GM03
Business Statistics
(For CNM Cases)
Assignment - I
Assignment Code: 2016GM03A1 Last Date of Submission: 30th April 2016
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Prof. Hardtack gave four Friday quizzes last semester in his 10-student senior tax accounting class as follows:
Quiz 1 60 60 60 60 71 73 74 75 88 99
Quiz 2 65 65 65 65 70 74 79 79 79 79
Quiz 3 66 67 70 71 72 72 74 74 95 99
Quiz 4 10 49 70 80 85 88 90 93 97 98
a) Find the mean, median, mode for each quiz.
b) Based on the results obtained in (a) above, indicate the measure of central
tendency you would like to use for each of the quizzes with reasons.
2. A biometric security devise using fingerprints erroneously refuses to admit 1 in 1000 authorized persons from a facility containing classified information. The device will erroneously admit 1 in 10,00,000 unauthorized persons. Assume that 95% of those who seek access are authorized. If the alarm goes off and a person is refused admission, what is the probability that really authorized?
3. Suppose the waiting time to get food after placing an order at a fast-food restaurant is exponentially distributed with a mean of 60 seconds. If a randomly selected customer orders food at the restaurant, what is the probability that the customer will have to wait at least two minutes?
4. A family has two children – one male child and the other a female child. Both the children are grown up and their daily expenditure is believed to be normally distributed with a mean of Rs.80 and Rs.60 for the male and the female child with standard deviation of Rs.20 and Rs.10 respectively. Find the probability that the two child together have an expenditure of more than Rs. 160.
Section-B
Case Study
A car manufacturer who is producing cars at the rate of 4000 cars a month requires to procure ignition equipment from vendors. The company has a policy of placing orders for 12000 ignition equipment every time they order. The vendor has indicated that 3 % of the ignition equipment is likely to be faulty in each shipment. Since it is not possible to test each and every ignition equipment by the car manufacturer, the manufacturer decides to randomly sample 200 ignition equipment and if more than 2 of them are found to be defective the entire batch of order shall be returned back.
Case Questions:
a) What sampling method would you suggest for the car manufacturer?
b) What is the probability that the batch will be returned back to the vendor.
Business Statistics
(For CNM Cases)
Assignment - I
Assignment Code: 2016GM03A1 Last Date of Submission: 30th April 2016
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Prof. Hardtack gave four Friday quizzes last semester in his 10-student senior tax accounting class as follows:
Quiz 1 60 60 60 60 71 73 74 75 88 99
Quiz 2 65 65 65 65 70 74 79 79 79 79
Quiz 3 66 67 70 71 72 72 74 74 95 99
Quiz 4 10 49 70 80 85 88 90 93 97 98
a) Find the mean, median, mode for each quiz.
b) Based on the results obtained in (a) above, indicate the measure of central
tendency you would like to use for each of the quizzes with reasons.
2. A biometric security devise using fingerprints erroneously refuses to admit 1 in 1000 authorized persons from a facility containing classified information. The device will erroneously admit 1 in 10,00,000 unauthorized persons. Assume that 95% of those who seek access are authorized. If the alarm goes off and a person is refused admission, what is the probability that really authorized?
3. Suppose the waiting time to get food after placing an order at a fast-food restaurant is exponentially distributed with a mean of 60 seconds. If a randomly selected customer orders food at the restaurant, what is the probability that the customer will have to wait at least two minutes?
4. A family has two children – one male child and the other a female child. Both the children are grown up and their daily expenditure is believed to be normally distributed with a mean of Rs.80 and Rs.60 for the male and the female child with standard deviation of Rs.20 and Rs.10 respectively. Find the probability that the two child together have an expenditure of more than Rs. 160.
Section-B
Case Study
A car manufacturer who is producing cars at the rate of 4000 cars a month requires to procure ignition equipment from vendors. The company has a policy of placing orders for 12000 ignition equipment every time they order. The vendor has indicated that 3 % of the ignition equipment is likely to be faulty in each shipment. Since it is not possible to test each and every ignition equipment by the car manufacturer, the manufacturer decides to randomly sample 200 ignition equipment and if more than 2 of them are found to be defective the entire batch of order shall be returned back.
Case Questions:
a) What sampling method would you suggest for the car manufacturer?
b) What is the probability that the batch will be returned back to the vendor.
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