Assignment Questions answer - 2021 BACHELOR OF BUSINESS ADM. (C029)-3rd SEM.

 

(BB 301) Marketing Management
Sr. No.	Questions
1.	What is a new product? Discuss the process of new product development?
2.	New product development strategy.
3.	Explain Identify market needs.
4.	Explain identify issues and approaches.
5.	How a marketer can set the price of any product or service?
6.	Steps in price setting explain ?
7.	Discuss the importance of pricing in marketing.   Ans. The price is the amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often; it will affect the demand and sales as well   The price you set sends a message to some consumers about your business, product or service, creating a perceived value. This affects your brand, image or position in the marketplace. For example, higher prices tell some consumers that you have higher quality, or you wouldn't be able to charge those prices.
8.	Write a note on: pricing strategies.   Ans. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others. It is targeted at the defined customers and against competitors.   Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labor and advertising expenses and then add on a certain percentage so they can make a profit.
9.	Explain the role of promotion-mix.   Ans. The promotion mix is the blend of different methods and tools of communication you use in presenting your company, products or services to target customers. Effective promotion is a key component of the marketing mix, as it is the element that helps you attract customers, persuade them to buy, and generate loyalty.
10.	What factors are responsible for developing a media strategy?   Ans. A media strategy is a plan of action that helps your business reach its target audience and to improve the overall customer conversion rate. The conversion rate is the percentage of people who take a desired action after engaging with your website, or any other form of media that makes a call to action.   Media Planning Strategies a)    Selecting Relevant Media Channel(s) Media planners have choices when it comes to the channel or channels they select for sharing a piece of content. ... b)    Determining the Relevant Timeline. ... c)    Coordinating the Channel Mix. ... d)    Leveraging Audience Targeting. ... e)    Setting Reach and Frequency Goals. ... f)     Choosing a Voice.
(BB 302) Organizational Behavior
Sr. No.	Questions
1.	Describe OB history and development.   Ans. Historical Development of Organisational Behaviour - Organisational Behaviour. The field of O.B. has developed from the studies conducted by behavioural scientists such as industrial psychologists, psychologists and sociologists. ... The discipline of OB is based on empirical studies of human behaviour at the work settings   Organizational Development is a field of research, theory, as well as practice devoted to expanding the knowledge and effectiveness of how people accomplish successful organizational change and performance.
2.	Explain the important cognitive functions.   Ans. Memory, speed, reasoning, language abilities, and more. In psychological health research, a person's ability to think, otherwise known as their cognitive functions, is a crucial subject of research. The cognitive functions are a variety of different, but related, skills involving learning and problem-solving.   Cognitive functioning refers to multiple mental abilities, including learning, thinking, reasoning, remembering, problem solving, decision making, and attention.   The 8 MBTI functions 1)    Extroverted Sensing (Se) ... 2)    Introverted Sensing (Si) ... 3)    Extroverted Thinking (Te) ... 4)    Introverted Thinking (Ti) ... 5)    Extroverted Intuition (Ne) ... 6)    Introverted Intuition (Ni) ... 7)    Extroverted Feeling (Fe) ... 8)    Introverted Feeling (Fi)
3.	Define Attitude with example.   Ans. The definition of an attitude is a way of feeling or acting toward a person, thing or situation. Passion for a sport, dislike for a certain actor and negativity toward life in general are each an example of an attitude. ... To kneel in an attitude of prayer.   The four basic types of attitudes and behaviours that are positive, negative and neutral. 1)    Positive Attitude: This is one type of attitude in organizational behaviour. ... 2)    Negative Attitude: A negative attitude is something that every person should avoid. ... 3)    Neutral Attitude: ... 4)    Sikken Attitude:
4.	Write a short note on Perception.   Ans. Perception is the sensory experience of the world. It involves both recognizing environmental stimuli and actions in response to these stimuli. Through the perceptual process, we gain information about the properties and elements of the environment that are critical to our survival.   Three concepts are intimately related to perception: exposure, attention, and sensation. Acquisition of sensory information is possible only when con- sumers attend to stimuli they are exposed to. For example, commercials that escape viewers' attention produce no sensation and, thus, have no effect on behavior.   Perception refers to the set of processes we use to make sense of the different stimuli we're presented with. Our perceptions are based on how we interpret different sensations. The perceptual process begins with receiving stimuli from the environment and ends with our interpretation of those stimuli.
