Business Statistics-NMIMS Solution

Business Statistics NMIMS Solution April 2022

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December 2017

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:
2. Country                               Time with Dad (minutes)Bangladesh                                        30Bhutan                                                 46

   China                                                    54

   Nepal                                                    50

   Pakistan                                              46

   Nigeria                                                 42

   Korea                                                    46

   Russia                                                   42

   India                                                     50

   For the above sample, determine the following measures:

   1. The mean
   2. The standard deviation
   3. The mode
   4. The 75th percentile

   Based on your calculations comment on the father-children relationship (10 Marks)

    

   2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

   Cups Sold                               Temperature

   350                                                        50

   200                                                        60

   210                                                        70

   100                                                        80

   80                                                           90

   70                                                           100

   50                                                           110

   1. Which variable is the dependent variable?
   2. Compute the least squares estimated line.
   3. Is there a significant relationship between the sales of coffee and temperature?
   4. Predict sales of a 95 degree day.

    

   3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

   Amount (in USD)	Age	Marital Status	Insurance type	Gender
   2	45	Single	Private	Male
   5	34	Married	Medicare	Male
   3.5	29	Married	Private	Female
   160	46	Single	Workers compensation	Male
   4	56	Married	Private	Female
   155	45	Single	Private	Female
   45	44	Married	Medicare	Male
   3	56	Single	No insurance	Male
   20	43	Single	Private	Male

    

   1. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.
   2. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

    

   .

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