(a) Using practical examples, differentiate between the following commercial averages: (i) Moving Average (ii) Progressive Average (iii)...

70.2K

Verified Solution

Question

Statistics

(a) Using practical examples, differentiate between thefollowing commercial averages: (i) Moving Average
(ii) Progressive Average (iii) Composite Average
(b) Explain what you understand by a theoretical probabilitydistribution and how it is useful in businessdecision-making?
(c) Explain the process of hypothesis testing, detailingclearly under which condition the Normal distribution may beused.
(d) Explain the difference between the following fournon-probability sampling methods: quota sampling, judgmentalsampling, snowball sampling and convenience sampling.
(e) Explain how the sampling methods discussed in (d) may beused in business administration. You are expected to make use ofshort practical examples to support your answer.
(f) Discuss the difference between permutation andcombination. State with practical examples, how these concepts areuseful in the context of business administration.

Answer & Explanation Solved by verified expert

3.9 Ratings (747 Votes)

a Moving averageIt is a method used to find trends in a data set This is thebest method for analysing long term trends It is an average of anysubset of numbers calculated over a period of time It is popularlyused in stoc markets for finding data trendsEg In a textile industry if you have sales data of 15 years you can calculate the moving average for a 4 year period 5 yearperiod and a six year periodProgressive AverageIt can be treated as a special case of exponentially weightedmoving aveargeEg It is recently used in memeory type control charts formonitoring the process locationComposite AverageIt is an See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member