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Nishanth Reddy IIITM Gwalior Q2. Distinguish between the following with example. (a) Inclusive and Exclusive limits. (b) Continuous and discrete data. (c) Qualitative and Quantitative data. (d) Class limits and class intervals. Ans: (a) Inclusive and Exclusive limits. Inclusive and exclusive limits are relevant from data tabulation and class intervals point of view. Inclusive series is the one which doesn't consider the upper limit, for example, 00-10 10-20 20-30 30-40 40-50 in the first one (00-10), we will consider numbers from 00 to 9.99 only. And 10 will be considered in 10-20. So this is known as inclusive series. Exclusive series is the one which has both the limits included, for example, 00-09 10-19 20-29 30-39 40-49 Here, both 00 and 09 will come under the first one (00-09). And 10 will come under the next one. (b) Continuous and discrete data. All data that are the result of counting are called quantitative discrete data. These data take on only certain numerical values. If you count the number of phone calls you receive for each day of the week, you might get 0, 1, 2, 3, etc. All data that are the result of measuring are quantitative continuous data assuming that we can measure accurately. Measuring angles in radians might result in the numbers p/6, p/3, p/2, p/, 3p/4, etc. If you and your friends carry backpacks with books in them to school, the numbers of books in the backpacks are discrete data and the weights of the backpacks are continuous data. (c) Qualitative and Quantitative data. Data may come from a population or from a sample. Small letters like x or y generally are used to represent data values. Most data can be put into the following categories: 1. Qualitative data Qualitative data are the result of categorizing or describing attributes of a population. Hair color, blood type, ethnic group, and the car a person drives, and the street a person lives on is examples of qualitative data. Words or letters generally describes qualitative data. For instance, hair color might be black, dark brown, light brown, blonde, gray, or red. Blood type might be AB+, O-, or B+. Qualitative data are not as widely used, as quantitative data because of many numerical techniques do not apply to the qualitative data. For example, it does not make sense to find an average hair color or blood type. Quantitative data Quantitative data are always numbers and are usually the data of choice because there are many methods available for analyzing the data. Quantitative data are the result of counting or measuring attributes of a population. Amount of money, pulse rate, weight, number of people living in your town, and the number of students who take statistics are examples of quantitative data. Quantitative data may be either discrete or continuous. All data that are the result of counting are called quantitative discrete data. These data take on only certain numerical values. If you count the number of phone calls you receive for each day of the week, you might get 0, 1, 2, 3, etc. Example 2: Data Sample of Quantitative Continuous Data. The data are the weights of the backpacks with the books in it. You sample the same five students. The weights (in pounds) of their backpacks are 6.2, 7, 6.8, 9.1, 4.3. Notice that backpacks carrying three books can have different weights. Weights are quantitative continuous data because weights are measured. (d) Class limits and class intervals. a) Class limits: The class limits are the smallest and largest values in the class. Ex: 0 10, in this class, the lowest value is zero and highest value is 10. The two boundaries of the class are called upper and lower limits of the class. Class limit is also called as class boundaries. b) Class intervals: The difference between upper and lower limit of class is known as class interval. Ex: In the class 0 10, the class interval is (10 0) = 10. The formula to find class interval is gives on below LS i= R L = Largest value S = Smallest value R = the no. Of classes Ex: If the mark of 60 students in a class varies between 40 and 100 and if we want to form 6 classes, the class interval would be 100 40 60 I= (L-S) / K = = = 10 L = 100 6 6 S = 40 K=6 Therefore, class intervals would be 40 50, 50 60, 60 70, 70 80, 80 90 and 90 100. Reply Like December 8 at 10:19pm Nishanth Reddy IIITM Gwalior Q1. (a) Statistics is the backbone of decision-making. Comment. (b) Statistics is as good as the user. Comment. Ans: a) Due to advanced communication network, rapid changes in consumer behavior, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical models, statistics, operations research and econometrics. Decision-making is a key part of our day-to-day life. Even when we wish to purchase a television, we like to know the price, quality, durability, and maintainability of various brands and models before buying one. As you can see, in this scenario we are collecting data and making an optimum decision. In other words, we are using Statistics. Again, suppose a company wishes to introduce a new product, it has to collect data on market potential, consumer likings, availability of raw materials, and feasibility of producing the product. Hence, data collection is the backbone of any decision making process. Many organizations find themselves data-rich but poor in drawing information from it. Therefore, it is important to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect. Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. The two categories of Statistics are descriptive statistics and inferential statistics. Descriptive Statistics: Descriptive statistics is used to present the general description of data that is summarized quantitatively. This is mostly useful in clinical research, when communicating the results of experiments. Inferential Statistics: Inferential statistics is used to make valid inferences from the data that are helpful in effective decision making for managers or professionals. Statistical methods such as estimation, prediction and hypothesis testing belong to inferential statistics. The researchers make deductions or conclusions from the collected data samples regarding the characteristics of large population from which the samples are taken. So, we can say Statistics is the backbone of decision-making. Reply Like December 8 at 10:18pm Nishanth Reddy IIITM Gwalior b) Statistics is as good as the user. Comment. Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easier. It is also used to bring out trends and tendencies in the data as well as the hidden relations between variables. All this helps to make decision making much easier. Let us look at each function of Statistics in detail. 1. Statistics simplifies mass data. The use of statistical concepts helps in simplification of complex data. Using statistical concepts, the managers can make decisions more easily. The statistical methods help in reducing the complexity of the data and consequently in the understanding of any huge mass of data. 2. Statistics makes comparison easier. Without using statistical methods and concepts, collection of data and comparison cannot be done easily. Statistics helps us to compare data collected from different sources. Grand totals, measures of central tendency, measures of dispersion, graphs and diagrams, coefficient of correlation all provide ample scopes for comparison. 3. Statistics brings out trends and tendencies in the data. After data is collected, it is easy to analyze the trend and tendencies in the data by using the various concepts of Statistics. 4. Statistics brings out the hidden relations between variables. Statistical analysis helps in drawing inferences on data. Statistical analysis brings out the hidden relations between variables. 5. Decision making power becomes easier. With the proper application of Statistics and statistical software packages on the collected data, managers can take effective decisions, which can increase the profits in a business. Seeing all these functionality we can say Statistics is as good as the user. Reply Like December 8 at 10:19pm
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