5.	what is motivation?   Ans. Motivation is the process that initiates, guides, and maintains goal-oriented behaviors. It is what causes you to act, whether it is getting a glass of water to reduce thirst or reading a book to gain knowledge.     Motivation involves the biological, emotional, social, and cognitive forces that activate behavior. In everyday usage, the term "motivation" is frequently used to describe why a person does something. It is the driving force behind human actions.   Motivation doesn't just refer to the factors that activate behaviors; it also involves the factors that direct and maintain these goal-directed actions (though such motives are rarely directly observable). As a result, we often have to infer the reasons why people do the things that they do based on observable behaviors.   Types of Motivation Different types of motivation are frequently described as being either extrinsic or intrinsic:   a)    Extrinsic motivations are those that arise from outside of the individual and often involve rewards such as trophies, money, social recognition, or praise. b)    Intrinsic motivations are those that arise from within the individual, such as doing a complicated crossword puzzle purely for the personal gratification of solving a problem.
6.	Discuss Vroom's Expectancy theory and its relevance in the Indian context.   Ans. Vroom expectancy motivation theory Whereas Maslow and Herzberg look at the relationship between internal needs and the resulting effort expended to fulfil them, Vroom's expectancy theory separates effort (which arises from motivation), performance, and outcomes.   Vroom's expectancy theory assumes that behavior results from conscious choices among alternatives whose purpose it is to maximize pleasure and to minimize pain. Vroom realized that an employee's performance is based on individual factors such as personality, skills, knowledge, experience and abilities. He stated that effort, performance and motivation are linked in a person's motivation. He uses the variables Expectancy, Instrumentality and Valence to account for this.   Expectancy is the belief that increased effort will lead to increased performance i.e. if I work harder then this will be better. This is affected by such things as:   a)    Having the right resources available (e.g. raw materials, time) b)    Having the right skills to do the job c)    Having the necessary support to get the job done (e.g. supervisor support, or correct information on the job) Instrumentality is the belief that if you perform well that a valued outcome will be received. The degree to which a first level outcome will lead to the second level outcome. i.e. if I do a good job, there is something in it for me. This is affected by such things as:   Clear understanding of the relationship between performance and outcomes – e.g. the rules of the reward 'game' Trust in the people who will take the decisions on who gets what outcome Transparency of the process that decides who gets what outcome Valence is the importance that the individual places upon the expected outcome. For the valence to be positive, the person must prefer attaining the outcome to not attaining it. For example, if someone is mainly motivated by money, he or she might not value offers of additional time off.
7.	what is leadership?
8.	Discuss situational theories with special reference to Hersey and Blanchard Model.
9.	Write a short note on Organizational Development.   Ans. Image result for Write a short note on Organizational Development. A definition. Organizational development is a critical and science-based process that helps organizations build their capacity to change and achieve greater effectiveness by developing, improving, and reinforcing strategies, structures, and processes.   Organization Development (OD) enables people to transform systems. OD is the application of behavioral science to organizational and system issues to align strategy and capability. It enhances the effectiveness of systems through interventions that enhance people's collective capability to achieve shared goals.
10.	Discuss the relevance of organizational culture in the changing business scenario.   Ans. The culture at your organization sets expectations for how people behave and work together, and how well they function as a team. In this way, culture can break down the boundaries between siloed teams, guide decision-making, and improve workflow overall.   When the organizational change is made in optimal conditions and by a competent leadership, it constitutes an important success factor for enterprises. A powerful culture protects the organization from the environment changes and confers to its values the stability necessary to the long term survival.

(BB 303) Business Environment
Sr. No.	Questions	Page No.
