis of Past economic conditions
2.
Analysis of Present economic conditions–
ii.
Time series Analysis
In a time series, we need to study about the forces that influence the
variations in time series and the behavior of phenomenon over the
given period of time. For example consider the sales of T.V sets (in
thousands) by a producing company.
There can be changes in the values of the variable recorder over
different points of time due to various forces.
Analyzing the effect of all such forces on the values of the variable is
generally known as the Analysis Time series.
Following are the 4 types of changes in the values of the variable–
1.
Changes which generally occur due to general tendency of the
data to increase or decrease
2.
Changes which generally due to change in climate, weather
conditions and festivals
3.
Changes which occur due to booms and depressions
4.
Changes which occur due to unpredictable forces like floods,
famines and earth quakes