How to Answer MBA Assignment of NMIMS for December 2022 on Quantitative Analysis for Managerial Applications?
MBA Assignment Question No.1 The income of a group of 10,000 persons was found to be normally distributed with mean Rs.750 per month and a standard deviation of Rs.50, show that of this group about 95% has income exceeding Rs.668 and only 5% had income exceeding Rs.832.(area between 750 and 668 =0.4495), area between 750 and 832 = 0.4495) . Suggested answer of the MBA Assignment μ = 750 σ = 50 z = (x – μ) / σ = (668 – 750) / 50 = - 1. 64 = 0.0505 The total area under the curve adds up to 1, or 100% (1) Therefore, 1- 0.0505 = 0.9495 and then if it multiple i.e. 0.9494 X 100 = 94.95% = 95% (2) 1 – (0.0505 + 0.4495 + 0.4495 ) = 0.0505 and then if it multiple i.e. 0.0505 X 100 = 5% z = (x – μ) / σ = (8