1.	What do you mean by business Environment?   Ans. Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.     Business environment refers to those aspects of the surroundings of business enterprise which affect or influence its operations and determine its effectiveness. Andrews has also rightly defined the environment of a company as the pattern of all external influences that affect its life and development.   5 Major Components of Business Environment | Business Studies (i) Economical Environment (ii) Social Environment (iii) Political Environment (iv) Legal Environment (v) Technological Environment
2.	How would you classify business environment? Explain.   Ans. Economists have classified Business Environment as Static environment, Dynamic environment, Internal environment, External environment, Market environment and Non-market environment.   Business environment helps in identifying business opportunities, tapping useful resources, assists in planning, and improves the overall performance, growth, and profitability of the business. There are various types of Business Environment like Micro Environment and Macro Environment.   On the basis of the extent of intimacy with the firm, the environmental factors may be classified into different types namely internal and external.
3.	How do various phases of business cycle offer scope for business activity?   Ans. The four phases of business cycles have been shown in Fig. 13.1 where we start from trough or depression when the level of economic activity i.e., level of production and employment is at the lowest level. ... The downswing continues till the lowest turning point which is also called trough is reached.   In a business cycle, the economy goes through phases like expansion, peak economic growth, reversal, recession and depression, finally leading to a new cycle. The business cycle is crucial for businesses of all kinds because it directly affects demand for their products. ... Boom: high levels of consumer spending, business confidence, profits and investment. Prices and costs also tend to rise faster. Unemployment tends to be low as growth in the economy creates new jobs.
4.	Write a short note on Economic conditions.   Ans. Economic conditions refer to the state of macroeconomic variables and trends in a country at a point in time. Such conditions may include GDP growth potential, the unemployment rate, inflation, and fiscal and monetary policy orientations.   An economy is the large set of inter-related production and consumption activities that aid in determining how scarce resources are allocated. In an economy, the production and consumption of goods and services are used to fulfill the needs of those living and operating within it.   Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
5.	Explain political environment.   Ans. The political-legal environment is a combination of a lot of factors such as the current political party in power, the degree of politicization of trade and industry, the efficiency of the current government, government policies, current legal framework, the public attitude towards the economy, etc.   Political factors constitute external constraints upon a business and its activities that are usually outside of the control of the business. Typical political factors include laws and regulations that either force a business to pursue certain actions or prohibit it from taking certain actions.   Political factors relate to how the government intervenes in the economy. Specifically, political factors have areas including tax policy, labour law, environmental law, trade restrictions, tariffs, and political stability.   Political Factors   These are all about how and to what degree a government intervenes in the economy. This can include – government policy, political stability or instability in overseas markets, foreign trade policy, tax policy, labour law, environmental law, trade restrictions and so on.
6.	Write a short note on: legal Environment.   Ans. The laws which are passed by the government for business operation is called legal environment. In every country, the government regulates business activities. These regulations of government are considered as legal environment. ... Legal environment in a country has a dominating position on all decisions of organization.   The global legal environment refers to the legal environment in international business. The legal environment regulates the operations of firms in international markets.   The Legal Environment of Business introduces us to the role of legal agendas in managerial decisions. It helps managers in the operation of their business and allows them to know the limits and boundaries of there being in the name of their respective firms. It makes their decisions apt to the legal system.
7.	Discuss the concept of regulation of foreign investment.   Ans. The right of a state to control the entry of foreign investment and to exercise jurisdiction on the activity of foreign investors in its territory is firmly established in customary international law, as an attribute of state sovereignty, or more precisely, its territorial jurisdiction.   There are 3 types of FDI: Horizontal FDI. Vertical FDI. Conglomerate FDI.   Foreign investment is when a company or individual from one nation invests in assets or ownership stakes of a company based in another nation. As increased globalization in business has occurred, it's become very common for big companies to branch out and invest money in companies located in other countries.
8.	Write a short note on business and society.   Ans. There was a time in United States history, particularly during the late 1800s, when business owners' view of society was summed up in the immortal words of William Henry Vanderbilt, who said, "the public be damned." Vanderbilt, the president of the New York Central Railroad at the time, allegedly made the statement to reporters in an 8 October 1882 interview. Afterwards, he denied he said it, but the fact is that, until recently, business owners and society were two completely different entities, with little interest in one another's activities—as long as businesses made money and provided jobs for people.
