Real Time Quantitative Techniques For Management Questions with Answers PDF
1. How useful are the Quantitative Techniques in decision-making?
2. Give the areas of application where Quantitative Techniques can be applied.
3. Explain the methodology adopted in solving problems with the help of a flow chart diagram.
4. What is a model? Explain with a suitable example.
5. What is meant by validation of model?
6. Explain the advantages of modelling with the help of a short example.
7. Discuss the advantages and limitations of using results from a mathematical model to make decision as out operations.
8. What are different type of models used in management science.
9. What are some of the opportunities in management science?
10. What is implementation and why it is important?
11. What are some of sources of input data?
12. Briefly trace the history of management science.
13. What is the Quantitative Techniques process? Give several examples of this process.
14. Give a brief account of the origin and development of statistics.
15. Define statistics and discuss its relationship with natural and other sciences.
16. Distinguish between statistical methods and statistics. Discuss the scope and significance of the study of statistics.
17. Who gave the following definitions of statistics?
(i) “Statistics is the science of counting”.
(Bowley, Boddington, King, Saligman)
(ii) “Statistics is the science of estimates and probabilities”.
(Webster, Secrist, Boddington, Yule & Kendall)
(iii) “The science of statistics is the method of judging collective, natural or social
phenomena from the results obtained by the analysis or enumeration or collection of estimates”.
(Achenwall, Marshall, W.I. King, Croxton & Cowden)
18. “Statistics are numerical statements of facts, but all facts stated numerically are not statistics”. Clarify this statement and point out briefly which numerical statements of facts are statistics.
19. Discuss briefly the utility of statistics in economic analysis and business.
20. Which of the following statements are true?
(a) Statistics is helpful in administration.
(b) Statistics is helpful in business.
(c) Statistics is helpful in economic analysis.
(d) Statistics is helpful in all of the above.
21. “Statistics are the straws out of which I like other economists have to make bricks”.
Discuss.
22. “Science without statistics bear no fruit, statistics without science have no roots”. Explain the statement.
23. “It is usually said that statistics is science and art both”. Do you agree with this statement? Discuss the scope of statistics.
24. Define ‘Statistics’ and explain briefly the divisions of the science of statistics.
25. “Statistics is not a science, it is a scientific method”. Discuss it critically and explain the scope of statistics.
26. Explain clearly the three meanings of the word 'Statistics' contained in the following statement :
“You compute statistics from statistics by statistics”.
[Hint : Mean, standard deviation, etc., computed from a sample are also known as statistics.]
27. “Economics and statistics are twin sisters”. Discuss.
28. Discuss the nature and scope of statistics. What are the fields of investigation and research where statistical methods and techniques can be usefully employed?
29. Explain the following statements :
(a) “Statistics is the science of counting”.
(b) “Statistics is the science of estimates and probabilities”.
(c) “Statistics is the science of averages”.
30. Explain by giving reasons whether the following are data or not:
(i) Arun is more intelligent than Avinash.
(ii) Arun got 75% marks in B.Sc. and Avinash got 70% marks in B.Com.
(iii) Arun was born on August 25, 1974.
(iv) The consumption function of a community is C = 1,000 + 0.8Y, therefore, the levels of consumption for different levels of income are :
31. “Statistics are aggregates of facts, affected to a marked extent by a multiplicity of causes”.
Discuss the above statement and explain the main characteristics of statistics.
32. “Statistics are not merely heap of numbers”. Explain.
33. Elucidate the following statement :
“Not a datum, but data are the subject-matter of statistics”.
2. Give the areas of application where Quantitative Techniques can be applied.
3. Explain the methodology adopted in solving problems with the help of a flow chart diagram.
4. What is a model? Explain with a suitable example.
5. What is meant by validation of model?
6. Explain the advantages of modelling with the help of a short example.
7. Discuss the advantages and limitations of using results from a mathematical model to make decision as out operations.
8. What are different type of models used in management science.
9. What are some of the opportunities in management science?
10. What is implementation and why it is important?
11. What are some of sources of input data?
12. Briefly trace the history of management science.
13. What is the Quantitative Techniques process? Give several examples of this process.
14. Give a brief account of the origin and development of statistics.
15. Define statistics and discuss its relationship with natural and other sciences.
16. Distinguish between statistical methods and statistics. Discuss the scope and significance of the study of statistics.
17. Who gave the following definitions of statistics?
(i) “Statistics is the science of counting”.
(Bowley, Boddington, King, Saligman)
(ii) “Statistics is the science of estimates and probabilities”.
(Webster, Secrist, Boddington, Yule & Kendall)
(iii) “The science of statistics is the method of judging collective, natural or social
phenomena from the results obtained by the analysis or enumeration or collection of estimates”.
(Achenwall, Marshall, W.I. King, Croxton & Cowden)
18. “Statistics are numerical statements of facts, but all facts stated numerically are not statistics”. Clarify this statement and point out briefly which numerical statements of facts are statistics.
19. Discuss briefly the utility of statistics in economic analysis and business.
20. Which of the following statements are true?
(a) Statistics is helpful in administration.
(b) Statistics is helpful in business.
(c) Statistics is helpful in economic analysis.
(d) Statistics is helpful in all of the above.
21. “Statistics are the straws out of which I like other economists have to make bricks”.
Discuss.
22. “Science without statistics bear no fruit, statistics without science have no roots”. Explain the statement.
23. “It is usually said that statistics is science and art both”. Do you agree with this statement? Discuss the scope of statistics.
24. Define ‘Statistics’ and explain briefly the divisions of the science of statistics.
25. “Statistics is not a science, it is a scientific method”. Discuss it critically and explain the scope of statistics.
26. Explain clearly the three meanings of the word 'Statistics' contained in the following statement :
“You compute statistics from statistics by statistics”.
[Hint : Mean, standard deviation, etc., computed from a sample are also known as statistics.]
27. “Economics and statistics are twin sisters”. Discuss.
28. Discuss the nature and scope of statistics. What are the fields of investigation and research where statistical methods and techniques can be usefully employed?
29. Explain the following statements :
(a) “Statistics is the science of counting”.
(b) “Statistics is the science of estimates and probabilities”.
(c) “Statistics is the science of averages”.
30. Explain by giving reasons whether the following are data or not:
(i) Arun is more intelligent than Avinash.
(ii) Arun got 75% marks in B.Sc. and Avinash got 70% marks in B.Com.
(iii) Arun was born on August 25, 1974.
(iv) The consumption function of a community is C = 1,000 + 0.8Y, therefore, the levels of consumption for different levels of income are :
31. “Statistics are aggregates of facts, affected to a marked extent by a multiplicity of causes”.
Discuss the above statement and explain the main characteristics of statistics.
32. “Statistics are not merely heap of numbers”. Explain.
33. Elucidate the following statement :
“Not a datum, but data are the subject-matter of statistics”.
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