MB-506 Quantitative Analysis for Managerial Applications

MCQ ON Quantitative Analysis for Managerial Applications

1. Which one of the following is not a function of statistics?

(a) To simplify complexities (b) To compare data with respect to time and date

(c) To forecast the future (d) To pass a bill

2. Statistical methods are

(a) Collection of data (b) Analysis of data

(c) Classification of data (d) All of these

3. In sense, statistics refers to a set of methods and techniques used

forcollection, tabulation, analysis and interpretation of statistical data.

(a) Normal (b) Singular

(d) Plural (d) Varied

4. Which branch of statistics is used to make generalization about the population

basedon the samples?

(a) Descriptive Statistics (b) Inferential Statistics

(c) Empirical Statistics (d) General Statistics

5. Statistics can

(a) Prove anything (b) Disprove anything

(c) Neither prove nor disprove anything: but is a tool (d) solve everything

6. Statistical results are

(a) Absolutely correct (b) Universally Correct

(c) True on an average (d) Not correct

7. Distrust of statistics arises on account of

(a) Lack of Knowledge and limitation of its uses (b) Science of statistics

(c) Collection of data by skilled persons (d) complete disclosure of data

collected

8. Which one of the following is not true?

(a) Statistics does not study the individual cases

(b) Statistical results are true only an average

 (c) Statistics reveal the entire story of the problem

(d) Statistics are only one of the methods of studying a problem

9. Primary data as compared to secondary data are

(a) less reliable (b) equally reliable

(c) not actual data (d) more reliable

10. Data collected from “The Hindu” newspaper is an example of

(a) Primary data (b) Secondary data

(c) Continuous data (d) None of these

11. is a suitable method of collecting data in cases where the informants

are literate and spread over a vast area

(a) Mailed Questionnaire (b) Direct personal Interview

(c) Observation Method (d) Schedule method

12. The data collected on the height of a group of students after recording their
heightswith a measuring tape are

(a) Primary data (b) Secondary data

(c) Discrete data (d) Continuous data

13. If all the units of the universe under study are considered for data collection,
this method of data collection is called

(a) Sampling method (b) Survey method

(c)Primary method (d) Census method

14. Which method of data collection is suitable when data to be collected

areconfidential?

(a) Mailed Questionnaire (b) Direct personal Interview

(c) Observation Method (d) Schedule method

15. Data originally collected for an investigation is called

(a) Discrete data (b) Secondary data

(c) Primary data (d) Continuous data

16. Which one of the following is not true about census method?

(a) It is suitable when population is heterogeneous

(b) Census method possess high degree of accuracy

 (c) Census method helps in intensive study of a problem

(d) It is cheap and is less time consuming

17. The technique of inspecting or studying only a selected representative and

adequatefraction of the population and drawing conclusions based on the study
for the entireuniverse is called..

(a) Sampling (b) Survey

(c)Primary method (d) Census

18. The listing of all units in the population under study is

called(a)List (b) stub

(c)Frame (d) Caption

19. Ton, kilogram, Rupees, hour etc are examples of

(a) Simple units (b) Composite units

(c) Primary unit (d) Complex units

20. Primary Data are in the nature of from which the investigator
draws conclusions by applying statistical methods for analysis and
interpretations

(a) Raw materials (b) Finished products

(c) Work in progress (d) Closing stock

21. Secondary data are in the nature of as they have already

passedthrough the statistical machine.

(a) Raw materials (b) Finished products

(c) Work in progress (d) Closing stock

22. Which type of data goes through further analysis and changes its shape in the
courseof its use?

(a) Discrete data (b) Secondary data

(c) Primary data (d) Continuous data

23. Which type of data requires less precaution at the time of collection but more at
thetime of analysis?

(a) Discrete data (b) Secondary data

(c) Primary data (d) Continuous data

24. Which one of the following is not a method of primary data collection?

(a) Observation Method (b) Schedules sent through enumerators

 (c) Indirect oral investigation (d) Publications of Trade associations

25. The group of individuals under study is known as

(a) Sample (b) Data

(c) Population (d) None of the above

26. Which method of data collection is free from sampling errors?

(a) Census Method (b) Sample Survey

(c) Non random sampling (d) None of the above

27. Which method of sampling uses random selection to generate representative

samples from population?

