Business Statistics-NMIMS Solved Assignments

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NMIMS Solved Assignments

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Q1. 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)

 

Q2. 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 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 17
18 45 48 17 17 17 71 52 63 50 51 69 16  

 

 

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)

 

Q3 a) What is the measure of central tendency if data has extreme values? Give example. (5 marks)

Q3 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)