9.	What do you mean by culture?   Ans. Culture is the characteristics and knowledge of a particular group of people, encompassing language, religion, cuisine, social habits, music and arts. ... The word "culture" derives from a French term, which in turn derives from the Latin "colure," which means to tend to the earth and grow, or cultivation and nurture.   Culture refers to the cumulative deposit of knowledge, experience, beliefs, values, attitudes, meanings, hierarchies, religion, notions of time, roles, spatial relations, concepts of the universe, and material objects and possessions acquired by a group of people in the course of generations through individual
10.	Write a short note on social responsibility of business.   Ans. Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.   Working for the community, such as volunteering, giving blood donations, and working at a food bank or animal shelter. Supporting issues that affect society, such as advocating political or social issues that can help others—for example, advocating for child labor laws, purchasing fair trade products, recycling.
(BB 304) Business costing
Sr. No.	Questions	Page No.
1.	Explain the concept of cost.   Ans. The concept of cost is a key concept in Economics. It refers to the amount of payment made to acquire any goods and services. In a simpler way, the concept of cost is a financial valuation of resources, materials, undergone risks, time and utilities consumed to purchase goods and services.   In business and accounting, cost is the monetary value that has been spent by a company in order to produce something. In a business, cost expresses the amount of money that is spent on the production or creation of a good or service. Cost does not include a mark-up for profit.   Cost, in common usage, the monetary value of goods and services that producers and consumers purchase. In a basic economic sense, cost is the measure of the alternative opportunities foregone in the choice of one good or activity over others.
2.	Explain classification of cost.   Ans. Cost classification involves the separation of a group of expenses into different categories. A classification system is used to bring to management's attention certain costs that are considered more crucial than others, or to engage in financial modeling. ... Fixed and variable costs.   Types of Costs Fixed Costs (FC) The costs which don't vary with changing output. ... Variable Costs (VC) Costs which depend on the output produced. ... Semi-Variable Cost. ... Total Costs (TC) = Fixed + Variable Costs. Marginal Costs – Marginal cost is the cost of producing an extra unit.
3.	What is Material cost? Ans. Material cost is the cost of materials used to manufacture a product or provide a service. Excluded from the material cost is all indirect materials, such as cleaning supplies used in the production process. ... Ascertain the standard quantity of the material used to manufacture one unit.   Labor costs are also classified as fixed costs or variable costs. For example, the cost of labor to run the machinery is a variable cost, which varies with the firm's level of production. A firm can easily increase or decrease variable labor cost by increasing or decreasing production.
4.	Write a short note on National price methods.   Ans. National income is an uncertain term which is used interchangeably with national dividend, national output and national expenditure. On this basis, national income has been defined in a number of ways. In common parlance, national income means the total value of goods and services produced annually in a country.   In other words, the total amount of income accruing to a country from economic activities in a year’s time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits.   Types of Pricing Strategies 1.    Demand Pricing. Demand pricing is also called demand-based pricing, or customer-based pricing. 2.    Competitive Pricing. Also called the strategic pricing. 3.    Cost-Plus Pricing. 4.    Penetration Pricing. 5.    Price Skimming. 6.    Economy Pricing. 7.    Psychological Pricing. 8.    Discount Pricing
5.	What is the Time wage method?   Ans. This is the oldest method of wage payment. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. ... The wage rates are fixed for an hour, a day, week, a month or even a year.   Piece Rate System: Under this system of wage payment, the workers are paid the wages on the basis of quantity and quality of work performed by them. Under this system, the rates of wages are determined according to quantity and quality of work and the workers are paid according to these rates.
6.	Write a short note on idle time.   Ans. Idle time is paid time that an employee, or machine, is unproductive due to factors that can either be controlled or uncontrolled by management. Idle time can be classified either as normal or abnormal. Minimizing idle time is key if a business wants to maximize efficiency over long periods of time.   Idle time indicates that time for which wages are paid to the workers but no production is obtained during that time. - Economic Causes includes: Seasonal, cyclical or industrial nature. - Administrative decisions are also a big cause of idle time.   Normal idle time is idle time which cannot be avoided & on the basis of the nature of industry it remains within the normal limit. Examples are: ... Loss of time on account of waiting for instructions, job, material, tools, power etc.
