Quantitative Methods for Business

Quantitative methods
for Business

Contents
Question 1:.......................................................................................................................................3
Question 3:.......................................................................................................................................6
Question 4........................................................................................................................................6

Question 1:
Data can be interpreted in the following way:
Access Time in
Milliseconds
Frequency (f) M Mf M2F
30-35 17 32.5 552.5 17956.25
35-40 24 37.5 900 33750
40-45 19 42.5 807.5 34318.75
45-50 28 47.5 1330 63175
50-55 19 52.5 997.5 52368.75
55-60 13 57.5 747.5 42981.25
Sum = 120 5335 244550
(I) Mean = ∑Mf / ∑f
= 5335/120
= 44.458
(II) Standard Deviation = √Variance
= √ [ ∑M2f – {(∑Mf )2 /N}] / √ (N - 1)
= √ (244550 – ((5335 )2 / 120)) / √ (120 – 1)
= √61.889
= 7.867
(III) In accordance of above performed calculation this can be stated that value of mean is of
44.46 while standard deviation is of 7.77. Both values are not near to each other and this
interprets that data set is not equally distributed near to value of mean.
(b) Sampling methods
Simple random sampling- A single random selected data is a part of the population which hold
randomness in nature. In this process of sampling, each participant has equal probability of being
selected in this method. This approach is one of the straightforward sampling techniques, as it