# ‘Statistics is the backbone of decision-making’. Comment.

MBA SEMESTER 1
MB0040 – STATISTICS FOR MANAGEMENT- 4 Credits
(Book ID: B1129)
Assignment Set- 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions
Q1. (a) ‘Statistics is the backbone of decision-making’. Comment.
(b) ‘Statistics is as good as the user’. Comment.
Answer:
a. Due to advanced communication network, rapid changes in consumer behaviour, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical models, statistics, operations research and econometrics.
Decision making is a key part of our day-to-day life. Even when we wish to purchase a television, we like to know the price, quality, durability, and maintainability of various brands and models before buying one. As you can see, in this scenario we are collecting data and making an optimum decision. In other words, we are using Statistics.
Again, suppose a company wishes to introduce a new product, it has to collect data on market potential, consumer likings, availability of raw materials, feasibility of producing the product. Hence, data collection is the back-bone of any decision making process.
Many organisations find themselves data-rich but poor in drawing information from it. Therefore, it is important to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect.
Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. The two categories of Statistics are descriptive statistics and inferential statistics.
2. Distinguish between the following with example.
(a) Inclusive and Exclusive limits.
(b) Continuous and discrete data.
(C) Qualitative and Quantitative data
(d) Class limits and class intervals.
3. In a management class of 100 students’ three languages are offered as an additional subject viz. Hindi, English and Kannada. There are 28 students taking Hindi, 26 taking Hindi and 16 taking English. There are 12 students taking both Hindi and English, 4 taking Hindi and English and 6 that are taking English and Kannada. In addition, we know that 2 students are taking all the three languages.
i) If a student is chosen randomly, what is the probability that he/she is not taking any of these three languages?
ii) If a student is chosen randomly, what is the probability that he/ she is taking exactly one language?
4. List down various measures of central tendency and explain the difference between them?
5. Define population and sampling unit for selecting a random sample in each of the following cases.
a) Hundred voters from a constituency
b) Twenty stocks of National Stock Exchange
c) Fifty account holders of State Bank of India
d) Twenty employees of Tata motors.
6. What is a confidence interval, and why it is useful? What is a confidence level?
MBA SEMESTER 1
MB0040 – STATISTICS FOR MANAGEMENT- 4 Credits
(Book ID: B1129)
Assignment Set- 2 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions
1. What are the characteristics of a good measure of central tendency?
(b) What are the uses of averages?
2. Your company has launched a new product .Your company is a reputed company with 50% market share of similar range of products. Your competitors also enter with their new products equivalent to your new product. Based on your earlier experience, you initially estimated that, your market share of the new product would be 50%. You carry out random sampling of 25 customers who have purchased the new product ad realize that only eight of them have actually purchased your product. Plan a hypothesis test to check whether you are likely to have a half of market share.
3. The upper and the lower quartile income of a group of workers are Rs 8 and Rs 3 per day respectively. Calculate the Quartile deviations and its coefficient?
4. The cost of living index number on a certain data was 200. From the base period, the percentage increases in prices were—Rent Rs 60, clothing Rs 250, Fuel and Light Rs 150 and Miscellaneous Rs 120. The weights for
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MBA- I semester
MB0041- Financial & Management Accounting
Assignment Set 1- (60 Marks)
Accounting Principles are the rules based on which accounting takes place and these rules are universally accepted. Explain the principles of materiality and principles of full disclosure. Explain why these two principles are contradicting each other. Your answer should be substantiated with relevant examples.
Materiality principle: Accountants follow the materiality principle, which states that the requirements of any accounting principle may be ignored when there is no effect on the users of financial information. Certainly, tracking individual paper clips or pieces of paper is immaterial and excessively burdensome to any company’s accounting department. Although there is no definitive measure of materiality, the accountant’s judgment on such matters must be sound. Several thousand dollars may not be material to an entity such as General Motors, but that same figure is quite material to a small, family-owned business.
Full disclosure means to disclose all the details of a security problem which are known. It is a philosophy of security management completely opposed to the idea of security through obscurity. The concept of full disclosure is controversial, but not new; it has been an issue for locksmiths since the 19th century. Full disclosure requires that full details of security vulnerability are disclosed to the public, including details of the vulnerability and how to detect and exploit it. The theory behind full disclosure is that releasing vulnerability information results in quicker fixes and better security. Fixes are produced faster because vendors and authors are forced to respond in order to save face. Security is improved because the window of exposure, the amount of time the vulnerability is open to attack, is reduced. The full disclosure principle states that any future event that may or will occur, and that will have a material economic impact on the financial position of the business, should be disclosed to probable and potential readers of the statements. Such disclosures are most frequently made by footnotes. For example, a hotel should report the building of a new wing, or the future acquisition of another property. A restaurant facing a lawsuit from a customer who was injured by tripping over a frayed carpet edge should disclose the contingency of the lawsuit. Similarly, if accounting practices of the current financial statements were changed and differ from those previously reported, the changes should be disclosed. Changes from one period to the next that affect current and future business operations should be reported if possible. Changes of this nature include changes made to the method used to determine depreciation expense or to the method of inventory valuation; such changes would increase or decrease the value of ending inventory, cost of sales, gross margin, and net income or loss. All changes disclosed should indicate the dollar effects such disclosures have on financial statements.