7.	Discuss cost account systems and control of direct Expenses.   Ans. Cost control is the practice of identifying and reducing business expenses to increase profits, and it starts with the budgeting process. ... Outsourcing is a common method to control costs because many businesses find it cheaper to pay a third party to perform a task than to take on the work within the company.   Quick Reference. The control account that appears in the financial accounting ledger in an accounting system in which separate books are maintained for the financial and costing records. The balance on the cost ledger control account agrees with the net total of the entries made in the cost ledger. Control of Direct Expenses: The budget should indicate the physical volume of direct expenses required, item by item when standards are fixed for these costs, comparison of actual costs incurred with the standards set-up, also serves as basis for controlling such cost.
8.	Write a short note on Process costing.   Ans. Process costing is an accounting methodology that traces and accumulates direct costs, and allocates indirect costs of a manufacturing process. Costs are assigned to products, usually in a large batch, which might include an entire month's production. Eventually, costs have to be allocated to individual units of product. It assigns average costs to each unit, and is the opposite extreme of Job costing which attempts to measure individual costs of production of each unit. Process costing is usually a significant chapter. It is a method of assigning costs to units of production in companies producing large quantities of homogeneous products..   Process costing is a type of operation costing which is used to ascertain the cost of a product at each process or stage of manufacture. CIMA defines process costing as "The costing method applicable where goods or services result from a sequence of continuous or repetitive operations or processes. Costs are averaged over the units produced during the period". Process costing is suitable for industries producing homogeneous products and where production is a continuous flow. A process can be referred to as the sub-unit of an organization specifically defined for cost collection purpose.
9.	Write a short note on contract costing.   Ans. Contract costing is the tracking of costs associated with a specific contract with a customer. For example, a company bids for a large construction project with a prospective customer, and the two parties agree in a contract for a certain type of reimbursement to the company.   Contract costing is the method of costing which is applied in a business where separate contracts of non-repetitive nature are undertaken. According to Sharie, “Contract or terminal cost accounts are applicable to a concern which makes specific contracts and requires to know the cost of each.”
10.	Explain Reconciliation between cost and financial accounts.   Ans. Reconciliation means tallying the profits/losses reveled by both set of accounts. Reconciliation Statement is a statement which shows the reasons for the differences between profit and losses as shown by the cost accounts with that of the profits/losses as shown by the financial accounts.   An accounting process allows the business to understand their past activity and where they currently stand in order to plan for the future. They can see trends in their revenues and expenses make adjustment based on past performance. They can be agile and pivot to future successes.   UNDERSTANDING THE ACCOUNTING CYCLE While the number of steps may vary from company to company, whether they are treated separately or combined, the accounting cycle is not cast in stone, but these events will naturally follow each other.   STEP 1: ANALYZING TRANSACTIONS   STEP 2: RECORDING ALL TRANSACTIONS   STEP 3: TRANSFERRING FROM THE JOURNAL TO THE LEDGER   STEP 4: FORMULATING AN UNADJUSTED TRIAL BALANCE   STEP 5: PREPARING ADJUSTING ENTRIES   STEP 6: PREPARING AN ADJUSTED TRIAL BALANCE   STEP 7: CREATING FINANCIAL STATEMENTS   STEP 8: CLOSING ENTRIES   STEP 9: PREPARING THE POST-CLOSING TRIAL BALANCE

 

(BB 305) Operations Management
Sr. No.	Questions
1.	What is production and operations management?   Ans. Production / Operations Management is defined as the process which transforms the inputs/resources of an organization into final goods (or services) through a set of defined, controlled and repeatable policies. By policies, we refer to the rules that add value to the final output.   Production and operations management concern with the conversion of inputs into outputs, using physical resources, so as to provide the desired utilities to the customer while meeting the other organizational objectives of effectiveness, efficiency and adaptability.   Operations management is the administration of business practices to create the highest level of efficiency possible within an organization. It is concerned with converting materials and labor into goods and services as efficiently as possible to maximize the profit of an organization.
2.	What are the characteristics of operation management?   Ans. All operations processes have one thing in common, they all take their 'inputs' like, raw materials, knowledge, capital, equipment and time and transform them into outputs (goods and services). They do this in different ways, and the main four are known as the Four V's, Volume, Variety, Variation and Visibility.   Those military characteristics that pertain primarily to the functions to be performed by equipment, either alone or in conjunction with other equipment; e.g., for electronic equipment, operational characteristics include such items as frequency coverage, channeling, type of modulation, and character of emission.   Every business operates along four basic focus dimensions: finance, customers, internal processes, and learning and innovation. These theoretical divisions of operations management come from the research of Robert S.
