Question 4 Explain the following terms in detail (give examples where necessary): (a.) Arithmetic mean
(b.) Harmonic mean
(c.) Geometric mean
(a.) Arithmetic Mean: The arithmetic mean (or the average, simple mean) is computed
QUANTITATIVE TECHNIQUES IN MANAGEMENT
Question 1: How has quantitative analysis changed the current scenario inthe
management world today?
Quantitative analysis requires the representation of the problem
using amathematical model. Mat
Question 3: What is the significance of Regression Analysis? How does it help a manager in
the decision making process?
Regression analysis is a powerful technique for studying relationship between dependent
variables (i.e., output, performance me
Question 2: What are sampling techniques? Briefly explain the cluster sampling technique.
A sample is a group of units selected from a larger group (the population). By studying the
sample, one hopes to draw valid conclusions about the larger grou
Question 5: Explain the classical approach to the probability theory. Also explain the
limitation of classical definition of probability.
The classical theory of probability applies to equally probable events, such as the outcomes of tossing a
coin or thr