2. Journalize the below transactions, prepare relevant ledger accounts and finally trial balance. . ( 6+6+3 = 15 Marks)
M/s Ventak Enterprise Pvt Ltd.
01.01.2009
Started business with cash Rs. 2,00,000 Goods Rs. 1,00,000 Furniture Rs. 50,000
01.01.2009
Opened Current Account with Rs. 1,00,000
02.01.2009
Placed an order with Ritik for the supply of goods of the list price of Rs. 1, 00, 00.In this connection, we paid 9% of the list price as an advance by cheque.
03.01.2009
Ritik supplied goods of the list price of Rs. 1, 00,000 less 12% trade discount. Packing and delivery charges Rs. 1,000.
04.01.2009
Purchased goods from Murali of the list price of Rs. 1,00,000 less 12% trade discount and paid him by cheque under a cash discount of 5%
05.01.2009
Received an order from Shyam for supply of goods of the list price of Rs. 1, 00,000 with an advance of 10% of list price.
06.01.2009
Supplied the above goods at 10% trade discount. Packing and delivery charges Rs. 1000.
07.01.2009
Goods costing Rs. 80,000 sold to Mr X at a profit of 20% on sales less 10% trade discount and 2% cash discount
08.01.2009
Goods (cost Rs. 3,000, Sales Price Rs. 4,000) taken away by the proprietor for his personal use.
09.01.2009
Shyam became insolvent and paid 80 paise in a rupee in full and final settlement
10.01.2009
Paid Ritik 80% on account.
11.01.2009
Goods (Cost Rs. 3,000 , Sales Price Rs. 4,000) stolen
12.01.2009
Paid Life Insurance Premium Rs. 1,000.
13.01.2009
Cash embezzled by an employee Rs. 1,000.
3. Explain any two types of errors that are disclosed by trial balance with examples and rectification entry.
Note – Avoid giving examples given in the self learning material. (10 marks) Nov 2010
4. Let us assume you have been recently appointed as Management Accountant of a small but upcoming firm. Your immediate supervisor has asked you to prepare certain financial ratios from the balance sheet of one of their clients M/s Vinod Enterprise.
Liabilities
Amount
Assets
Amount
Equity Share Capital
50000
Fixed assets
87500
8% Pref Share Capital
10000
Investments
25000
Reserve Fund
40000
Stock
30000
6% Debentures
20000
Sundry Debtors
13500
Sundry Creditors
30000
Bank Balance
7000
P & L account
Year 2000 – 1000
2001 – 20000
21000
Preliminary expenses
8000
Total
171000
Total
171000
The director intent to transfer a sum of Rs.5000 out of the current year’s profit to provision for tax. The financial ratios needed are:
a. Return on capital employed
b. Current ratio
c. Fixed assets to networth
d. Debt – Equity ratio
e. Return on owner’s capital. (10 Marks)
5. A friend of you has approached to help him out in setting his books of accounts in order. Unfortunately he is struck with difference in trial balance. Help him in redrafting the trial balance. (5 Marks)
Sl.no
Particulars
Dr
Cr
1
Stock on 31st Dec,2008
1,92,100
2
Capital
13,450
3
Cash in hand
1,400
4
Bank Overdraft
9,320
5
Sales
2,36,400
6
Purchases
106,400
7
Returns inward
13,400
8
Returns outward
2,960
9
Carriage outward
2,360
10
Carriage inward
14,260
11
Salaries
9,600
12
Wages
3,660
13
Sundry debtors
16,300
14
Sundry creditors
37,360
15
Stock on 1st Jan 2006
94,120
16
Land and building
15,000
17
Plant and machinery
20,900
18
Trade expenses
2,090
3,95,540
3,95,540
6. Explain the accounting treatment of bad debt and provision for doubtful debts with suitable example. (10 Marks)
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Masters of Business Administration- MBA Semester 1
MB0045 – Managerial Economics – 4 Credits
(Book ID: B1131) Assignment Set- 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
1. Explain what is price elasticity of demand and outline the determinants of price elasticity of demand with examples.
Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or HHelasticityHH, of the quantity demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price (holding constant all the other determinants of demand, such as income). It was devised by HHAlfred MarshallHH.
Price elasticities are almost always negative, although analysts tend to ignore the sign even though this can lead to ambiguity. Only goods which do not conform to the HHlaw of demandHH, such as HHVeblenHH and HHGiffen goodsHH, have a positive PED. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded. The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded.
Revenue is maximised when price is set so that the PED is exactly one. The PED of a good can also be used to predict the HHincidence (or “burden”) of a taxHH on that good. Various research methods are used to determine price elasticity, including HHtest marketsHH, analysis of historical sales data and HHconjoint analysisHH.
Definition
PED is a measure of responsiveness of the quantity of a good or service demanded to changes in its price.HH1HH The formula for the coefficient of price elasticity of demand for a good is:HH2HHHH3HHHH4
2. In the newspapers we read about mergers between companies in the same line of business. What are the economies of scale that can be availed of with mergers.
