MBA SEMESTER I MBA 103- Statistics for Management Q1. Give the meaning of the word Statistics. Mention the characteristics of Statistics. Meaning of Statistics: The word statistics refers to "numerical facts systematically arranged". In this sense, the word statistics is always used in the plural. We have, for instance, statistics of prices, statistics of road, accidents, statistics of crimes, statistics of births, statistics of Get Complete Answers on www.smuhelp.com Q2. a. What do you mean by Probability? b. A bag contains 5 white, 6 red, 2 green and 2 black balls. One ball is selected at random from the bag. Find the probability that the selected ball isi. white ii. non-white iii. white or green iv. black or red Definition of Probability: The probability of an event is the measure of the chance that the event will occur as a result of an experiment. The probability of an event A is the number of ways event A can occur divided by the total number of possible outcomes. Probability is a Get Complete Answers on www.smuhelp.com Q3. What do you mean by Sampling? Describe various Probability and NonProbability Sampling Methods Meaning of Sampling: Sampling is a tool which enables us to draw conclusions about the characteristics of the population. Sampling is a process used in statistical analysis in which a predetermined number of observations are taken from a larger population. The methodology get Complete Answers on www.smuhelp.com

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