a. Define the following terms as used in business statistics. i. Skewness and Kurtosis. (2 marks)…

a. Define the following terms as used in business statistics.

i. Skewness and Kurtosis. (2 marks)

ii. Discrete and continuous variable. (2 marks)

b. Discuss the components of a time series. (4 marks)

c. A work-standards expert observes the amount of time required to prepare a sample of 10 business letters in an office, with the following results listed in ascending order to the nearest minute: 5, 5, 5, 7, 9, 14, 15,15, 16, 18. Determine the;

i. Mean, (2 marks) ii.Median, and (2 marks) iii.Mode for this group of values. (1 mark)

d. The table below identifies the probability that a computer network will be inoperative the indicated number of periods per week during the initial installation phase for the network.

Number of periods (X)	4	5	6	7	8	9
Probability [P(X)]	0.01	0.08	0.29	0.42	0.14	0.06

Calculate;

i. the expected number of times per week that the network is inoperative and (2 marks) ii. the standard deviation for this variable. (2 marks)

e. Out of 12accounts held in a file, four contain a procedural error in posting account balances.

i. If an auditor samples one account randomly, what is the probability that it will

contain the error? (3 marks) ii. If an auditor samples two accounts randomly, what is the probability that at least one will contain the error? (5 marks)

iii. If an auditor samples three accounts randomly, what is the probability that at least one will contain the error? (5 marks)