NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Business Statistics
Internal Assignment Applicable for December 2016 Examination
Assignment Marks: 30
Instructions:

All Questions carry equal marks.

All Questions are compulsory

All answers to be explained in not more than 1000 words for question 1 and 2 and for question
3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far
as possible.

All answers to be written individually. Discussion and group work is not advisable.

Students are free to refer to any books/reference material/website/internet for attempting

their assignments, but are not allowed to copy the matter as it is from the source of reference.

Students should write the assignment in their own words. Copying of assignments from other
students is not allowed

Formula can be written using various methods such as - brackets/parenthesis,

subscript/superscript, insert-equation / insert-object-Microsoft Equation 3.0 (features in MsWord). Some formula can be rewritten in simple form such as C(5,2) in combination.

1. You want to do a survey of student opinion in a district regarding outdoor sports. What
will be your sampling plan? How will you ensure randomness?

(10 Marks)

2. The Lena Bank sells a form of life insurance called Lena life insurance (LLI). The
approval process for the life insurance consists of underwriting, which includes a review
of application, a medical information bureau check, possible request for additional
medical information and medical exams, and a policy completion stage during which the
policy pages are generated and sent to the bank for delivery. The ability to deliver
approved policy to customers in timely manner is critical to the profitability of this service

NMIMS Global Access

School for Continuing Education (NGA-SCE)
Course: Business Statistics
Internal Assignment Applicable for December 2016 Examination

to the bank. During a period of one month, a random sample of 27 approved policies was
selected, and the following processing times in days were recorded

72

19

16

61

28 28

31 70

60

56

31

56

22

18

45

48

17

17 17

71 52

63

50

51

69

16

17

Compute the mean, median, mode, first quartile and third quartile. Also, compute the range,
Inter-quartile range, Variance, Mean Deviation and Coefficient of variation. Based on your
findings, what would you tell a customer who enters the bank to purchase this type of
insurance policy and asks you how long the approval process takes?

(10 marks)

3 a) What is the measure of central tendency if data has extreme values? Give example.
(5 marks)

3 b) Two cards were drawn, without replacement, from a pack of 52 cards. What is the
probability that they are both Kings or both Queens?

***************

(5 marks)