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Statistics By Karan Dave

Very basic..
Define population -It is a set of all elements of interest in a particular study Define Sample -A sample is a subset of population

What information do we get from mean, median & mode?


All 3 are measure of location Mean Median Mode

Tricky ones
You are regional sales head of Pepsi. Which measure of location you will choose to present the last quarter sales of each drink under Pepsi? What is underlying difference between Mean & Median? What do you mean by Trimmed mean?

What do you mean by Variability?


Range Interquartile range Interpret the following Our DSO with different customers has a range of 25 days, but we should not worry because interquartile range is only 5 days.

What is the difference between standard deviation and variation?


Very simple Sir, standard deviation is square root of variance!! Recruiter, Than 4 and 2 are different because 2 is square root of 4?? standard deviation is easier to interpret than the variance because the standard deviation is measured in the same units as data

Whom will you give the bonus?


HR head/Sales head has to give bonus to 1 sales team out of 2 according to performance of last 12 months. Avg sales 250 units Std 15 units Avg Sales 350 units Std 25 units

Coefficient of variation
1st team=(15/250)*100%=6% 2nd team=(25/350)*100%=7.1%

When will mean be higher than median?


Skewness Positive/Right Negative/Left Symmetric What is the characteristic of symmetric curve?

You are given a sales target and you say this to your team
IF we work within 2 standard deviation we will get X% of sales What is the value of X? Z score (Chebyshevs Theorm)(75,89,94-2,3,4) Emperical rule(68,95,99.99-1,2,3) What is the Z score of outlier?

What is covariance?
It is a measure of the linear association between two variables Sxy=11 Sxy=99 Which is better? It is unit biased

What is correlation coefficient?


It is also used to measure the strength of linear relationship but it is not unit biased. How do you interpret Rxy=3? How do you interpret Rxy=0.93? Rxy indicates measure of linear association, not necessarily causation Meal price and food quality are positively correlated but increasing the meal price will not cause quality to increase

Regression
Coefficient of determination Coefficient of correlation Adjusted R Square Multiple R square

Random variables
Discrete Random Variables Continuous random Variables

Distributions
Out of 10 customers you visit for a sales deal, you confirm 3 deals Your target for this month is 3 deals and you have already met 7 customers but could not crack the deal. Which statistical tool you would use to determine your chances?

You are manager of Burger King, Chennai


You know every hour 30 customers come to your outlet in Chennai 30 mins left for closing time Your financial head asks for todays sales on phone, but still 30 mins to go and todays performance may give you some incentive You add sales of 12 customers to original figure. How will you back this statistically?

You are operations manager at Walmart


You look after ware house function You know that on an average it takes 15 mins to laod a truck at each center If emergency situation occurs you need to load a truck at each center in 12 mins How will you measure the feasibility of this?

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