Statistics is a field of knowledge that enables an investigator to derive and evaluate conclusions about a population from sample data. In other words, statistics allow us to make generalizations about a large group based on what we find in a smaller group. The field of statistics deals with gathering, selecting, classifying data; interpreting, analysing data, deriving, evaluating the validity and reliability of conclusions based on data. Strictly speaking, the term "parameter" describes a certain aspect of a population, while a "statistic" describes a certain aspect of a sample (a representative part of the population). In common usage, most people use the word "statistic" to refer to research figures and calculations, either from information based on a sample or an entire population. Statistics means different things to different people. To a baseball fan, statistics are information about a pitcher 's earned run average or a batter 's slugging percentage or home run count. To a plant manager at a distribution company, statistics are daily reports on inventory levels, absenteeism, labour efficiency, and production. To a medical researcher investigating the effects of a new drug, statistics are evidence of the success of research efforts. And to a college student, statistics are the grades made on all the exams and quizzes in a course during the semester. Today, statistics and statistical analysis are used in practically every profession, and for managers in particular, statistics have become a most valuable tool.…