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BUSINESS MATHS AND STATISTICs

Statistics is the discipline concerned with collecting, organizing, analyzing, and presenting data. It begins with defining a population or model to study. There are two main statistical methods: descriptive statistics summarize sample data using measures like the mean and standard deviation, while inferential statistics draw conclusions from variable data. Descriptive statistics characterize the central tendency and dispersion of a distribution. The normal distribution is commonly used in probability and statistics due to the central limit theorem. Statistics is applied in fields like government, medicine, psychology, education, and business to make data-driven decisions and evaluate what works best.

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191 views7 pages

BUSINESS MATHS AND STATISTICs

Statistics is the discipline concerned with collecting, organizing, analyzing, and presenting data. It begins with defining a population or model to study. There are two main statistical methods: descriptive statistics summarize sample data using measures like the mean and standard deviation, while inferential statistics draw conclusions from variable data. Descriptive statistics characterize the central tendency and dispersion of a distribution. The normal distribution is commonly used in probability and statistics due to the central limit theorem. Statistics is applied in fields like government, medicine, psychology, education, and business to make data-driven decisions and evaluate what works best.

Uploaded by

Kabir Arora
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BUSINESS MATHS AND

STATISTICS :1
STATISTICAL
DESCRIPTION OF DATA
BY: JATIN KHANNA (364)
INTRODUCTION
Statistics is the discipline that concerns the collection,
organization, displaying, analysis, interpretation and
presentation of data. In applying statistics to a scientific,
industrial, or social problem, it is conventional to begin with a
statistical population or a statistical model to be studied.
Populations can be diverse groups of people or objects such as
"all people living in a country" or "every atom composing a
crystal". Statistics deals with every aspect of data, including the
planning of data collection in terms of the design of surveys and
experiments.
HISTORY:-
ONE VIEW IS STATISTICS IS ORIGINATED FROM THE LATIN WORD “STATUS”.
ANOTHER VIEW IS THAT IT ORIGINATED FROM THE ITALIAN WORD “STATISTA”.
GERMAN WORD “STATISTIK” OR FRENCH WORD “STATISTIQUE”.

Karl Pearson, a founder


of mathematical
statistics
2 TYPES:……
Two main statistical methods are used in data analysis: descriptive statistics,
which summarize data from a sample using indexes such as the mean or
standard deviation, and inferential statistics, which draw conclusions from
data that are subject to random variation (e.g., observational errors,
sampling variation). Descriptive statistics are most often concerned with two
sets of properties of a distribution (sample or population): central tendency (or
location) seeks to characterize the distribution's central or typical value, while
dispersion (or variability) characterizes the extent to which members of the
distribution depart from its center and each other. Inferences on mathematical
statistics are made under the framework of probability theory, which deals with
the analysis of random phenomena.
The normal distribution, a very
common probability density, useful
because of the central limit theorem.
• Applications of Statistics
• The government uses statistics to make decisions about populations, health, education, etc. It may
conduct research on education to check the progress of high schools students using a specific
curriculum or collect characteristic information about the population using a census.
• The medical field would be far less effective without research to see which medicines or
interventions work best and how the human bodies react to treatment. Medical professionals also
perform studies by race, age, or nationality to see the effect of these characteristics on health.
• Although this is attached to both the science and medical field, success in psychology would be
impossible without the systematic study of human behavior, often analyzing results statistically.
• Teachers are encouraged to be researchers in their classrooms, to see what teaching methods work
on which students and understand why. They also should evaluate test items to determine if
students are performing in a statistically expected way. At all levels of education and testing there
are statistical reports about student performance, from kindergarten to an SAT or GRE.
• Every large company employs its own statistical research divisions or firms to research issues
related to products, employees, customer service, etc. Business success relies on knowing what is
working and what isn't.
THANK YOU

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