# Statistics for Management

**Topics:**Statistics, Normal distribution, Statistical hypothesis testing

**Pages:**17 (5001 words)

**Published:**September 25, 2012

1. Introduction

2. Statistical Survey

3. Classification, Tabulation & Presentation of data

4. Measures used to summarise data

5. Probabilities

6. Theoretical Distributions

7. Sampling & Sampling Distributions

8. Estimation

9. Testing of Hypothesis in case of large & small samples

10. Chi-Square

11. F-Distribution and Analysis of variance (ANOVA)

12. Simple correlation and Regression

13. Business Forecasting

14. Time Series Analysis

15 . Index Numbers

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Q: What’s the definition of Statistics ?

A : Statistics are usually defined as:

1. A collection of numerical data that measure something.

2. The science of recording, organising, analysing and reporting quantitative information. Q: What are the different components of statistics ?

A: There are four components as per Croxton & Cowden

1. Collection of Data.

2. Presentation of Data

3. Analysis of Data

4. Interpretation of Data

Q: What’s the use of Correlation & Regression ?

A: Correlation & Regression is a statistical tools, are used to measure strength of relationships between two variables. Q. What is the need for Statistics?

Statistics gives us a technique to obtain, condense, analyze and relate numerical data. Statistical methods are of a supreme value in education and psychology. Q. How is statistics used in everyday life?

Statistics are everywhere, election predictions are statistics, anything food product that says they x% more or less of a certain ingredient is a statistic. Life expectancy is a statistic. If you play card games card counting is using statistics. There are tons of statistics everywhere you look. Statistical Survey

1. What is statistical survey?

Statistical surveys are used to collect quantitative information about items in a population. A survey may focus on opinions or factual information depending on its purpose, and many surveys involve administering questions to individuals. When the questions are administered by a researcher, the survey is called a structured interview or a researcher-administered survey. When the questions are administered by the respondent, the survey is referred to as a questionnaire or a self-administered survey. 2. What are the advantages of survey?

* Efficient way of collecting information

* Wide range of information can be collected

* Easy to administer

* Cheaper to run

3. What are the disadvantages of survey?

* Responses may be subjective

* Motivation may be low to answer

* Errors due to sampling

* If the question is not specific, it may lead to vague data. 4. What are the various modes of data collection?

* Telephone

* Online surveys

* Personal survey

* Mall intercept survey

5. What is sampling?

“Sampling” basically means selecting people/objects from a “population” in order to test the population for something. For example, we might want to find out how people are going to vote at the next election. Obviously we can’t ask everyone in the country, so we ask a sample. Classification, Tabulation & Presentation of data

1. What are the types of data collection?

Qualitative Data

* Nominal, Attributable or Categorical data

* Ordinal or Ranked data

Quantitative or Interval data

* Discrete data

* Continuous measurements

2. What is tabulation of data?

Tabulation refers to the systematic arrangement of the information in rows and columns. Rows are the horizontal arrangement. In simple words, tabulation is a layout of figures in rectangular form with appropriate headings to explain different rows and columns. The main purpose of the table is to simplify the presentation and to facilitate comparisons. 3. What is presentation of data?

Descriptive statistics can be illustrated in an understandable fashion by presenting them graphically using statistical and data presentation tools. 4. What are the different elements of tabulation?

Tabulation:

* Table...

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