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Question:
What is meant by Transformation?
Answer: If we change one variable into another variable, this is called transformation. For example, If we have values of variable X,
then we can find the values of other
variables using transformations like Y = X + 3 or Z = 2X - 5
Question:
what is difference b/w Geometric mean and Harmonic means?
Answer: The Geometric Mean is used primarily to average data for which the ratio of successive terms remain approximately constant. T
his occurs with data as rates of
change, ratios, economic index numbers, and population sizes over successive time periods and the like. On the other hand, Harmonic Mean is most frequ
ently
used in average speeds of various distances covered. Where the distances remain constant, and also in finding the average cos
t of commodity, such as mutual
funds, when several different purchases are made by investing the same amount of money each time.
Question:
what is a logistic system and what is a inventry?
Answer: Logistics system: The total flow of products from the a
cquisition of raw materials to the delivery of finished goods to users, including the related flow of
information that controls and records the movement of those products. Inventory System: Procedures that govern how supplies are received, stored, handled,
and issued is called inventory system. http://www.vustudents.net
Question:
Define the standard normal distribution.
Answer: The Standard normal distribution: A normal distribution whose mean is zero and whose standard deviation is 1 is known as the s
tandard normal distribution.
This distribution has a very important role in computing areas under the normal curve. The reason is that the mathematical eq
uation of the normal distribution
is so complicated that it is not possible to find areas under the no
rmal curve by ordinary integration. Areas under the normal curve have to be found by the
more advanced method of numerical integration. The point to be noted is that areas under the normal curve have been computed
for that particular normal
distribution whose mean is zero and whose standard deviation is equal to 1, i.e. the standard normal distribution.
Question:
Explain the concept of Continuity Correction.
Answer: Continuity Correction: In testing of hypothesis, we use a continuity correction of ±1/2
whenever we consider the normal approximation to the binomially
distributed random variable X. Because the normal distribution can take all real numbers (is continuous) but the binomial dis
tribution can only take integer
values (is discrete) so there for in using normal curve areas to approximate binomial probabilities, a discrete value of the binomial variable is to be replace
d by
an interval before the z values are computed. Accordingly a discrete value x becomes the interval from x-0.5 to x+0.5 and this
sort of adjustment is called
continuity correction. Thus, the discrete value 5, adjusted means 4.5 to 5.5.
Question:
Define confidence interval.
Answer: Confidence interval: A confidence interval gives an estimated range of values which is likely to
include an unknown population parameter, the estimated range
being calculated from a given set of sample data. In interval estimation of an unknown population parameter we find an interv
al for which we have very high
confidence (probability) that it contains the unknown parameter. This level of confidence is dented by (1 –
a). It is always very high probability usually 95%,
98%, 99% etc. and the chance that our interval does not contain unknown parameter is called level of significance and it is denoted by a.
Question:
Component bar chart e. What is range?
Answer: Component bar charts: When you want to draw a bar chart to illustrate your data, it is often the case that the totals of the
figures can be broken down into parts
or components. You start by drawing a simple bar chart with the total figures. The columns or bars are then divided into the component parts. Remember to
put
a key on the diagram. Range: It is the difference between the largest and the smallest value of the data. Suppose largest value
is denoted by Xm and smallest
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