3.	What is product life cycle?   Ans. The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.   The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.   The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product's life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.   As a brief review, there are four stages to the product lifecycle: Introduction, Growth, Maturity, and Decline. In the Introduction stage, you're just getting your product off the ground, and the primary goal is to prove the product value and create demand.
4.	What are the factors affecting it?   Ans. A factor is one of the things that affects an event, decision, or situation. Physical activity is an important factor in maintaining fitness. [ + in] Synonyms: element, thing, point, part More Synonyms of factor.   The rate of evaporation is affected by, (1) Temperature: Evaporation increases with an increase in temperature. (2) Surface Area: Evaporation increases with an increase in surface area. (3) Humidity: Evaporation decreases with an increase in humidity. (4) Wind speed: Evaporation increases with wind speed.   Stress, workplace conflicts, poor communication and lack of training are some of the main factors that affect work performance. Addressing these issues in a timely manner could save your business and give it a competitive advantage.
5.	Explain the difference between product design and process design.   Ans. The main difference between a process and a product is that the process is a set of steps that guide the project to achieve the convenient product. while on the other hand, the product is the result of a project that is manufactured by a wide variety of people.   Product design describes the process of imagining, creating, and iterating products that solve users' problems or address specific needs in a given market. The key to successful product design is an understanding of the end-user customer, the person for whom the product is being created.
6.	Write a short note on steps in process selection.   Ans. Selection is the process of picking or choosing the right candidate, who is most suitable for a vacant job position in an organization. ... Employee selection is a process of matching organization's requirements with the skills and the qualifications of individuals.   The 7 stages of the selection process a)    Application. After the job opening has been posted, candidates can apply. ... b)    Screening & pre-selection. Chatbots can help with the screening and preselection candidates. ... c)    Interview. ... d)    Assessment. ... e)    References and background check. ... f)     Decision. ... g)    Job offer & contract.
7.	What is the importance of location for an organization?   Ans. Location plays a huge role in attracting and retaining the best employees, many of whom keep a close eye on where they're based in order to optimize work-life balance. Good location decisions can significantly boost a company's long-term performance. Poor ones can cost millions in lost talent, productivity and capital.   Choosing a business location is one of the most important aspects of starting a small business. Especially if you're running a small retail or restaurant operation, finding the right location means everything. It can dictate foot traffic, business atmosphere and long-term success for your small business.
8.	Write a short note on: (a)Location factors                                    (b)Location models Ans. (a)Location factors Location factors are the sum of all factors that an enterprise considers when choosing a location, for setting up a new plant, office, warehouse or distribution centre. ... a)    Location factors b)    Infrastructure. c)    Subsidies. d)    Taxes. e)    Access to resources. f)     Lease Costs. g)    Labor Costs. h)   Customs duties. i)     Buying power.   (b)Location models Various models are available which help to identify the ideal location. Some of the popular models are:   a)    Factor rating method b)    Weighted factor rating method c)    Load-distance method d)    Centre of gravity method e)    Break even analysis
9.	Write a short note on store Management.   Ans. Store management is concerned with ensuring that all the activities involved in storekeeping and stock control are carried out efficiently and economically by the store personnel. ... Proper management of store systems provide flexibility to absorb the shock variation in demand, and enable purchasing to plan ahead.
10.	What is the role of inspection in quality control?   Ans. Inspection and testing measure and determine the quality level of the products. ... Inspection and testing are indispensable tools of manufacturing process since they help to control quality, reduce manufacturing costs, reduce rejection losses, and assign causes for the production of defective product.     To inspect is to carefully examine. The main objective of inspection is to meet customer requirements, wants, and needs. The objective is to prevent defective product flowing down the successive operations and prevent loss to the company. Many characteristics cannot be inspected at the final stage of production.   An inspection is an activity such as measuring, examining, testing or gauging one or more characteristics of a product and comparing the results with specified requirements in order to establish whether conformity is achieved for each characteristic.   Quality inspection are measures aimed at checking, measuring, or testing of one or more product characteristics and to relate the results to the requirements to confirm compliance. This task is usually performed by specialized personnel and does not fall within the responsibility of production workers.
