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Business Statistics


 Business Statistics

Question 1

Data Types in different fields

·        Gender data type will be categorical

·        Undergraduate college students will be categorized as discrete data

·         Hours of working can be considered as

·         Number of children can be counted as

·         Referred parents can be defined as

Process of measurement

Gender (categorical) can be measured as quantitative data

For college students (discrete data) measurement data will be Nominal and ordinal

For Hours of working (Numerical data) Nominal measurement level will be followed

No of children (continuous data) will measured through Interval and Ratio

Description of parents (ordinal data) will follow Ordinal scale

An ostensible variable can be overseen as clear when its respects address classes with no trademark arranging like the branch of the relationship in which an authority works. Examples of evident factors join zone, postal code, and religious affiliation. A variable can be overseen as ordinal when its respects address portrayals with some trademark arranging like levels of association endorsement from exceedingly disappointed to astoundingly fulfill. A few cases of ordinal factors join point of view scores tending to level of fulfillment or confirmation and inclination rating scores (Sebastianelli & Tamimi, 2011). A variable can be overseen as versatile or steady when its respects address requested groupings with basic metric, so separate examinations between values are genuine. Cases of scale factors combine age in years and pay in a broad number of dollars. Every one of these confirmations has demonstrated the thinking of above contemplations.

Qusetion 2


Mean of the respective data: 724.6667

Median of the respective data: 720

Mode of the respective data: 730


From the excel analysis, it seems clear that measurement of the outcomes i.e. mean, median and mode is agreeable to central tendency. However, there is a possibility to differ values as per tendency rate.


Standard Deviation of the respective data set: 114.2814


Way of shorting and standardizing


It is very clear that the represented value prescribed by the above data set is outlier type and it follows the tendency of 500 – 560 – 570 – 820 – 840 – 850- 970


Nominal data sets always represent wider numerical data set like population. In the referred data set, the same aspect is applicable as availability sample is around 30 nos.

Question 3


Outcomes of quiz 1 (Referred to Excels sheet)

Mean: 72

Median: 72

Mode: 60

Outcomes of quiz 2 (Referred to Excels sheet)

Mean: 72

Median: 72

Mode: 65

Outcomes of quiz 3 (Referred to Excels sheet)

Mean: 76

Median: 72

Mode: 72

Outcomes of quiz 4 (Referred to Excels sheet)

Mean: 76

Median: 86.5

Mode: N/A


It can be said that quiz outcomes are quite closer to each other and in the last phase the performance of the students seem to poor rather than earlier ones. Due to greater variances in the last set performance, the learner has not found mode value (Newbold, Carlson & Thorne, 2012).


The mean uses each an inspiring power in the information and thusly is a reasonable illustrative of the information. The vagueness in this is by a long shot the vast majority of the conditions this respect never shows up in the harsh information (Sebastianelli & Tamimi). The mean is thusly the measure of focal slant that best repudiates the change between various cases. It relates standard deviation and it is a typical estimation procedure of diffusing. The key weakness of mean is that it is touchy to remarkable exceptions, particularly when the case measure is almost nothing. Along these lines, it isn't a fitting measure of focal inclination for skewed development.


The learner has considered the respective data set as symmetric because all of the values are quite closer to each other. The data set will not be skewed, as minimal smaller values are not represented in a regular manner. In the last quiz section, the greater variation has forced the researcher not to find mode value (Groebner, 2011).


Execution of the understudies in the initial three test challenges is indistinguishable where as in the last one there are a few stages where understudies have indicated poor execution. The more noteworthy variety among results and separation has influenced the imperative to mode to esteem. Notwithstanding, one might say that the initial three tests execution does not coordinate with performance of the understudies in the initial three test challenges is indistinguishable where as in the last one there are a few stages where understudies have demonstrated poor execution (Groebner, 2011). The more noteworthy variety among results and separation has influenced the limitation to mode to esteem. Notwithstanding, one might say that the initial three tests execution does not coordinate with the last one quiz phase.

Question 4

Probabilities in terms of aggregate value should always be closer to 1.00 and in the referred case first and second phase, alternators are quite dependent variables.

In the suggested probability time, P proposes the probability of the event being evaluated. For example, P (First alternators) prescribes the probability that Alternator 1 misses the mark. Utilization of above pursue will take an ordinary factor of same failing into 0.02 and the probability factor will be 0.98 however its vital turning point will be 1.0. The same is liberal for each of the two Alternators. The probability of dissatisfaction is 0.02 and the probability of working fine is 0.98 for each. The probability of alternator 1 happening is as of the late eventual outcome of the two probabilities. In this way, the probability of the two Alternator credibility of stamp is:

In case = first alternator (If first alternator turns off)

Failure of second alternator wills results into 0.02 * 0.02 = 0.0004

If both alternators work simultaneously = First alter + Second Alters   0.98 * 0.98    0.9604

Possibilities of success are as follow:

Substituting the probabilities achieves P (In case of any of the running alternator)

0.0196 + 0.0196  

Thant is 0.0392

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