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- 1. DISCOVER . LEARN . EMPOWER 1 UNIT-1 INSTITUTE –University School of Business DEPARTMENT -Management M.B.A SUBJECT NAME: Decision Science SUBJECT CODE: 23BAT605 DIKSHA GANDHI ASSISTANT PROFFESOR Basics of Statistics
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- 3. 3 ⚫Definition (Descriptive statistics) ⚫The part of statistics concerned with the description and summarization of data is called descriptive statistics ⚫For example: Tables or graphs are used to organize data, and descriptive values such as the average score are used to summarize data. ⚫A descriptive value for a population is called a parameter and a descriptive value for a sample is called a statistic.
- 4. Inferential Statistics 4 • Definition (inferential statistics) • The part of statistics concerned with the drawing of conclusions from data is called inferential statistics • When the experiment is completed and the data are described and summarized, we hope to be able to draw a conclusion about the efficacy of the drug.
- 5. Application Areas of Statistics 5 ⚫ In the early 20th century, two of the most important areas of applied statistics were population biology and agriculture . ⚫ Nowadays the ideas of statistics are everywhere. ⚫ Descriptive statistics are featured in every newspaper and magazine. ⚫ Statistical inference has become indispensable. ⚫ to public health and medical research, ⚫ to marketing and quality control ⚫ to education, ⚫ to accounting ⚫ to economics ⚫ to meteorological forecasting ⚫ to polling and surveys ⚫ to sports, ⚫ to insurance ⚫ to gambling and ⚫ to all research that makes any claim to being scientific.
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- 7. 7 Scope and importance of Statistics ⚫Statistics and planning: Statistics in indispensable into planning in the modern age which is termed as “the age of planning”. Almost all over the world the govt. are re-storing to planning for economic development. Statistics and economics: Statistical data and techniques of statistical analysis have to immensely useful involving economical problem. Such as wages, price, time series analysis, demand analysis.
- 8. 8 Statistics and business: Statistics is an irresponsible tool of production control. Business executive are relying more and more on statistical techniques for studying the much and desire of the valued customers. Statistics and industry: In industry statistics is widely used inequality control. In production engineering to find out whether the product is confirming to the specifications or not. Statistical tools, such as Inspection plan, control chart etc.
- 9. 9 Statistics and mathematics: Statistics are intimately related recent advancements in statistical technique are the outcome of wide applications of mathematics. Statistics and modern science: In medical science the statistical tools for collection, presentation and analysis of observed facts relating to causes and incidence of disease and the result of application various drugs and medicine are of great importance.
- 10. 10 Statistics, psychology and education: In education and physiology statistics has found wide application such as, determining or to determine the reliability and validity to a test, factor analysis etc. Statistics and war: In war the theory of decision function can be a great assistance to the military and personal to plan “maximum destruction with minimum effort.”
- 11. 11 Statistics in business and management 1 Marketing: Statistical analysis are frequently used in providing information for making decision in the field of marketing it is necessary first to find out what can be sold and then to evolve suitable strategy, so that the goods which to the ultimate consumer. A skill full analysis of data on production purchasing power, man power, habits of competitors, habits of consumer, transportation cost should be consider to take any attempt to establish a new market. 2.Production: In the field of production statistical data and method play a very important role. The decision about what to produce? How to produce? When to produce? For whom to produce is based largely on statistical analysis. 3. Finance: The financial organization discharging their finance function effectively depend very heavily on statistical analysis of peat and tigers.
- 12. 12 Statistics in business and management 3.Banking: Banking institute have found if increasingly to establish research department within their organization for the purpose of gathering and analysis information, not only regarding their own business but also regarding general economic situation and every segment of business in which they may have interest. 4.Investment: Statistics greatly assists investors in making clear and valued judgment in his investment decision in selecting securities which are safe and have the best prospects of yielding a good income. 5.Purchase: the purchase department in discharging their function makes use of statistical data to frame suitable purchase policies such as what to buy? What quantity to buy? What time to buy? Where to buy? Whom to buy?
- 13. 13 6. Accounting: statistical data are also employer in accounting particularly in auditing function, the technique of sampling and destination is frequently used. 7.Control: the management control process combines statistical and accounting method in making the overall budget for the coming year including sales, materials, labor and other costs and net profits and capital requirement.
- 14. 14 Limitations of Statistics • Statistics laws are true on average. Statistics are aggregates of facts. So single observation is not a statistics, it deals with groups and aggregates only. • Statistical methods are best applicable on quantitative data. • Statistics cannot be applied to heterogeneous data. • It sufficient care is not exercised in collecting, analyzing and interpretation the data, statistical results might be misleading. • Only a person who has an expert knowledge of statistics can handle statistical data efficiently. • Some errors are possible in statistical decisions. Particularly the inferential statistics involves certain errors. We do not know whether an error has been committed or not.
- 15. References TEXT BOOKS/REFERENCE BOOKS TEXTBOOKS T1 Statistics for Management by G.C. Beri. Tata McGraw Hills Publishing Company Ltd., New Delhi T2 Croucher, J. 2017. Statistics: Making Business Decisions, 13thEdition, Tata McGraw Hill, ISBN: 9780074710419. T3 Levine, D., Sazbat, K. and Stephan, D. 2013. Business Statistics, 7thEdition, Pearson Education, India, ISBN: 9780132807265 REFERENCE BOOKS R1 Business Statistics by Amir D. Aczel and J. Sounderpandian. Tata McGraw Hill Publishing Company Ltd., New Delhi. R2 Gupta, C. and Gupta, V. 2004. An Introduction to Statistical Methods, 23rdEdition, Vikas Publications, India, ISBN: 9788125916543 R3 Statistics for Management by Richard I. Levin and David S. Rubin. Prentice Hall of India Pvt. Ltd., New Delhi
- 17. For queries get in touch with me at: diksha.e13542@cumail.in