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Stategy Management FAQ for unit4

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Q1. What are the objectives of statistical average? Answer: The objectives of statistical average are as follows: Present mass data in a concise form Facilitate comparison Establish relationship between data sets Provide basis for decision making Q2. What are the requisites of a good average? Answer: The following are the requisites of a good average: It should be simple to calculate and easy to understand It should be based on all values It should not be affected by extreme values It should not be affected by sampling fluctuation It should be rigidly defined It should be capable of further algebraic treatment Q3. What do you mean by central tendency? What are the types of it? Answer: The tendency of data to cluster around a figure which is in central location is known as central tendency. Measure of central tendency or average of first order describes the concentration of large numbers around a particular value. It is a single value which represents all units. There are three measures of central tendency of data: a) Mean b) Median c) Mode Mean can again be subdivided into : Arithmetic mean Geometric mean Harmonic mean Q4. What is arithmetic mean? Answer: Arithmetic mean is defined as the sum of all values divided by number of values and is repre sented by ,

= X.f /N, for discrete data with frequencies. Q5. What are the properties of arithmetic mean? Answer: The properties of Arithmetic mean are as follows: Algebraic sum of deviations of a set of values taken from their mean is always zero Sum of squares of deviations of a set of values from their mean is always minimum Arithmetic mean is capable of further algebraic treatment.

Q6. What are the merits and demerits of arithmetic mean? Answer: The merits and demerits of arithmetic mean are as follows: Merits It is simple to calculate and easy to understand. It is based on all values It is rigidly defined. It is more stable. It is capable of further algebraic treatment. Q7. What is median of a data set? Answer: Median of a set of values is the value which is the middle most value when they are arranged in the ascending order of magnitude. Median is denoted by M. In case of discrete series without or with frequency, it is given by M which means (n+1)/2 th value of the data set. In case of continuous series, it is M = lower limit of the median class + {(N/2 CFp)* C.I.}/ fc Q8. What are the merits and demerits of median? Answer: The merits and demerits of median class are as follows: Merits It can be easily understood and computed. It is not affected by extreme values. Demerits It is not based on all values. Demerits It is affected by extreme values. It cannot be determined for distributions with open-end class intervals. It cannot be graphically located. Sometimes it is a value which is not in the series.

It is not capable of further algebraic treatment. It can be determined graphically (Ogives). It is not based on all values. It can be used for qualitative data.

It can be calculated for distributions with open-end classes. Q9. What is Mode of a distribution? Answer: Mode is the value which has the highest frequency and is denoted by Z. In case of discrete frequency distribution mode can be obtained by identifying the highest frequency of the data set. In case of continuous frequency distribution, the mode is given as, Z = lower class li8mit of the modal class + {(fm fp)* C. I.}/ ( 2fm- fp-fs) Q10. What are the merits and demerits of Mode? Answer: the merits and demerits of mode are as follows: Merits In many cases it can be found by inspection. It is not affected by extreme values. It can be calculated for distributions with open end classes. It can be located graphically. It can be used for qualitative data. Demerits It is not based on all values. It is not capable of further mathematical treatment. It is much affected by sampling fluctuations.

Q11. What are geometric mean and harmonic mean? Answer: The geometric mean of a set of n observations is the nth root of the product of the variables into consideration. Whereas, Harmonic mean is the reciprocal of the arithmetic mean of the reciprocal of the variables. Q12. What are positional averages? Answer: When the distribution is divided into four equal portions, then we get first quartile (Q 1), Second quartile ( Q2 = median) and third quartile ( Q3) as the positional averages. Q13. `What are deciles and percentiles? Answer: For deciles. We have to divide N/ 10 and multiply by required decile value. While for percentile, we divide N/100 and multiply by required percentile value. Q14. What is dispersion? How many types of measures do dispersion has? Answer: The property of deviations of values from the average is called dispersion or variations. The degree of variations is found by the measures of variations. They are:

Range (R) Quartile Deviations (Q.D) Mean Deviations (M.D) Standard Deviations (S.D) They have units of measurement attached to them. Therefore, they are known as absolute measures of variations. However, we may want to compare two different distributions whose measurements are one in terms of Kilograms and another in terms of centimeters. Then, we use the following relative measures that do not have any units attached to them. The relative measures are: Coefficient of Range Coefficient of Quartile Deviations Coefficient of Mean Deviations Coefficient of Variations Q15.What are the prerequisites of a good measure of variations? Answer: Prerequisite of a good measure of variations are: It should be easy to understand and simple to calculate. It should be based on all values. It should be rigidly defined. It should not be affected by extreme values. It should not be affected by sampling fluctuations. It should be capable of further algebraic treatment Q 16. What are the merits and demerits of range? Answer: The merits and demerits of range are as follows: Merits Demerits It is easily understood and simple It is affected by extreme values. to calculate. It is rigidly defined. It is not based on all values. It uses extreme values only.

Q17. What are the merits and demerits of quartile deviation, mean deviation and standard deviation? Answer: The merits and demerits of quartile deviation are:

The merits and demerits of mean deviation are: Merits It is based on all values. Demerits It is not capable of further algebraic treatment. It is less affected by extreme values. It does not take into account negative signs. It is not affected much by sampling fluctuations. The merits and demerits of standard deviation are: Merits It is rigidly defined. It is based on all values. It is capable of further algebraic treatment. It is not very much affected by sampling fluctuations. Demerits It is difficult to understand. It gives undue weightage for extreme values. It cannot be calculated for classes with open end interval.

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