(a) Non – Probability Sampling (b) Non random sampling

(c) Probability sampling (d) None of the above

28. Which one of the following is not a method of simple random sampling?

(a) Lottery Method (b) Table of random numbers

(c) Grid System (d) Quota Sampling

29. Which one of the following is not a method of Non Probability Sampling?

(a) Convenient Sampling (b) Quota Sampling

(c) Snowball Sampling (d) Cluster Sampling

30. is a method of stratified sampling in which selection within

strata is non-random.

(a) Convenient Sampling (b) Quota Sampling

(c) Snowball Sampling (d) Cluster Sampling

31. Presenting numerical facts in rows and columns is known as

(a) Classification (b) Coding

(c) Editing (d) Tabulation

32. In this type of interview the interviewer does not follow any list of pre-
determinedquestions

(a) Structured (b) Unstructured

(c) Depth (d) focused

33. A population containing definite number of object is called

(a) Finite Population (b) Infinite Population

 (c) Destructive Population (d) Universe

34. Random sampling under restricted sampling technique is called

(a) Lottery method (b) Cluster sampling

(c) Complex random sampling (d) Random number method

35. Under this method samples are drawn stage by stage.

(a) Cluster sampling (b) Multi stage sampling

(c) Random sampling (d) Judgement sampling

36. Table numbers are given for identification and

(a) Attractiveness (b) Promptness

(c) Future reference (d) Brevity

37. Refers to the techniques, procedures and methods used for checking
andadjusting data for omissions, errors, consistency and legibility.

(a) Coding (b) Tabulation

(c) Editing (d) Classification

38. is an analytical process in which data, both in quantitative form

orqualitative form are categorized to facilitate analysis.

(a) Coding (b) Tabulation

(c) Editing (d) Classification

39. The process of arranging the data in groups or classes according to resemblances
andsimilarities in order to make the data clear and meaningful is called .

(a) Coding (b) Tabulation

(c) Editing (d) Classification

40. Column headings are called

(a) Stubs (b) Captions

(c) Source Note (d) Head Note

41. Row headings are known as

(a) Stubs (b) Captions

(c) Source Note (d) Head Note

42. In tabulation source of the data, if any, is shown in the

(a) Footnote (b) Body

 (c) Stub (d) Caption

43. The primary data are collected by

(a) Interview Method (b) Schedule

(c) Observation (d) All of these

44. Investigator’s knowledge about the population is the basis in

(a) Purposive Sampling (b) Stratified Sampling

(c) Random Sampling (d) Systematic Sampling

45. Sampling errors are present only in

(a) Complete enumeration survey. (b) Sample Survey

(c) Both sample and census surveys (d) None of the above

46. Sampling errors can be reduced by

(a) Convenient Sampling (b) Increasing the sample Size

(c) Decreasing the sample Size (d) None of the above

47. In chronological classification data are classified on the basis of

(a) Attributes (b) Class intervals

(c) Time (d) Locations

48. What is the difference between the upper limit and lower limit of the class known
as?

(a) Class Limit (b) Class Frequency

(c) Class Interval (d) Class mark

49. Under which method of forming class intervals, the upper limit of one class
interval isthe lower limit of the next class?

(a) Exclusive method ` (b) Inclusive method

(c) Statistical series (d) None of the above

50. A collection of items, which cannot be exactly measured, but placed within
certainlimits is called

(a) Continuous series (b) Discrete series

(c) Individual series (d) Class limits

51. The mode of a set of observations is the value of the observation:

a) Which has the highest frequency
b) Which has the lowest frequency
c) Which divides the set into two equal parts
d) Which is equal to the mean

