Statistics
Master of Business Administration- MBA Semester 1
MB0040 – Statistics for Management - 4 Credits
(Book ID: B1129)
Assignment Set - 1 (60 Marks)
Q1. Define “Statistics”. What are the functions of Statistics? Distinguish between Primary data and Secondary data.
Answer:
Statistics is usually and loosely defined as:
1. A collection of numerical data that measure something.
2. The science of recording, organizing, analyzing and reporting quantitative information.
Professor A.L. Bowley gave several definitions of Statistics. He defined Statistics as: i) The science of counting ii) The science of averages iii) The science of measurement of social phenomena, regarded as a whole in all its manifestations. iv) A subject not confined to any one science”1
However, none of these definitions are complete.
According to Horace Secrist, “Statistics may be defined as the aggregate of facts affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to a reasonable standard of accuracy, collected in a systematic manner, for a predetermined purpose and placed in relation to each other”2. This definition is both comprehensive and exhaustive.
Prof. Boddington, on the other hand, defined Statistics as „The science of estimates and probabilities‟3. This definition is also not complete.
According to Croxton and Cowden, „Statistics is the science of collection, presentation, analysis and interpretation of numerical data from logical analysis4.
Functions of Statistics
Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easier. It is also used to bring out trends and tendencies in the data as well as the hidden relations between variables. All this helps to make decision making much easier. Let us look at each function of Statistics in detail.
1. Statistics simplifies mass data
The use of
MB0040 – Statistics for Management - 4 Credits
(Book ID: B1129)
Assignment Set - 1 (60 Marks)
Q1. Define “Statistics”. What are the functions of Statistics? Distinguish between Primary data and Secondary data.
Answer:
Statistics is usually and loosely defined as:
1. A collection of numerical data that measure something.
2. The science of recording, organizing, analyzing and reporting quantitative information.
Professor A.L. Bowley gave several definitions of Statistics. He defined Statistics as: i) The science of counting ii) The science of averages iii) The science of measurement of social phenomena, regarded as a whole in all its manifestations. iv) A subject not confined to any one science”1
However, none of these definitions are complete.
According to Horace Secrist, “Statistics may be defined as the aggregate of facts affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to a reasonable standard of accuracy, collected in a systematic manner, for a predetermined purpose and placed in relation to each other”2. This definition is both comprehensive and exhaustive.
Prof. Boddington, on the other hand, defined Statistics as „The science of estimates and probabilities‟3. This definition is also not complete.
According to Croxton and Cowden, „Statistics is the science of collection, presentation, analysis and interpretation of numerical data from logical analysis4.
Functions of Statistics
Statistics is used for various purposes. It is used to simplify mass data and to make comparisons easier. It is also used to bring out trends and tendencies in the data as well as the hidden relations between variables. All this helps to make decision making much easier. Let us look at each function of Statistics in detail.
1. Statistics simplifies mass data
The use of