(BB 306) Business statistics
Sr. No.	Questions
1.	Explain the term statistics and its limitations.   Ans. The important limitations of statistics are: ... Statistics are aggregates of facts, so a single observation is not a statistic. Statistics deal with groups and aggregates only. 2) Statistical methods are best applicable to quantitative data. (3) Statistics cannot be applied to heterogeneous data.   Limitations of Statistics (1) Statistics laws are true on average. ... (2) Statistical methods are best applicable to quantitative data. (3) Statistics cannot be applied to heterogeneous data. (4) If sufficient care is not exercised in collecting, analyzing and interpreting the data, statistical results might be misleading.
2.	Write a note on graphical representation of the continuous frequency distribution.   Ans. A two dimensional graphical representation of a continuous frequency distribution is called a histogram. In histogram, the bars are placed continuously side by side with no gap between adjacent bars. That is, in histogram rectangles are erected on the class intervals of the distribution.   In statistics Frequency distribution continuous is an arrangement of the values that one or more variables take in a sample. ... In a Frequency distribution continuous, scores falling within various ranges are tabulated. Grouped frequency distributions can be portrayed graphically using Histograms.   There are three types of frequency distributions. Categorical frequency distributions, group frequency distributions and on group frequency distributions.
3.	Write merits and demerits of mean, median, and mode.   Ans. Certainty is another merits is the median. Median values are always a certain specific value in the series. (4) Real value: - Median value is real value and is a better representative value of the series compared to arithmetic mean average, the value of which may not exist in the series at all.   1) Arithmetic mean rigidly defined by Algebraic Formula.  2) It is easy to calculate and simple to understand. 3) It is based on all observations of the given data. 4) It is capable of being treated mathematically hence it is widely used in statistical analysis.   The important disadvantage of mean is that it is sensitive to extreme values/outliers, especially when the sample size is small.[7] Therefore, it is not an appropriate measure of central tendency for skewed distribution.[8] Mean cannot be calculated for nominal or no nominal ordinal data.   Merits and Demerits of Mean Deviation in Business Cycle 1.As in case of X, every term is taken in account hence, it is certainly a better measure than other measures of dispersion i.e. Range, Percentile Range or Quartile Range.   2.Mean deviation is extensively used in other fields such as Economics, Business, Commerce or any other field of such type,   3. It has least sampling fluctuations as compared to Range, Percentile Range and Quartile Deviation.   4. When comparison is needed this is perhaps the best measure between two or more series.
4.	Write applications, merits and demerits of harmonic mean.   Ans. The harmonic mean helps to find multiplicative or divisor relationships between fractions without worrying about common denominators. ... The weighted harmonic mean is used in finance to average multiples like the price-earnings ratio because it gives equal weight to each data point   1 obsolete : offense.  2a : a quality that deserves blame or lacks merit : fault, defect. b : lack of merit. 3 : a mark usually entailing a loss of privilege given to an offender.   Just to indicate the relation between a harmonic average and a harmonic progression: if the harmonic mean of some subset of terms of a harmonic progression happens to be another term of that sequence, then the position of the "mean" term is the (ordinary arithmetic) mean of the positions of that subset.
5.	Explain baye's theorem of probability.   Ans. In statistics and probability theory, the Bayes’ theorem (also known as the Bayes’ rule) is a mathematical formula used to determine the conditional probability of events. Essentially, the Bayes’ theorem describes the probability of an event based on prior knowledge of the conditions that might be relevant to the event.   The theorem is named after English statistician, Thomas Bayes, who discovered the formula in 1763. It is considered the foundation of the special statistical inference approach called the Bayes’ inference.       Besides statistics, the Bayes’ theorem is also used in various disciplines, with medicine and pharmacology as the most notable examples. In addition, the theorem is commonly employed in different fields of finance. Some of the applications include but are not limited to, modeling the risk of lending money to borrowers or forecasting the probability of the success of an investment.
