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The document provides an overview of business statistics, emphasizing its importance in decision-making and data analysis for businesses. It defines statistics, discusses its origins, types (descriptive and inferential), characteristics, functions, scope, and limitations. The content is aimed at MBA students in the first semester, highlighting the relevance of statistics in various fields and its role in formulating policies and making informed decisions.

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Soujanya Lk
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3 views

session 1

The document provides an overview of business statistics, emphasizing its importance in decision-making and data analysis for businesses. It defines statistics, discusses its origins, types (descriptive and inferential), characteristics, functions, scope, and limitations. The content is aimed at MBA students in the first semester, highlighting the relevance of statistics in various fields and its role in formulating policies and making informed decisions.

Uploaded by

Soujanya Lk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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BUSINESS STATISTICS

Faculty : SOUJANYA L
Semester : I SEMESTER (MBA)
Programme Master of Business Administration
Department Commerce & Management
Module : Introduction to Statistics
Why Study Statistics?

• Is a new cancer drug more effective than the current standard of care?
• What are the most likely ecological or agricultural effects of c
• Does raising the minimum wage increase unemployment? Climate
change, and how do we mitigate them?
• How should you interpret the results of a medical test?
https://www.statista.com/studies-and-reports
https://youtu.be/wV0Ks7aS7YI?si=3uG9ww2xE3NgOwes
What is Statistics?
• Statistics is a set of decision-making techniques which helps
businessmen in making suitable policies from the available
data.
• The purpose of statistics and mathematics is to manipulate,
summarize and investigate data so that the useful decision-
making results can be executed.
DATA AND STATISTICS

• Data consists of information coming from observations, counts,


measurements, or responses
• Statistics is the science of collecting, organizing, analyzing, and interpreting
data to make decisions.
• - Statistics is a set of decision-making techniques that aid businessmen in
drawing inferences from the available data
ORIGIN OF STATISTICS

The term statistics has its origin in the Latin word Status, the Italian
word Statists or the German term Statistik. All three terms mean
Political State.
In ancient periods, the beginning of statistics was made to meet the
administrative needs of the state.
In modern times, statistics is not related to the administration of the
state alone, but it has a close relation with almost all those activities of
our lives which can be expressed in quantitative terms.
MEANING OF STATISTICS

• Statistics is a branch of mathematics and data analysis that involves


collecting, analyzing, interpreting, and presenting data. It provides
valuable tools and techniques for summarizing and making sense of
complex information, enabling us to draw meaningful conclusions and
make informed decisions.
DEFINITIONS
• Statistics are numerical statements of facts in any department of
enquiry placed in relation to each other.”
A. L. Bowley
• “Statistics is the science of learning from data, and of measuring,
controlling and communicating uncertainty.
American Statistical Association (ASA)
• “Statistics is the aggregate of facts affected to mark extent by the
multiplicity of causes, numerically expressed, enumerated or estimated
according to a reasonable standard of accuracy, collected in a
systematic manner for the predetermined purpose and placed in
relation to each other”.
Horace
Horace Secrist
Types of Statistics

• Descriptive Statistics
• Inferential Statistics
• Descriptive Statistics: Descriptive statistics uses data that provides a
description of the population either through numerical calculated
graphs or tables. It provides a graphical summary of data. It is simply
used for summarizing objects, etc.
• Inferential Statistics: It makes inferences and predictions about the
population based on a sample of data taken from the population. It
generalizes a large dataset and applies probabilities to conclude.
• Ex: One sample test of difference/One sample hypothesis test
• Confidence Interval, Contingency Tables and Chi-Square Statistic
• T-test or ANOVA, Pearson Correlation, Bivariate Regression, Multi-variate
Regression
CHARACTERISTICS OF STATISTICS

• Statistics are Aggregate of Facts


• Statistics are Numerically Expressed
• Statistics are Enumerated or estimated according to Reasonable
Standards of Accuracy
• Statistics are Collected in a Systematic Manner
• Statistics for a Pre-determined Purpose
• Comparable
Functions of Statistics
Scope of Statistics

1. Presents facts in numerical figures


2. Presents complex facts in a simplified form
3. Studies relationship between two or more phenomena
4. Helps in the formulation of policies
5. Helps in forecasting
6. Provides techniques for testing of hypothesis
7. Provides techniques for making decisions under uncertainty
Limitations of
Statistics
1.Statistics Suits to the Study of Quantitative Data Only
2.Statistical Results are not Exact
3.Statistics Deals with Aggregates Only
4.Statistics is Useful for Experts Only
5.Statistics does not Provide Solutions to the Problems

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