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Statistics
- 2. ● Defined as a science of Collection, Presentation, Analysis and Interpretation of numerical data. ● Forms a key basis tool in business and manufacturing. Used to understand measurement systems variability, control processes for summarizing data and to make data driven decisions. DEFINITION OF STATISTICS :-
- 3. ORIGIN The word ‘Statistics’ and ‘Statistical’ are derived from the Latin word Status means, political state.
- 4. 3 MEANS OF COMPARISON :- Statistics use three means of comparison through the data, 1. Mean 2. Median 3. Mode
- 5. MEAN Used as one of the comparing properties of statistics.Define as the average of all clarifications.
- 6. MEDIAN Median is defined as the middle value of any observations.
- 8. IMPORTANCE OF STATISTICS:- Statistics plays a vital role in every field of human activity. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country.
- 9. APPLICATIONS OF STATISTICS IN VARIOUS FIELDS ● Accounting ● Economic ● Banking ● Marketing ● Finance ● Natural & Social Sciences ● Astronomy ● Medical Research ● Quality control ● Production ● Statistical Thermodynamics ● Mathematics ● Biology ● Sports ● Forestry ● Education etc,.
- 10. APPLICATIONS OF STATISTICS In the age of information technology, statistics has a wide range of applications. Let’s look at some important areas of application of statistics…
- 11. APPLICATIONS OF STATISTICS IN ACCOUNTING ● The public accounting firms use statistical sampling procedures when conducting audits for their clients. ● Accountants use statistics to forecast consumption, earnings, cash flow and book value.
- 12. ● For instance suppose an accounting firmwants to determine whether the amount of accounts receivable shown on a client’s balance sheet fairly represents the actual amount of account receivable. ● Usually large number of individual accounts receivable makes review in and every validating account too time consuming and expensive.
- 13. ● As common practice in such situations, the audit staff selects a subset of the accounts called sample. ● After reviewing the accuracy of the sample accounts, the auditors draw a conclusion as to whether the accounts receivable amount shown on the client’s balance sheet is acceptable.
- 14. APPLICATIONS OF STATISTICS IN FINANCE ● Financial analysis uses a various of statistical information to guide their investment recommendations. ● In the case of finance the analysis reviews a varities of finiacial data including prices/earning ratios and dividened yields.
- 15. ● By comparing the information for an individual stock with information about the stock market averages, a financial analyst can begin to draw a conclusion as to whether an individual stock is over or under priced.
- 16. APPLICATIONS OF STATISTICS IN PRODUCTION ● Today's emphasis on quality makes quality control that important application of statistics in production. ● A variety of statistical quality control charts are used to monitor the output of the production process.
- 17. ● In particular, a bar chart is used to monitor the average output. ● The average or the value, is plotted on a bar chart. A plotted value above the chart upper control limit indicates overfilling and the below the lower control chart indicates under filling. ● Property interpreted bar chart can help determine when adjustments are accessory to correct a production process.
- 18. APPLICATIONS OF STATISTICS IN ECONOMICS Statistics offers information to answer some basic questions in economics – ● What to produce? ● How to produce? ● For whom to produce?
- 19. ● Statistical information helps to understand the economic problems and formulation of economic policies. ● Economic planning is an important aspect of a country. For effective economic planning, Statistics help in providing data as well as tools to analyze the data. ● Some powerful techniques are index numbers, time series analysis, and also forecasting. These are immensely useful in the analysis of data in economic planning. ● Further, statistical techniques help in framing planning models too.
- 20. APPLICATIONS OF STATISTICS IN SCIENTIFIC RESEARCH ● Statistics palys a vital role in research.Use of statistics will guide researchers in research for proper characterization, summaraization, presentation and interpretation. ● Statistics is very important when it comes to conclusion of the research.
- 21. ● Statistical methods and analyses are often used to communicate research findings and to support hypothesis. ● Gives credibility to research methodology and conclusions.
- 22. USES OF IN REAL LIFE
- 23. INDUSTRIES AND BUSINESS Report of early sales and comparison others. It shows the factoryor it's sales lack and where they are good. AGRICULTURE Comparison of crops form previous year to this year or in comparison to required amount of crop for the country. Quality and size of grains grown due to use of different fertilizer.
- 24. FORESTRY How much growth have been occured in the area of 5 acres ? Or how much forest where depleted for the past few years? How much flora and fauna which is increased or decreased by 5 years ? ECOLOGICAL STUDY Comparison of increasing impact of pollution on global warming ? Increasing effect of nuclear reactors on environment.
- 25. MEDICAL STUDIES To analyse no.of diseases emerged in last few years. Increase in no.of patients for a particular disease SPORTS Used to compare run rates of to different teams and used to compare to different players.
- 26. “STATISTICS CAN BE MADE TO PROVE ANYTHING EVEN THE TRUTH” THANK YOU D.VaniShree 2nd Bsc.Microbiology