Statistics for Management
Master of Business Administration- MBA Semester 1
MB0040 – Statistics for Management
Assignment Set - 1
Q1. Define “Statistics”. What are the functions of Statistics? Distinguish between Primary data and Secondary data.
Answer: Statistics: Statistics as a discipline is considered indispensable in almost all spheres of human knowledge. There is hardly any branch of study which does not use statistics. Scientific, social and economic studies use statistics in one form or another. These disciplines make-use of observations, facts and figures, enquiries and experiments etc. using statistics and statistical methods. Statistics studies almost all aspects in an enquiry. It mainly aims at simplifying the complexity of information collected in an enquiry. It presents data in asimplified form as to make them intelligible. It analyses data and facilitates drawal of conclusions.
Important functions of statistics:
Presents facts in simple form: Statistics presents facts and figures in a definite form. That makes the statement logical andconvincing than mere description. It condenses the whole mass of figures into a singlefigure. This makes the problem intelligible.
Reduces the Complexity of data: Statistics simplifies the complexity of data. The raw data are unintelligible. We make themsimple and intelligible by using different statistical measures. Some such commonly usedmeasures are graphs, averages, dispersions, skewness, kurtosis, correlation and regressionetc. These measures help in interpretation and drawing inferences. Therefore, statisticsenables to enlarge the horizon of one's knowledge.
Facilitates comparison: Comparison between different sets of observation is an important function of statistics. Comparison is necessary to draw conclusions as Professor Boddington rightly points out.” the object of statistics is to enable comparison between past and present results to ascertainthe reasons for changes, which have taken place and the effect of such changes in
MB0040 – Statistics for Management
Assignment Set - 1
Q1. Define “Statistics”. What are the functions of Statistics? Distinguish between Primary data and Secondary data.
Answer: Statistics: Statistics as a discipline is considered indispensable in almost all spheres of human knowledge. There is hardly any branch of study which does not use statistics. Scientific, social and economic studies use statistics in one form or another. These disciplines make-use of observations, facts and figures, enquiries and experiments etc. using statistics and statistical methods. Statistics studies almost all aspects in an enquiry. It mainly aims at simplifying the complexity of information collected in an enquiry. It presents data in asimplified form as to make them intelligible. It analyses data and facilitates drawal of conclusions.
Important functions of statistics:
Presents facts in simple form: Statistics presents facts and figures in a definite form. That makes the statement logical andconvincing than mere description. It condenses the whole mass of figures into a singlefigure. This makes the problem intelligible.
Reduces the Complexity of data: Statistics simplifies the complexity of data. The raw data are unintelligible. We make themsimple and intelligible by using different statistical measures. Some such commonly usedmeasures are graphs, averages, dispersions, skewness, kurtosis, correlation and regressionetc. These measures help in interpretation and drawing inferences. Therefore, statisticsenables to enlarge the horizon of one's knowledge.
Facilitates comparison: Comparison between different sets of observation is an important function of statistics. Comparison is necessary to draw conclusions as Professor Boddington rightly points out.” the object of statistics is to enable comparison between past and present results to ascertainthe reasons for changes, which have taken place and the effect of such changes in