1.

Level of Significance:-The probability of rejecting the null hypothesis in a statistical test when it is true is
called the significance level.
2.Index Number:-An index number is a method of evaluating variations in a variable or group of variables
in regards to geographical location, time, and other features
3.Mode:-The mode is the number in a set of numbers that appears the most often. The mean of a set of
numbers is the sum of all the numbers divided by the number of values in the set
4.Empirical rule:-A statistical rule which states. that for a normal distribution, almost all observed data will
fall within three standard deviations (denoted by o) of the mean or average (denoted by µ).
5.Coefficient of Variation:-A statistical measure of the dispersion of data points in a data series around the
mean.
6.Time Series Data:-A sequence of data points that occur in successive order over some period of time
7.Coefficient of determination:-A statistical measurement that examines how differences in one variable
can be explained by the difference in a second variable, when predicting the outcome of a given event.
8.Central Limit Theorem:-The principle that the distribution of sample means approximates a normal
distribution as the sample size gets larger, regardless of the population's distribution.
9.Empirical Rule:-A statistical rule which states. that for a normal distribution, almost all observed data will
fall within three standard deviations (denoted by o) of the mean or average (denoted by µ).
10.Kurtosis:-A statistical measure used to describe the distribution of observed data around the mean
11.Skewness:-A distortion or asymmetry that deviates from the symmetrical bell curve, or normal
distribution, in a set of data
12.Bayes' rule:-In probability theory and statistics, Bayes' theorem (alternatively Bayes' law or Bayes' rule)
describes the probability of an event, based on conditions that might be related to the event.
13.Degree of Freedom:-The maximum number of logically independent values, which are values that have
the freedom to vary, in the data sample.
14.Continuous Distribution:-A continuous distribution describes the probabilities of a continuous random
variable's possible values. A continuous random variable has an infinite and uncountable set of possible
values
15.Discrete Random Variable:-A discrete random variable is a type of variable whose value is determined
by the numerical results of particular random phenomena
16.Continuous Random Variable:-A continuous random variable is a random variable that has only
continuous values. Continuous values are uncountable and are related to real numbers
17.Percentile:-is in everyday used, but there is no universal definition for it. The most common definition
of a percentile is a number where a certain percentage of scores fall below that percentile
18.Dependent and Independent event:-Two events are independent if the probability of the second event
is not affected by the outcome of the first event. If, instead, the outcome of the first event does affect the
probability of the second event, these events are dependent .
19.What are the steps of preparing a frequency distribution:-1.First of all, calculate the range of the data
set, 2.Next, divide the range by the number of the group you want your data in and then round up, 3.After
that, use class width to create groups, 4.Finally, find the frequency for each group.
20.Statistics:- is a branch of mathematics that involves collecting, analyzing, interpreting, presenting, and
organizing data.
21.Laspeyres Price Index:-is a measure that calculates the cost of a fixed basket of goods over time,
indicating changes in prices relative to a base period
22.The Chi-Square goodness of fit test:-assesses how well observed data fits an expected distribution,
determining if differences between observed and expected values are significant.
23.Nonparametric Statistics:-are a branch of statistics used for analyzing data without assuming a specific
probability distribution, relying on rank-based methods instead of numerical parameters.
1.List four types of measurement scales:-1.Nominal scale of measurement, 2.Ordinal scale of
measurement, 3.Interval scale of measurement, 4.Ratio scale of measurement
2.What is Type I error in Hypothesis testing:-A type I error occurs if an investigator rejects a null
hypothesis that is actually true in the population; a type II error occurs if the investigator fails to reject a
null hypothesis that is actually false in the population.
3.State difference between Null hypothesis & Alternate Hypothesis:-A null hypothesis is a statement in
which there is no relation between the two variables. An alternative hypothesis is a statement in which
there is some statistical relationship between the two variables.
4.State any two properties of Binomial Distribution:-1.The number of observations n is fixed, 2.Each
observation is independent, 3.Each observation represents one of two outcomes
5.State difference between Continuous Variable and Discrete Variable:-Discrete variables represent
counts (e.g. the number of objects in a collection). Continuous variables represent measurable amounts
(e.g. water volume or weight).
6.State random and non random sampling techniques:-Random sampling is a sampling technique where
each sample has an equal probability of getting selected. Non-random sampling is a sampling technique
where the sample selected will be based on factors such as convenience, judgement and experience of the
researcher and not on probability.
7.What is Nominal-level of data:-Nominal Data is qualitative data used to name or label variables without
providing numeric values
8.State various characteristics of Binomial distribution:-1.The number of observations n is fixed, 2.Each
observation is independent, 3.Each observation represents one of two outcomes
9.Name the various measures of central tendency:-There are three main measures of central tendency
1.mode, 2.median, 3.mean
10.What are the different unweighted and weighted Index Numbers:-An unweighted index gives equal
allocation to all securities within the index. A weighted index gives more weight to certain securities,
typically based on market capitalization.
11.List five probability distributions:-1.Normal Distribution, 2.Binomial Distribution, 3.Poisson Distribution,
4.Exponential Distribution, 5.Uniform Distribution
12.What is chi-square test of independence:-is a statistical hypothesis test used to determine whether
two categorical or nominal variables are likely to be related or not.
13.What is Poisson distribution:-A probability distribution that is used to show how many times an event
is likely to occur over a specified period.
14.What is the central limit theorem in sampling distribution:-The central limit theorem says that the
sampling distribution of the mean will always be normally distributed, as long as the sample size is large
enough
15.What is the Chebyshev's theorem:-It is an estimation of the minimum proportion of observations that
will fall within a specified number of standard deviations (k), where k>1.
16.What are the key characteristics of Uniform distribution:-The important characteristic of the Uniform
Distribution is that is has a constant probability. That is, all values of X in the range from a to b are equally
likely.
17.How box plot can be used for data reduction:-Box plots provide a five-number summary for a data set.
They include: the median, which has equal numbers of ordered observations on each side of it. the first
and third quartiles divide the halves of the ordered data set into halves again.
18.What is ANOVA? What is it used for:-ANOVA (Analysis of Variance) is a statistical test used to compare
means of three or more groups to determine if there are significant differences among them. It helps
identify whether there are differences in the means of multiple groups based on the variability within and
between these groups.
(Q1).What are the different primary levels of data in statistics:-1.Nominal Level, 2.Ordinal Level,
3.Interval Level, 4.Ratio Level