3. Discuss the features of monopolistic competition and the method of price determination in monopolistic competition.
4. If you were to buy a car, what are the factors that would affect the demand for your purchase.
5. When factors of production are combined to produce a particular level of output, what would be the effect on total product when all factors are kept fixed and only one factor is varied. For example, when the amount of land used for producing a particular crop is kept the same, and the other factors of production like labour, fertilisers, etc is increased.
6. A company wishes to project the production requirements of a particular product in the coming years. How will the company forecast the demand in the coming years, using the trend projection method
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Masters of Business Administration- MBA Semester 2
MB0042 – Managerial Economics – 4 Credits
(Book ID: B1131)
Assignment Set- 2 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
1. The supply of a product depends on the price of the product. This determines the supply curve. What are the factors other than price that cause shifts in the supply curve.
2. Explain with examples the following types of costs:
a) Fixed costs
b) Variable costs
c) Marginal costs
d) average costs
e) short run costs
3. Indian railways is an example of monopoly in India. Discuss the factors that determine price in the different categories of travel in railways.
4. In the case of consumer durables, we find that when the product is introduced, the prices are high, but over time the prices reduce. What is the pricing policy followed?
5. In the long run, the long run average cost curve is an envelope of the short run cost curves. Discuss the concept behind the same.
6. A company wishes to introduce a new flavour of tea in the market. Discuss how the company can forecast demand for the new flavour of tea.
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Master of Business Administration-MBA Semester I SET 1
MB0043 Subject Name – Human Resource Management
Q.1 What are the functions that HR attempts to fulfill in any organization.
The definition of human resource management emphasizes the sphere of influence to encompass ‘the strategic approach to manpower management in an organization’. The process calls for a coherent objective to retain and increase employee head-count, any organization’s most valued asset. This specialized study and application has come in the wake of realization that the employees of an organization, individually and collectively, are the main contributors to the achievement of business objectives. The management of people hired by an organization involves employing people, designing and developing related resources and most importantly, utilizing and compensating their services to optimize business profitability via employee performance. Today, Human Resource Management operates in tune with other essential organizational requirements and co-exists with the topmost management cadre. Managing human resources within a company calls for a liaison between the organization’s management personnel and the administration of the executive rungs. It thrives on the strength of the relationship between the management and workers of the company.
Functions of Human Resource Management:
Human Resource Management involves the development of a perfect blend between traditional administrative functions and the well-being of all employees within an organization. Employee retention ratio is directly proportionate to the manner in which the employees are treated, in return for their imparted skills and experience. A Human Resource Manager ideally empowers inter-departmental employee relationships and nurtures scope for down-the-rung employee communication at various levels. The field is a derivative of System Theory and Organizational Psychology. Human resources has earned a number of related interpretations in time, but continues to defend the need to ensure employee well-being. Every organization now has an exclusive Human Resource Management Department to interact with representatives of all factors of production. The department is responsible for the development and application of ongoing research on strategic advances while hiring, terminating and training staff. The Human Resource Management Department is responsible for:
Q.2 Discuss the cultural dimensions of Indian Work force. [10 Marks]
Q.3 Explain the need for Human Resource Planning system .[10 Marks]
Q.4 Elucidate the classification of wages in the Indian System.[10 Marks]
Q.5 Ms. S. Sharma is the General manager HR of a private educational group. She is planning for the promotion policy for the faculty members. The norms are also ruled by the government policy and criteria. Moreover the options to promote are limited. Suggest Ms Sharma the alternative way to vertical promotion. What are the challenges in implementing that option? [10 Marks]
Q.6 ABC is an organization that wants to revise the HR policies. Before doing that it want to have some details about the following:
? What the emplyees think about the company?
? What do they think ,in the company is going well?
? What practices in the company they think are not doing well?
? Get the feedback on managerial effectiveness.
Suggest the suitable method to collect the employee opinion and explain the method. [10 Marks] Nov 2010
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Master of Business Administration-MBA Semester I
Subject Code – MB0043
Subject Name – Human Resource Management
4 Credits
(Book ID: B0909)
Assignment Set- 2 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
Q.1 Discuss the factors affecting recruitment? [10 Marks]
Q.2 Right Time is a watch manufacturing company. It has hired 20 people recently for the company. They will be involved in manufacturing, assembling of watches. They will be using different machines and tools for this. What type of training is best for them. What may be the advantages and limitations of the training method? [10 Marks]
Q.3 Write a note on 360 degree appraisal method.[10 Marks]
Q.4 Given below is the HR policy glimpse of “ZoomVideo”, a multimedia company
1. It offers cash rewards for staff members
2. It promotes the culture of employee referral and encourages people to refer people they know, maybe their friends, ex. colleagues, batch mates and relatives.
3. It recognizes good performances and gives good titles and trphies to the people who perform well and also felicitates them in the Annual Day of the company.
Identify what all aspects does it take care of, based on different levels of Maslow’s Need Hierarchy ? [10 Marks]
Q.5 Describe the emerging employee empowerment practices. [10 Marks]
Q.6 Write a note on directive, permissive and participative type of leadership. [10 Marks]