Statistics for Decision Making

Mastering Probability and Statistics: A Guide for MBA Students

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  In the fast-paced world of business and management, making sound decisions amidst uncertainty is critical. Whether you’re analyzing market trends, forecasting revenues, or optimizing supply chains, probability and statistics are the ultimate tools in your arsenal. In this blog, we delve into key concepts that will sharpen your analytical thinking and empower you to …

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Estimation & Test of Significance

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In today’s data-driven world, statistical inference is a fundamental tool for businesses, researchers, and analysts. It allows us to make informed decisions about an entire population by analyzing only a sample of data. Whether you’re predicting market trends, measuring customer satisfaction, or evaluating business performance, statistical inference plays a crucial role. This guide will explore …

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Least Square Method

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What is Least Square Method? The Least Square Method (LSM) is a statistical technique used to find the best-fitting curve or line for a set of data points by minimizing the sum of the squares of the differences (residuals) between the observed values and the values predicted by the model. It is widely used in …

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Quantitative Analysis for Managerial Decision-Making – Q&A and Practice Solutions

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Describe briefly the questionnaire method of collecting primary data. State the essentials of a good questionnaire. Introduction The questionnaire method is one of the most effective and widely used techniques for collecting primary data in research. It involves asking a set of predefined questions to respondents, who provide their answers either in written or electronic …

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NMIMS Assignment

NMIMS Assignment Solution of Decision Science for the April 2024 Examination

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Q3.a)Draw an appropriate chart for the following. Also, write your clarification for choosing that graph. For each variable identify a time-series component present if you consider the long-term pattern.     Table: Production of Commercial crops. (Source: RBI) Q3.b) Write the sampling plan for the following study. Also write, what is recommended according to you, census survey …

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NMIMS Assignment

NMIMS Assignment Solution of Decision Science for the April 2024 Examination

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Q2. Write the interpretation for the following regression model. You are advised to run the analysis using MS EXCEL. Here Hiranmayee Dhar, an entrepreneur who is running “Pashminaa” a store of Pashmina shawls. She is targeting customers via social media applications; she has chosen Instagram as a platform and had also chosen REELs to advertise …

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NMIMS Assignment

NMIMS – Decision Science Assignment of April 2024

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Calculate the probability for the following statements. Draw the Probability tree diagram also. In a medical college of Pune (a class of 100 people), 30 % people Like to have Misal-pav on the farewell party as per the google form survey. Remaining people have chosen vadapav. Out of those who have chosen Misal-pav 50 % …

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Decision Tree Diagram with EMV’s

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Q1. Draw the decision tree diagram and explain the best possible decision based on EMVs (Expected Monetary Values)  On the 1st April 2023, Rajinder Saproo, an investor is in a dilemma for the investment of 10 lakh INR. He has consulted his Mumbai based friend, MukulBhai Gadhecha, an investment expert for this matter. Mr Saproo …

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The Transportation Problem and the Assignment Problem

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The transportation problem The transportation problem is a classic optimization problem in the field of operations research and management science. It involves finding the most cost-effective way to transport goods from multiple suppliers to multiple consumers, taking into account supply and demand constraints, as well as transportation costs. Here are the key components and elements …

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