MB0040 Statistics Management
1 Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics.Explain the applications of statistics. Meaning of statistics
Functions of statistics
Applications of statistics.
Ans:Statistics plays an important role in almost every facet of human life. In business context, managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect, analyse and interpret data in order to take suitable decisions.
Defination of statistics. “Statistics is a science which deals with the method of collecting, classifying, presenting, comparing and interpreting the numerical data to throw light on enquiry”. – Seligman
Prof. Boddington, on the other hand, defined Statistics as “The science of estimates and probabilities”2. This definition is not complete.
According to Croxton and Cowden, “Statistics is the science of collection, presentation, analysis and interpretation of numerical data from logical analysis”3.
Function of statistics: Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easierLet us look at each function of Statistics in detail.
1. Statistics simplifies mass data
The use of statistical concepts helps in simplification of complex data. Using statistical concepts, the managers can make decisions more easily.
2. Statistics makes comparison easier
Statistics helps us to compare data collected from various sources. Grand totals, measures of central tendency and measures of dispersion, graphs and diagrams and coefficient of correlation all provide ample scopes for comparison.
3. Statistics brings out trends and tendencies in the data After data is collected, it is easy to analyse the trend and tendencies in the data by using the various concepts of Statistics.
4. Statistics brings out the hidden relations between variables Statistical analysis helps in drawing
Functions of statistics
Applications of statistics.
Ans:Statistics plays an important role in almost every facet of human life. In business context, managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect, analyse and interpret data in order to take suitable decisions.
Defination of statistics. “Statistics is a science which deals with the method of collecting, classifying, presenting, comparing and interpreting the numerical data to throw light on enquiry”. – Seligman
Prof. Boddington, on the other hand, defined Statistics as “The science of estimates and probabilities”2. This definition is not complete.
According to Croxton and Cowden, “Statistics is the science of collection, presentation, analysis and interpretation of numerical data from logical analysis”3.
Function of statistics: Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easierLet us look at each function of Statistics in detail.
1. Statistics simplifies mass data
The use of statistical concepts helps in simplification of complex data. Using statistical concepts, the managers can make decisions more easily.
2. Statistics makes comparison easier
Statistics helps us to compare data collected from various sources. Grand totals, measures of central tendency and measures of dispersion, graphs and diagrams and coefficient of correlation all provide ample scopes for comparison.
3. Statistics brings out trends and tendencies in the data After data is collected, it is easy to analyse the trend and tendencies in the data by using the various concepts of Statistics.
4. Statistics brings out the hidden relations between variables Statistical analysis helps in drawing