52. Which of the following is not a measure of central tendency?

a) Mean
b) Median
c) Mode
d) Range

53. Which of the following is the most affected by extreme values?

a) Mean
b) Median
c) Mode
d) All of the above

54. The median of the numbers 1, 2, 3, 3, 4, and 5 is:

a) 1
b) 2
c) 3
d) 4

55. The mode of the numbers 1, 2, 2, 3, 3, 3, and 4 is:

a) 1
b) 2
c) 3
d) 4

56. The measures of central tendency that can be computed from grouped data are:

a) Mean and median

b) Mean and mode
c) Median and mode
d) Mean, median, and mode

57. The arithmetic mean of a set of 100 observations is 50. If each observation is increased by
2, the new mean is:

a) 52
b) 50
c) 48
d) Cannot be determined

58. The median of a set of observations is the value of the observation:

a) Which has the highest frequency

b) Which has the lowest frequency
c) Which divides the set into two equal part
d) Which is equal to the mean
59. The average of the deviations of the observations from their mean is always:

a) Zero
b) Positive
c) Negative
d) Cannot be determined

60. The arithmetic mean of these items: 10, 15, X, 20, 30 is 20. Find out the missing item.

a) 10
b) 15
c) 20
d) 30
61. A type of decision-making environment is

(a) certainty
(b) uncertainty
(c) risk
(d) all of these

62. Which of the following criterion is not used for decision-making under uncertainty?

(a) Maximin
(b) Maximax
(c) Minimax
(d) Minimize Expected Loss

63. Decision theory is concerned with

(a) Methods Of Arriving at an Optimal Decision

(b) Selecting Optimal Decision In A Sequential Manner
(c) Analysis Of Information That Is Available
(d) All of These

64. Which of the following criterion is not applicable to decision-making under risk?

(a) Maximize Expected Return

(b) Maximize Return
(c) Minimize Expect Regret
(d) Knowledge Of Likelihood Occurrence Of Each State Of Nature

65. The minimum expected opportunity loss (EOL) is

(a) Equal To EVPI

(b) Minimum Regret
(c) Equal To EMV
 (d) Both (A) And (B)

66. The expected value of perfect information (EVPI) is

(a) Equal To Expected Regret Of The Optimal Decision Under Risk

(b) The Utility Of Additional Information
(c) Maximum Expected Opportunity Loss
(d) None Of The Above

67. The value of the coefficient of optimism (a) is needed while using the criterion of

(a) Equally Likely

(b) Maximin
(c) Realism
(d) Minimax

68. The decision-maker’s knowledge and experience may influence the decision-making process by
using the criterion of
(a) Maximax
(b) Maximax Regret
(c) Realism
(d) Maximin

69. The difference between the expected profit under conditions of risk and the expected profit with perfec

(a) The Expected Value Of Perfect Information

(b) Expected Marginal Loss

(c) None Of The Above
(d) None Of The Above

70. The concept of utility is used to

(a) Measure The Utility Of Money

(b) Take Into Account Aversion Of Risk
(c) Both (A) And (B)
(d) None Of These
MB 506 Quantitative Analysis for Managerial Applications

(Short Answer & Very Short Answer Questions)

1) Discuss the concept of measures of central tendency with a focus

oncharacteristics of a good measure of central tendency.
2) Explain the properties of mean, median and mode.
3) Discuss the limitations of mean, median and mode.
4) Describe the main features of the Quantitative approach to management
5) Define measures of central tendency.
6) List the functions of measures of central tendency.
7) List the properties of mean.
8) List the advantages of median.
9) List the limitations of mode.
10) Discuss any two limitations of decision theory
11) Define decision tree.
12) Differentiate between static and dynamic models.
13) Write a short note on the Deterministic decision model.
14) Illustrate the various Quantitative Techniques used in modern times for business
Decision making.
15) What do you understand by Time Series Analysis? Briefly explain the components of
Time series.
16) Discuss role of statistics in business decisions.
17) Discuss the importance of Coefficient of Variance in Management Analysis.
18) Explain the various steps in testing of hypothesis.
19) List the components of time series analysis?
20) What is the role of random variables in management analysis?
21) Discuss the role of statistical analysis in managerial decision making.
22) Explain the primary & secondary sources of collection of data.
23) Discuss the utility of Time Series Analysis managerial analysis decision.
24) What are the difference errors in Hypothesis Testing?
25) Discuss Significance Level and Degrees of Freedom in Hypothesis Testing.