6.	Discuss the salient features of binomial distribution.   Ans. In many cases, it is appropriate to summarize a group of independent observations by the number of observations in the group that represent one of two outcomes. For example, the proportion of individuals in a random sample who support one of two political candidates fits this description. In this case, the statistic  is the count X of voters who support the candidate divided by the total number of individuals in the group n. This provides an estimate of the parameter p, the proportion of individuals who support the candidate in the entire population. The binomial distribution describes the behavior of a count variable X if the following conditions apply:   1: The number of observations n is fixed. 2: Each observation is independent. 3: Each observation represents one of two outcomes ("success" or "failure"). 4: The probability of "success" p is the same for each outcome.   If these conditions are met, then X has a binomial distribution with parameters n and p, abbreviated B(n,p).   In many cases, it is appropriate to summarize a group of independent observations by the number of observations in the group that represent one of two outcomes. For example, the proportion of individuals in a random sample who support one of two political candidates fits this description. In this The binomial distribution is the relative frequency of a discrete random variable which has only two possible outcomes. As with all random variable, the mean or expected value and the variance can be calculated from the probability distribution.
7.	What is sampling?   Ans. Sampling definition: Sampling is a technique of selecting individual members or a subset of the population to make statistical inferences from them and estimate characteristics of the whole population. Different sampling methods are widely used by researchers in market research so that they do not need to research the entire population to collect actionable insights. It is also a time-convenient and a cost-effective method and hence forms the basis of any research design. Sampling techniques can be used in a research survey software for optimum derivation.   For example, if a drug manufacturer would like to research the adverse side effects of a drug on the country’s population, it is almost impossible to conduct a research study that involves everyone. In this case, the researcher decides a sample of people from each demographic and then researches them, giving him/her indicative feedback on the drug’s behavior.   Types of sampling: sampling methods Sampling in market research is of two types – probability sampling and non-probability sampling. Let’s take a closer look at these two methods of sampling.   Probability sampling: Probability sampling is a sampling technique where a researcher sets a selection of a few criteria and chooses members of a population randomly. All the members have an equal opportunity to be a part of the sample with this selection parameter. Non-probability sampling: In non-probability sampling, the researcher chooses members for research at random. This sampling method is not a fixed or predefined selection process. This makes it difficult for all elements of a population to have equal opportunities to be included in a sample. In this blog, we discuss the various probability and non-probability sampling methods that you can implement in any market research study.
8.	Describe the various types of sampling.   Ans. Sampling is a process used in statistical analysis in which a predetermined number of observations are taken from a larger population. The methodology used to sample from a larger population depends on the type of analysis being performed, but it may include simple random sampling or systematic sampling.   Sampling Process a)    Identify the Target population (Population of interest) Target population refers to the group of individuals or objects to which researchers are interested in generalizing their findings. ... b)    Select a sampling frame. ... c)    Specify the sampling technique. ... d)    Determine the sample size. ... e)    Execute the sampling plan.
9.	What is time series?   Ans. A time series is a sequence of numerical data points in successive order. In investing, a time series tracks the movement of the chosen data points, such as a security’s price, over a specified period of time with data points recorded at regular intervals. There is no minimum or maximum amount of time that must be included, allowing the data to be gathered in a way that provides the information being sought by the investor or analyst examining the activity.   Understanding Time Series A time series can be taken on any variable that changes over time. In investing, it is common to use a time series to track the price of a security over time. This can be tracked over the short term, such as the price of a security on the hour over the course of a business day, or the long term, such as the price of a security at close on the last day of every month over the course of five years.   Time Series Analysis Time series analysis can be useful to see how a given asset, security, or economic variable changes over time. It can also be used to examine how the changes associated with the chosen data point compare to shifts in other variables over the same time period.
10.	What is the need to analyze the time series?   Ans. Time series analysis can be useful to see how a given asset, security, or economic variable changes over time. It can also be used to examine how the changes associated with the chosen data point compare to shifts in other variables over the same time period.   The time series method of forecasting is the most reliable when the data represents a broad time period. Information about conditions can be extracted by measuring data at various time intervals -- e.g., hourly, daily, monthly, quarterly, annually or at any other time interval.     Time series forecasting is an important area of machine learning that is often neglected. It is important because there are so many prediction problems that involve a time component. These problems are neglected because it is this time component that makes time series problems more difficult to handle.

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