Statistics and Decision Making Quiz
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Questions and Answers

What criteria should be used to make decisions based on the pay-off matrix?

  • Maximax and maximin criteria (correct)
  • Maxi-max and maxi-min criteria
  • Maximal and minimal criteria
  • Maximin and average criteria
  • Which class size has the highest frequency in the given frequency distribution?

  • 50-60
  • 60-70
  • 20-30
  • 70-80 (correct)
  • Which equation is part of the system of equations to be solved using the determinant method?

  • $5x + 3y + z = 2$
  • $2x + 5y - z = 3$ (correct)
  • $4x - 3y + 2z = 5$
  • $x - 2y + z = 0$
  • What tests are associated with Fisher's ideal index number?

    <p>Time reversal test and factor reversal test</p> Signup and view all the answers

    What method is used to fit a straight line trend to the given sales data?

    <p>Method of least squares</p> Signup and view all the answers

    How is the total revenue for each market determined in the factory production and sales problem?

    <p>Using matrix algebra</p> Signup and view all the answers

    Which unit cost corresponds to Paper II in the factory production and sales problem?

    <p>Rs 2</p> Signup and view all the answers

    What is the mean of marks in Statistics for the group of boys mentioned in the new model?

    <p>75</p> Signup and view all the answers

    What is the correct mean after adjusting for the misrecorded items?

    <p>50.9</p> Signup and view all the answers

    What is the median mark of all students in the given batch?

    <p>7 marks</p> Signup and view all the answers

    What is Pearson's coefficient of skewness for the given distribution with a mean of 10 and median of 9?

    <p>1.5</p> Signup and view all the answers

    What are the lower and upper quartiles of the given marks distribution?

    <p>30.75 and 40.53</p> Signup and view all the answers

    What is the coefficient of correlation when given the regression coefficients $b_{y x}$ = 0.61 and $b_{x y}$ = 0.53?

    <p>-0.5686</p> Signup and view all the answers

    To be classified as mesokurtic, what should be the value of the fourth moment about the mean for a distribution with a standard deviation of 5?

    <p>1.875</p> Signup and view all the answers

    What is the probability of drawing a ball that is a multiple of 3 or 7 from a bag containing balls numbered from 4 to 20?

    <p>0.40</p> Signup and view all the answers

    What is the price index number calculated using the simple aggregative method from the given data?

    <p>111.24</p> Signup and view all the answers

    What is the primary objective of analyzing the family income and its percentage expenditure on food?

    <p>To find the relationship between income and expenditure on food</p> Signup and view all the answers

    Based on the given expenditure distribution for students, which expenditure range has the highest number of students?

    <p>70-80 Rs.</p> Signup and view all the answers

    In the linear programming problem, what is the cost of the liquid product per jar?

    <p>Rs 30</p> Signup and view all the answers

    When comparing the net profits of Company A and Company B, what is the main statistical measure used to determine consistency?

    <p>Variance or standard deviation</p> Signup and view all the answers

    According to the data on family income, which percentage expenditure category had the least data entries?

    <p>100-120%</p> Signup and view all the answers

    What is the minimum requirement of chemical B that the person needs to fulfill in the linear programming problem?

    <p>12 units</p> Signup and view all the answers

    In the expenditure distribution of students, how many students fall within the 50-60 Rs. range?

    <p>28</p> Signup and view all the answers

    What is the cost of the dry product per carton in the linear programming scenario?

    <p>Rs 20</p> Signup and view all the answers

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