Statistics for Management

Question 1. Write Short notes on following methods of classification in Statistical Survey
 One Way Classification
 Two Way Classification
 Manifold Classification
Answer:
 One Way Classification
Classification done according to a single attribute or variables is known as one way classification.

Two Way Classification
Classification done according to two attributes or variables is known as two-way classification.




3. What do you mean by Statistical Averages? List various requisites of a
Good Average.

Statistics for Management
Question 1. Write Short notes on following methods of classification in Statistical Survey
 One Way Classification
 Two Way Classification
 Manifold Classification
Answer:
 One Way Classification
Classification done according to a single attribute or variables is known as one way classification.




Module statistics

Sub-module Sub-module Sub-module
Basic concepts Visual summeraries probability theories
10 Students 20 Students 10 Students

 Two Way Classification
Classification done according to two attributes or variables is known as two-way
classification.

 Manifold Classification

Module statistics

Sub-module Sub-module Sub-module
Basic concepts vision summaries Probability theory

10 students 20 Students 10 Students

4 Males 6 Females 11 Males 9 Females 7 Males 3Females

Classification done according to more than two attributes or variables is known as manifold
classification.

Question 2: What do you mean by Statistical Averages? List various requisites of a Good Average.
 Statistical Averages.
 Requisites of a Good Average

Answer:
 Statistical Averages.
In this section we will discuss the statistical averages. The average of a distribution has been defined in various ways. Some of the important definitions are as follows: According to Clark and Sekkade, “An average is an attempt to find one single figure to describe the whole of figures”.

3.In a beauty contest, the ranks provided by three different judges to 10 competitors are given in following table. Find out which pair of judges are more associated in term of same pattern for ranking.

4. Production for the last 7 years of xyz it is given in following table
Year 2009 2010 2011 2012 2013 2014 2015
Production (in tonnes) 8 12 13 17 25 22 30

Based on above data forecast the production for year 2016 & 2017-12- 10
 Fitting of straight line
 Production for the 2016
 Production for year 2017

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1. Explain the Definition and Importance of ‘management’.
2. Explain the steps involved in Planning process.
   Discuss any 5 importance of Organizing.
3. Explain the following:
   a) Definition pf Leading.
   b) Importance of Leading.
4. Define the term Controlling? What are the prerequisites of effective control?
5. Explain the components and functions of attitude.
6. Define leadership. Write a brief note on ‘Contingency Theories of Leadership’.

Management process and Organisational Behaviour




Question 1: Explain the definition and importance of ‘Management’.
 Definition of management
 Importance of management
Answer:
 Definition of management Management
Management is very important for any organization without proper management you cannot achieve the required objectives. It is an important force which coordinates the individual efforts. Anyhow, it is a controlling force in case of business, country or even for a family. It can be defined in
the following words
Definition of Management
Management is a process of coordinating the resources to meet the objectives. Business Management “business activity which directs and controls the organization and operations of a business enterprise is called Business Management.




Importance of organising.
1. Planning Hierarchy
The concept of the feeling of the plans at the different hierarchical levels can be understood a great
deal with the help of the planning hierarchy. Here the different plans are treated as the hierarchy,
involves going towards the lowest hierarchical plan from the broader hierarchical plan. The planning
hierarchy mainly consists of the following type of the plans –
1. Business plans – These types of the plans include whole of the business.
2. SBU plans – These plans act as the strategic business unit plans including the business units.
3. Corporate Plans – These plans act as the plans of the organization involving its activities. It is the total plan for the whole organization, a corporate body working as a functional unit. The complete unit is covered under such plans.




4. Departmental plans – These plans are also referred to as the functional unit plans and cover the branches, the projects, the departments, the units that are separated for the functional efficiency.
2. Conceptual planning
Provides some type of the guidance for the planning but the major rawback in this type of the planning is that the planning unit is not at all visible, whose presence is very much critical in the planning.

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1. Define Demand Forecasting. Elucidate the determinants of supply.
2. State the Law of Demand and also discuss the various exceptions to the law of demand

3. Define business cycle and some of the causes of business cycles. 

4.  Explain the equilibrium of a firm under perfect competition in the long run.

5. Define Monetary Policy and Fiscal Policy. Write down any four objectives of both Monetary and Fiscal Policy

6. Explain Oligopoly. Explain the features of oligopoly market.

Answer:- demand forecasting seeks to investigate and measure the forces that determine sales for existing and new products. Generally companies plan their business- production or sale in anticipation of future demand. Hence forecasting future demand becomes important. the art of successful business lies in avoiding or minimizing the risk involved as far as possible and facing the uncertainties in a most befitting manner.

Demand forecasting is needed to know whether the demand is subject to cyclical fluctuation or not, so that the production and inventory policies etc. can be suitably formulated.  A forecast is made for a specific period of time which would be sufficient to take a decision and put it into the action.

• Demand Forecasting

Demand forecasting refers to an estimate of most likely future demand for a product under the given conditions. Such forecasts are of immense managerial use both I the short run as well as in the long run. Demand forecasts for short periods are made on the assumption that the company has a given production capacity and the period is too short to change the existing production capacity. Demand forecasting is generally associated with forecasting sales. a firm can make use of the sales forecasts made by the industry as a powerful tool for formulating sales policy and sales strategy. They can become action guides to select the course of action which will maximize the firm’s earnings.

• Determinants of Supply

Apart from price many other factors bring about changes in supply. Among them the important factors are:

1. Natural factors- Favourable natural factors like good climatic conditions and timely adequate well distributed rainfall results in higher production and expansions in supply.
2. Change in techniques of production- An improvement in techniques of production and use of modern. On the contrary primitive techniques are responsible for lower output and hence lower supply.

The low of demand explains the relationship between price and quantity demanded of a commodity. It says that inversely with the price. The low can be explained in the following manner. “Keeping other factors that affect demand constant a fall in price leads to decrease in quantity demanded for the product”. The law explains the cause and effect relationship between the independent variable [dependent].

1. A product becomes cheaper [price effect]
2. purchasing power of a consumer would go up
3. consumers can save some amount of money

• State any five exceptions to Law of Demand

Some examples that favour the unusual demand curve are as follows:

1. Giffen’s paradox :- A paradox is an inconsistency or contrary. Sir Robert Giffen an lrish economics, with the help of demand. The giffen’s paradox holds that ‘demand is strengthened with a fall in price”. he gave the example of poor people of Ireland who were using potatoes declined, customer instead of buying larger quantities of potatoes started buying more of meat (superior goods). thus the demand for potatoes declined in spite of fall of in its price.

Veblen’s effect:  Thorstein verlen a noted American economist contends that there are certain commodities which are purchased by rich people not for their direct satisfaction but for their snob –appeal ‘ or ‘ostentation’ veblen’s  effect state that demand for status symbol goods would go up with a rise in price and vice versa.




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