Introduction concepts of Statistics
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This document provides an introduction to statistics, covering key topics such as what statistics is, its functions, applications in business, and subject matter. Statistics is defined as both a set of numerical data and a set of techniques for collecting, organizing, analyzing, and interpreting quantitative data. It serves functions like simplifying complex facts, providing comparisons, and forecasting. Statistics is used widely in business decision making across areas like marketing, finance, and operations. The subject matter of statistics has two parts - descriptive statistics, which summarizes data, and inferential statistics, which makes conclusions about large groups by studying samples.
Introduction concepts of Statistics
- 1. Introduction Concepts of Statistics MODULE 1.1
- 2. TOPICS TO BE COVERED What is Statistics? Functions of Statistics Statistics & Business Subject Matter of Statistics Excel in Statistics
- 4. WHAT IS STATISTICS????????? Simply…… A tool to simplify things or data…. Lets say, I have a list of all the students in this class, stating their gender. List Can you tell any meaningful out of it??????? 62% 38% Male Female
- 5. INTRODUCTION Today, statistics is a very commonly used word but, surprisingly enough, it is understood by different people in different senses. Numbers & Figures Relate with some qualitative statement Charts & Diagrams Complex set of tables & techniques However, if we analyze the way the word statistics is looked at, we find that broadly speaking, there are two categories: A set of figures A set of techniques and methods
- 6. SET OF FIGURES The word statistics denotes some sort or numerical data. For example, number of students who are 6 feet tall or number of commerce graduate who are specialized in finance in PGDM. In this sense, statistics are numerical descriptions of the quantitative aspects of things. BUT, the use of the word statistics in the above sense is, not very correct. A more appropriate word to indicate numerical facts is DATA.
- 7. SET OF TECHNIQUES & M IEt rTeHferOs Dto Sthe collection, analysis and interpretation of data. Statistical methods provide a set of tools which can be profitably used by different sciences. Statistical methods range from a very simple set of devices to highly complicated and complex mathematical procedures.
- 8. DOES…….. The word STATISTCS here refers to, two inter-related words: As a Plural Noun, i.e. the Statistical Data As a Singular Noun, i.e. the Statistical Methods Statistics is regarded as an art of applying the scientific statistical methods. Here, we not only study different methods of addressing a problem but also study how those methods should be applied in different situations. In end, we can define Statistics as the mathematics of the collection, organization, & interpretation and analysis of numerical data.
- 10. FUNCTIONS To simplify complex facts and figures To provide numerical measurements To provide comparative study To study relationship between different facts. To formulate policies in different fields To forecast To measure risk and uncertainty To represents facts and figures in pictorial and graphical forms
- 12. IN BUSINESS Virtually every area of business uses statistics in decision making. Be it Marketing, Finance, Operations, HR and others. Some of the examples could: Average age of customers buying Motorcycles How much risk is involved in a particular investment Inventory management tools Economic conditions, like GDP & Inflations Others……..
- 13. Subject Matter of Statistics
- 14. SUBJECT MATTER It is into two parts: Descriptive Statistics It deals with the summarization of data, using various statistical methods. This summarization can be done in different ways: Graphical: Pictures to Number Summary: Numbers to Number Inferential or Inductive Statistics It deals with those methods where conclusion about a large group are drawn by studying a part of it. For example, by checking few grains of rice a housewife makes an estimate whether the whole lot has been cooked or not.