Tag: uses of average in day-to-day life

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Multiple choice statistics moving averages moving average and variation simple moving average uses of average in day-to-day life introduction to time series introduction to time series and forecasting

Bira and his wife Sheena have two daughters aged $12$ and $16$. Sheena's mother and father, aged $65$ and $72$, also live with them. Bira is currently looking for work, but can't find any. His elder daughter completed class $10$ and prefers to look for work. Sheena prefers to stay at home to look after house works. How many unemployed members does Bira's family have?

  1. $1$
  2. $2$
  3. $3$
  4. $4$
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Only Bira and his elder daughter can be called unemployed as per the given situation.

Multiple choice statistics moving averages moving average and variation simple moving average uses of average in day-to-day life introduction to time series introduction to time series and forecasting

A qualitative forecast

  1. predicts the quality of a new product.

  2. predicts the direction, but not the magnitude, of change in a variable.
  3. is a forecast that is classified on a numerical scale from $1$ (poor quality) to $10$ (perfect quality).

  4. is a forecast that is based on econometric methods.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Qualitative forecast is an estimation methodology which uses expert judgment, rather than numerical analysis. It predicts the direction, but not the magnitude of change in variable.

Multiple choice statistics moving averages moving average and variation simple moving average uses of average in day-to-day life introduction to time series introduction to time series and forecasting

Two pipes A and B can fill a tank in 20 and 30 minutes respectively. If both the pipes are used together, then how long will it take to fill the tank?

  1. $12 min$
  2. $15 min$
  3. $25 min$
  4. $50 min$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

$\displaystyle \frac{1}{20} + \frac{1}{30} = \frac{1}{x}$
$\displaystyle \frac{5}{60} = \frac{1}{x}     \Rightarrow 12 min$

Multiple choice statistics moving averages moving average and variation simple moving average uses of average in day-to-day life introduction to time series introduction to time series and forecasting

The first step in time-series analysis is to

  1. perform preliminary regression calculations.

  2. calculate a moving average.

  3. plot the data on a graph.

  4. identify relevant correlated variables.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The first step in time series analysis is to plot the data on a graph.

Multiple choice statistics moving averages moving average and variation simple moving average uses of average in day-to-day life introduction to time series introduction to time series and forecasting

In moving average method, we cannot find the trend values of some:

  1. Middle periods

  2. End periods

  3. Starting periods

  4. Between extreme periods
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In moving average method, we cannot find the trend value of some:between extreme periods.

Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

Which of the following is not one of the four types of variation that is estimated in time-series analysis?

  1. Predictable

  2. Trend

  3. Cyclical

  4. Irregular
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Four types of variations estimated in time-series analysis are :-

1. Trend
2. Seasonal
3. Cyclical
4. Irregular

Hence, A) Predictable is the correct option

Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

The unsystematic sequence which follows irregular pattern of variations is called:

  1. Noise

  2. Signal

  3. Linear

  4. Non-Linear
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

By definition,
Noise is a component of time series which is the unsystematic sequence which follows irregular pattern of variations

Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

A time series consists of:

  1. Short-term variations

  2. Long-term variations

  3. Irregular variations

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

$\Rightarrow$  A time series consist of $Short-term\,variations,\,Long-term\,variations\, and\, Irregular\,variation.$

$\Rightarrow$  $Short \,term\, variation -$ Seasonal trends are short term movements occurring in data due to seasonal factors. For example,  it is commonly observed that the consumption of ice-cream during summer is generally high and hence an ice-cream dealer's sales would be higher in some months of the year while relatively lower during winter months.
$\Rightarrow$  $Long\,term\, variation -$ The secular trend is the main component of a time series which results from long term effects of socio-economic and political factors. Prices and export and import data, for example, reflect obviously increasing tendencies over time.
$\Rightarrow$  $Irregular\,variation-$These are sudden changes occurring in a time series which are unlikely to be repeated. They are components of a time series. Floods, fires, earthquakes, revolutions, epidemics, strikes etc., are the root causes of such irregularities

Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

Depression in business is:

  1. Secular trend

  2. Cyclical

  3. Seasonal

  4. Irregular
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

$\Rightarrow$  Depression in business is : $Cyclical $.

$\Rightarrow$  Depression phase - The depression or trough is the bottom of a cycle where economic activity remains at a highly low level. Income, employment, output, price level, etc. go down. 
$\Rightarrow$  A depression is generally characterized by high unemployment of labor and capital and a low level of consumer demand in relation to the economy’s capacity to produce. 
$\Rightarrow$  This deficiency in demand forces firms to cut back production and lay-off workers.

Multiple choice business mathematics and statistics moving averages introduction to time series introduction to time series and forecasting time series and forecasting uses of average in day-to-day life

An orderly set of data arranged in accordance with their time of occurrence is called:

  1. Arithmetic series

  2. Harmonic series

  3. Geometric series

  4. Time series
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

From the definition of Time series,

Time series is an orderly set of data arranged in accordance with their time of occurrence.