(Q2).Describe the different Sampling Techniques:-1.Simple Random Sampling, 2.Stratified

Sampling, 3.Systematic Sampling, 4.Cluster Sampling, 5.Convenience Sampling, 6.Snowball
Sampling, 7.Purposive Sampling

(Q3).Explain different levels of data measurement with relevant examples:-Levels of data

measurement refer to the ways in which data can be categorized, counted, or measured. There are
four primary levels of data measurement, each with increasing complexity and precision: nominal,
ordinal, interval, and ratio.
1.Nominal Level
•Definition:-Data is categorized without any order or ranking. It involves naming or labeling
variables without quantitative value.
•Examples:-Gender (male, female), race (Asian, African, European)
•Key Characteristics:- Categories are mutually exclusive and collectively exhaustive.
2.Ordinal Level
• Definition:-Data is categorized with a meaningful order or ranking, but the intervals between
ranks are not equal or known.
•Examples:-Education levels (high school, bachelor's, master's, doctorate), customer satisfaction
ratings (satisfied, neutral, dissatisfied).
• Key Characteristics:-Data can be ordered, but differences between data points are not
standardized.
3.Interval Level
•Definition:-Data is ordered, and the differences between data points are meaningful and equal.
However, there is no true zero point, meaning ratios are not meaningful.
•Examples:-Temperature in Celsius or Fahrenheit, IQ scores.
•Key Characteristics:-Equal intervals between values, but no true zero point.
4.Ratio Level
•Definition:-Data is ordered, with equal intervals between data points, and a meaningful zero
point, allowing for the calculation of ratios.
•Examples:-Height, weight, age, income.
•Key Characteristics:-True zero point exists, allowing for meaningful comparisons using ratios

