Statistics for Decision Making - Mid Term Summer

Daffodil International University Faculty of Business & Entrepreneurship Department of Business A dministration Course Title: Statistics for Decision-Making Course Code: 0542-213 Semester: Summer 2025 Time: 1 Hour 30 minutes Section: All Examination: Mid Term Full Marks: 2S Teachers' Initial: ARE, Jl SL 01. 03 _ 04 a) b) c) a) b) a) b) a) b) a) b) [NB: Answer all the following questions] Questions Explain the concept of Statistics and classify its types Explain the following terms with appropriate example: (i) Parameter, (ii) Statistic. Compare the different types of variables with examples. The Quick Change Oil Company has a number of outlets in the metropolitan Seattle area. The daily number of oil changes at the Oak Street outlet in the past 20 days are: 74: 83: 80: 68: 90: 64: 82 Utilize Sturges' formula to choose the appropriate number of class intervals and the corresponding class width. Constmct a frequency distribution table for this data set and draw histograrn_ A small company has 12 employees. Their commuting times from home to workare 23, 36, 12:23, 47, 32: 8, 12, 26: 31, 18: and28 respectively _ Solve for the mean and median. Make use ofthe given data to compute the standard deviation, and coefficient of variatiom The following data give money (in dollars) spent on textbook by 12 students. 30: 24: 25: 33: 40: 53: 42: 38: 45: 49: 33 Constmct a stem-and leaf display for these data. Utilize the given data to find the three quartiles measures and IQR_ We take a sample of seven households from a small city and collect information on their incomes and food expenditures for the last month. The information is obtained (in hundreds of dollars): Income: 55, 83, 38, 61: 33, 49, 67 Food expenditure: 14, 24, 13, 16, Analyze the data and fit the Examine the regression equation expenditure when income is 9, 15, 17 regress Ion to find the equation value of with food [CLO, Level] [CLO-2: L-2] [CLO-2: L-2] [CLO-2: L-2] [CLO-3: L-3] [CLO-3: L-3] [CLO-3: L-3] [CLO-3, L-3] [CLO-3: L-3] [CLO-3: L-3] [CLO-4, L-4] [CLO-4: L-4] Marks 2 2 2 2 4 2