Managing a Business/Quantitative Methods
Hi Sir, Can you please help me with the answers for the below?
CASE STUDY: 1
The bulbs manufactured by a company gave a mean life of 3000 hours with standard
deviation of 400 hours. If a bulb is selected at random, what is the probability it will
have a mean life less than 2000 hours?
1) Calculate the probability.
2) In what situation does one need probability theory?
3) Define the concept of sample space, sample points and events in context of
4) What is the difference between objective and subjective probability?
CASE STUDY : 2
The price P per unit at which a company can sell all that it produces is given by the
function P(x) = 300 — 4x. The cost function is c(x) = 500 + 28x where x is the number
of units produced. Find x so that the profit is maximum.
1) Find the value of x.
2) In using regression analysis for making predictions what are the assumptions
3) What is a simple linear regression model?
4) What is a scatter diagram method?
CASE STUDY : 3
Mr Sehwag invests Rs 2000 every year with a company, which pays interest at 10% p.a.
He allows his deposit to accumulate at C.I. Find the amount to the credit of the person
at the end of 5th year.
1) What is the Time Value of Money concept.
2) What do you mean by present value of money?
3) What is the Future Value of money.
4) What the amount to be credited at the end of 5th year.
CASE STUDY : 4
The cost of fuel in running of an engine is proportional to the square of the speed and is
Rs 48 per hour for speed of 16 kilometers per hour. Other expenses amount to Rs 300
per hour. What is the most economical speed?
1) What is most economical speed?
2) What is a chi-square test?
3) What is sampling and what are its uses.
4) Is there any alternative formula to find the value of Chi-square?
these are assignment questions requiring a study of statistical theory and methodology. I do not provide answers to assignment questions.
the point here is, what is it you do not understand? and I think it is that an opportunistic approach may allow you to complete assignments without acquiring essential knowledge and so gain wisdom. Your approach is not wise, merely opportunistic