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MB 40 STATISTICS FOR MANAGEMENT

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MB 40 STATISTICS FOR MANAGEMENT
Q-1 STATISTICS PLAYS A VITTAL ROLE IN ALMOST EVERY FACET OF HUMAN LIFE.DECRIBE THE FUNCTIONS OF STATISTIC.EXPLAIN THE APPLICATION OF STATISTICS.

ANS- MEANING OF STATISTICS-
ACCORDING TO SELIGMAN “STATISTIC IS A SCIENCE WHICH DEALS WITH THE METHOD OF COLLECTING, CLASSIFYING, PRESENTING, COMPARING & INTERPRETING THE NUMERICAL DATA TO THROW LIGHT ON ENQUIRY.”
ACCORDING TO CROXTON & COWDEN- “STATISTICS IS THE SCIENCE OF COLLECTION, PRESENTATION, ANALYSIS & INTERPRETATION OF NUMERICAL DATA FROM LOGICAL ANALYSIS.”

FUNCTIONS OF STATISTICS- STATISTICS IS USED FOR VARIOUS PURPOSE, FUNCTIONS ARE-
1- STATISTICS SIMPLIFIES MASS DATA- THE USE OF STSTISTIC CONCEPT HELPS IN SIMPLIFICATION OF COMPLEX DATA.USING STATISTICAL CONCEPT, THE MANAGERS CAN MAKE DECISIONS MORE EASILY. THE STATISTICAL METHODS HELP IN REDUCING THE COMPLEXITY OF THE DATA & IN THE UNDERSTANDING OF ANY HUGE MASS DATA.
2- STATISTICS BRINGS OUT TRENDS & TENDENCIES IN THE DATA- AFTER DATA IS COLLECTED, IT IS EASY TO ANALYSE THE TREND & TENDENCIES IN THE DATA BY USING THE VARIOUS CONCEPT OF STATISTICS.
3- STATISTICS BRING OUT THE HIDDEN RELATIONS BETWEEN VARIABLES- STATISTICAL ANALYSIS HELPS IN DRAWING INFERENCES ON THE DATA.STATISTICAL ANALYSIS BRINGS OUT THE HIDDEN RELATION BETWEEN VARIABLES.
4- DECISION MAKING POWER BECOMES EASIER- WITH THE PROPER APPLICATION OF STATISTICS & STATICAL SOFTWARE PACKAGES ON THE COLLECTED DATA, MANAGERS CAN TAKE EFFECTIVE DECISIONS, WHICH CAN INCREASE THE PROFIT IN A BUSINESS.
5- STATISTICS MAKES COMPARISON EASIER- WITHOUT USING STATISTICAL METHODS & CONCEPTS, COLLECTION OF DATA & COMPARISON WOULD BE DIFFICULT.STATISTICS HELPS US TO COMPARE DATA COLLECTED FROM VARIOUS SOURCES. GRAND TOTALS, MEASURES OF CENTRAL TENDENCY & MEASURES OF DISPERSION, GRAPHS & DIAGRAMS & COEFFICIENT OF CORRELATION ALL PROVIDE AMPLE SCOPE FOR COMPARISON.

APPLICATIONS OF STATISTICS- STATISTICAL METHODS ARE APPLIED TO SPECIFIC PROBLEMS IN VARIOUS FIELDS SUCH AS BIOLOGY, MEDICINE, AGRICULTURE, COMMERCE,
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