Explain the various measures of dispersion, Business Management

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Question 1 Define the term Statistics. Describe its functions and limitations with examples

Question 2

1. Explain the various measures of Dispersion

2. The following data relate to the prices and quantities of 4 commodities in the year 2004 and 2005. Construct the following index numbers of price for the year 2005 by using 2004 as the base year

  1. Laspeyre's Price Index
  2. Fisher's Ideal Index Method

Commodities

2004

2005

Price

Quantity

Price

Quantity

A

5

100

6

150

B

4

80

5

100

C

2.5

60

5

72

D

12.0

30

9

33


Question 3 What is statistical quality control? Discuss the various control charts.


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