(Q4).What is central tendency? Explain various ways of measuring central tendency for grouped
and ungrouped data:- •Ungrouped Data:-1.Mean, 2.Median, 3.Mode •Grouped Data:-1.Mean,
2.Median 3.Mode •Summary:-1.Mean, 2.Median 3.Mode

(Q5).Write a note on Random Sampling Method:- •Types of Random Sampling:-1.Simple Random

Sampling, 2.Stratified Random Sampling, 3.Systematic Random Sampling, 4.Cluster Sampling,
•Advantages of Random Sampling:-1.Minimizes Bias, 2.Simplicity, 3.Statistical Validity
•Challenges of Random Sampling:-1.Population Listing, 2.Logistics, 3.Non-response
•Applications of Random Sampling:-1.Surveys, 2.Clinical Trials, 3.Quality Control
(Q6).Discuss the technique of Analysis of Variance (ANOVA) with an example:- •Now, to perform
ANOVA:-1.Formulate hypotheses, 2.Calculate the grand mean, 3.Calculate sum of squares (SS),
4.Degrees of Freedom, 5.Mean Squares, 6.F-statistic, 7.Critical value and p-value

(Q7).What is Normal Distribution? Discuss its major characteristics:-1.Symmetry, 2.Bell-shaped

curve, 3.Mean, Median, and Mode are Equal, 4.Empirical Rule, 5.Characterized by Parameters,
6.Asymptotic Tall Behavior, 7.Central Limit Theorem, 8.Common in Nature and Measurement

(Q8).Define statistics and discuss its application in managerial decision-making:-1.Data-driven

Decision Making, 2.Forecasting and Predictive Analytics, 3.Risk Assessment and Management,
4.Performance Evaluation and Monitoring, 5.Quality Control and Process Improvement, 6.Market
Research and Customer Analysis, 7.Resource Allocation and Optimization, 8.Decision Support
Systems

(Q9).Explain 2 types of Chi Square Test with examples:-1.Chi-Square Test of Independence, 2.Chi-
Square Test of Goodness of Fit

(Q10).Explain in detall measures of central tendency:-1. Mean, 2.Median, 3.Mode

(Q11).What Is Binomial Distribution? Discuss its major characteristics:-1.Fixed Number of Trials

(n), 2.Two Possible Outcomes, 3.Independent Trials, 4.Constant Probability of Success (p),
5.Discrete Probability Distribution, 6.Probability Mass Function (PMF), 7.Mean and Variance

(Q12).Explain the importance of Mean as a centraltendency measure:-1.Mathematical Properties,

2.Balancing Effect, 3.Continuity and Comparability

(Q13).What are different Probability Sampling Techniques? Discuss the Simple Random Sampling
Technique in detail:-1.Simple Random Sampling, 2.Stratified Sampling, 3.Systematic Sampling,
4.Cluster Sampling, 5.Multi-Stage Sampling

(Q14).What are the different data levels? Discuss each one of them with an example:-1.Nominal
Level, 2.Ordinal Level, 3.Interval Level, 4.Ratio Level

(Q15).Explain the smoothing techniques used in Forecasting:-1.Moving Averages, 2.Exponential

Smoothing, 3.Moving Averages with Seasonal Adjustment, 4.Lowess (Locally Weighted Scatter plot
Smoothing), 5.Savitzky-Golay Filter

(Q16).Define Statistics, state the area of business that uses statistics in decision making. Explain
with example four common levels of Data measurement:- •Businesses extensively use statistics
in various aspects of decision-making, such as:- 1.Market Research and Consumer Behavior
Analysis, 2.Operations and Quality Control, 3.Financial Analysis, 4.Forecasting and Planning
•Levels of Data Measurement:- 1.Nominal Level, 2.Ordinal Level, 3.Interval Level, 4.Ratio Level