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Business-Statistics Set 2

The document discusses key concepts in business statistics including: 1) The arithmetic mean is calculated by summing all values and dividing by the total number of values. It is used to summarize the performance of players by calculating their mean runs. 2) Standard deviation measures the dispersion of data from the mean. It is calculated to determine which player is more consistent by having a smaller standard deviation. 3) The Karl Pearson coefficient of correlation is calculated to determine the relationship between the runs scored by two players, showing a poor correlation.

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53 views6 pages

Business-Statistics Set 2

The document discusses key concepts in business statistics including: 1) The arithmetic mean is calculated by summing all values and dividing by the total number of values. It is used to summarize the performance of players by calculating their mean runs. 2) Standard deviation measures the dispersion of data from the mean. It is calculated to determine which player is more consistent by having a smaller standard deviation. 3) The Karl Pearson coefficient of correlation is calculated to determine the relationship between the runs scored by two players, showing a poor correlation.

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Business Statistics

Answer 1:

i) The arithmetic mean, also called the average or average value, is the quantity
obtained by summing two or more numbers or variables and then dividing by the
number of numbers or variables. The arithmetic mean is important in statistics. The
arithmetic mean of a continuous function over a defined interval is determined by
first calculating the definite integral over the interval, and then dividing this quantity
by the width of the interval

To summarize the performance of the player we will use Mean of the runs. The mean of run of
player A is 51.2 and player B is 50.133.
Here we use Arithmetic Mean as a measure of central tendency because, it is based on the all
observation and it is least affected by the sampling fluctuation i.e. it is most stable.
ii) The standard deviation is a statistic that measures the dispersion of a dataset relative
to its mean and is calculated as the square root of the variance. It is calculated as the
square root of variance by determining the variation between each data point relative
to the mean. If the data points are further from the mean, there is a higher deviation
within the data set; thus, the more spread out the data, the higher the standard
deviation.

The sample standard deviation formula is:

where,
s = sample standard deviation
 = sum of...
 = sample mean
n = number of scores in sample.
If selection is possible on the basis of consistency, we will calculate the standard deviation
Where, N =total population;  = Mean
The S.D for player A and player B are 40.85454 and 8.77775 respectively. A low S.D. indicates
that the values tend to be close to the mean, while a high standard deviation indicates that the
values are spread out over a wider range.
So, on the basis of consistency we will choose player B, as he is more consistent player (that is
smallest S.D.)
iii) Karl Pearson coefficient of correlation 

Karl Pearson Correlation Coefficient Formula

= -232.4/5379.164
r = -0.0432
Here, x= run by player A   = mean of x =51.2
y= runs by player B   = mean of y = 50.1333

When the value lies below + .29, then it is said to be a small correlation between the run of two
players.
SO, here our Karl Pearson coefficient of correlation is -0.0432. Hence there is very poor
relationship among the runs scored by two players.
Conclusion: This implies negative correlation between the considered variable. The higher no. of
runs by one bastsman, other lesser number of runs by other bastsman.
Answer 2 :
i) A scatter plot (aka scatter chart, scatter graph) uses dots to symbolize values for two specific
numeric variables. The position of every dot on the horizontal and vertical axis indicates values
for a man or woman statistics factor. Scatter plots are used to look at relationships between
variables.
ii)

Coefficients Standard Error t Stat P-value

Intercept -2913.86 5515.935 -0.52826 0.60781

Household -12.9317 43.60167 -0.29659 0.772306


No. of cars 2624.352 1515.07 1.732166 0.111152

Marketing 70.00239 26.88936 2.603349 0.024547


Expenses

Sales Volume=-2913.86-12.9317*Household+2624.352 Number of cars+70.0024* Marketing


Expenses.

R squared value=0.6560, Adjusted R square=0.5621


R-squared is a statistical measure of how close the data are to the fitted regression line. It is also
known as the coefficient of determination, or the coefficient of multiple determinations for
multiple regressions.

R-squared = Explained variation / Total variation


It is the percentage of the response variable variation that is explained by a linear model.
66% explained by the fitted model
iii) From the table marketing expenditure is having p value 0.024547 which less
than 0.05. So marketing expenses is Significant.
But Household is having p value 0.772306 and Number of cars is having p value 0.1111, both
the variables are insignificant.
If Household is dropped the adjusted R square is 0.5954.Then Number of cars and marketing
expenses becomes significant with p values0.02 and 0.019 respectively. If Number of cars is
dropped the adjusted R square is 0.4892.Then Household is insignificant with p value 0.10and
marketing Expense becomes significant with p value 0.02.
If both insignificant variables are dropped the adjusted R square is0.40579 with marketing
expenses is significant which shows p value 0.006. From this analysis household shows the
insignificant in all cases
Note: The last value of sales volume is taken as 197.82(?)
Answer 3 :
i. The number of students whose height is more than 158 cm.
p=165 cm and a=25 and x=158.

N=60. X—N (165, 25)2


z=(x-p)/a= (158-165)/25=-0.28
P(x>158) =1-P(x5158)=1-P(z5-0.28)
=1-0.3897
=0.6103
Number of students whose height is more than 158 cm.
=0.6103*60
=36.618
=37 students.

ii. The number of students whose height is lying between 155 and 172 cm.

X—N (165, 25)2


Z1 = (1 55-165)/25 =-0.40
z2= (172-165)/25=0.28
P (155
=P (z<0.28)-P (z-0.40)
=0.6103-0.3446
=0.2657
Number of students=0.2657*60 =15.942
=16 students

3. b. Find the lowest height among the tallest 5 student in a class. (5 Marks)

Ans :
The lowest height among the tallest 5 students in a class.
p=5/60=0.0833
The tallest will fall in the upper part graph;

P=1-0.0833=0.9167
P (z=?)=0.9167
Z=1.385
(X-165)/25=1.385
X-165=1.385*25
X=165+1.385*25
=1.99.625 cm

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