GT00303 Business Statistics Semester II 2008/2009
Chapter 1
Introduction of Business Statistics

An important decision-making tool in business and is used in virtually every area of business.

Among the more common meaning of the word are:
1) the science of gathering, analyzing, interpreting and presenting data 2) a branch of mathematics
3) a course of study
4) facts and figures
5) a death
6) sample measurement
7) type of distribution used to analyze data

Statistics are broadly used in business, including:
1) the discipline of accounting
2) decision sciences
3) economics
4) finance
5) management
6) management information systems
7) marketing
8) production

The study can be subdivided into two main areas:
1) Descriptive statistics – results from gathering data from a body, group, or population and reaching conclusion only about that group 2) Inferential statistics – are generated from the process of gathering sample data from a group, body, or population and reaching conclusions about the larger group from which the sample was drawn

Population defines as a collection of persons, objects or items of interest. When researchers gather data from the whole population for a given measurement of interest, they call it a census. A sample is a portion of the whole and if properly taken, is representative of the whole.

A descriptive measure of the population is called a parameter. Parameters are usually denoted by Greek letters. Examples of parameters are population mean[pic], population variance[pic], and population standard deviation[pic].

A descriptive measure of a sample is called a statistic. Statistics are usually denoted by roman letters. Examples of statistics are sample mean[pic], sample variance[pic], and sample standard deviation[pic].

The appropriate type of statistical analysis depends on the level of data measurement, which can be: Non-metric or qualitative data
1)...

...To Business
Assignment Topic: Characterstics Of Business
Course Code: ITB 101
Everything has some own characteristics, Business has also If we look the definition of business: Business means being busy, it is a process of producing and exchanging goods and services with a view to make profit. From this definition we have find One characteristics that is Profit, Business has more characteristics, Now we are going to discuss below
Characteristics of Business:
Business has some basic & own characteristics. Like as-
Expectation of profit:- Every organization must have the expectation of profit. Making profit is an essential characteristic of business, According to F.H. Knight: “Profit is reward for bearing the risk and uncertainty” The primary aim of business is to earn profits. Profits are essential for the survival as well as growth of the business, Profit is the biggest stimulus for maintaining the continuity of business. The hope of making a good profit attracts men of ability to business.
Legality:- Business activities must have to be legal, Earning profit through the illegal way is not called business. Profits must, however, be earned through legal and fair means. Business should never exploit society to make money....

...Chapter 1: Introduction
1. Origin of Statistics:
The word Statistics seems to have been derived from Latin word ‘Status’, German word ‘Statistik’ or Italian word ‘Statista’. Each of these means “Political State’. In ancient time governments used to collect the information regarding the population & the property of the State.
In India an efficient system of collecting official and administrative statistics existed even more than 2000 Years ago, in particular, during the period of Chandra Gupta Maurya (324 – 300 BC). From Kautilay’s Arthashastra it is known that even before 300 BC a very good system of collecting Vital Statistics and registration of Births and Deaths was in vogue. Raja Todormal (1556-1605 AD), the land & revenue minister of Akbar, maintained good records of Land and Agriculture Statistics.
In Germany, the Systematic collection of official statistics originated towards the end of 18th century. They collect data to have an idea of the relative strength of different German states, information regarding population, output of Industrial & Agricultural sector.
In England
Statistics were the outcomes of Napoleonic war.
Vital Statistics Originated at 17th century. Captain John Graunt (of London) (1620-1674) – Father of Vital Statistics, the first man who studied about the statistics of Births &...

...Statistics in Business
Christian A. Coronel
Qnt/351
June 10, 2013
Jeffrey Greene
Statistics in BusinessStatistics is the science of collecting, organizing, analyzing, interpreting, and presenting data. Some experts prefer to call statistics data science, a trilogy of tasks involving data modeling, analysis, and decision making. In contrast, a statistic is a single measure, reported as a number, used to summarize a sample data set. Knowing statistics will make you a better consumer of other people’s data. You should know enough to handle everyday data problems, to feel conﬁdent that others cannot deceive you with spurious arguments, and to know when you’ve reached the limits of your expertise. Statistical knowledge gives your company a competitive advantage against organizations that cannot understand their internal or external market data. And mastery of basic statistics gives you, the individual manager, a competitive advantage as you work your way through the promotion process, or when you move to a new employer.
Nominal Level of Measurement
The nominal level of measurement is the lowest of the four ways to characterize data. Nominal means "in name only" and that should help to remember what this level is all about. Nominal data deals with names, categories, or labels. Data at the nominal level is qualitative. Colors of eyes, yes or no...

...Omkar & Yaying
Wednesday 5-6pm
WEEK 3 BES PASS
Descriptive Statistics Population - a set of all possible observations. Sample - a portion of a population. We often use information concerning a sample to
make an inference (conclusion) about the population.
Parameter - describes a characteristic of the population, eg: the population variance Statistic- describes a characteristic of a sample, eg: the sample variance
Frequency Distribution and Histograms Class - a collection of data which are mutually exclusive Frequency distribution - a grouping of data into classes Relative frequency distribution - calculates the number of data in a class as a percentage
of the total data
Shapes of Distributions and Histograms
A histogram is symmetrical if one half of the histogram is a mirror reflection of the other Non-symmetrical distributions are said to be “skewed”
a) Skewed to the right (Positively skewed) Mode < Median < Mean
b) Skewed to the left (Negatively skewed) Mode > Median > Mean
c) Symmetric Distribution Mode = Median = Mean
Measures of Central Tendency: The Mean, Mode and Median The mean is the average of scores: Population mean: μ = Σ xi/N
Sample mean: x = Σ xi/n
The mode is the value that has the highest frequency The median is the middle value of data ordered from lowest to highest The median and the mode are relatively less sensitive to outliers.
Quartiles and Percentiles,...

...compliments the regular mathematics and therefore both are tested in primary schools. Mathematics is the written application of operation. It teaches students to think clearly, reason well and strategize effectively. Mental Mathematics is the ability to utilise mathematical skills to solve problems mentally. The marks scored by pupils generate statistics which are used by teachers to analyse a student’s performance and development of theories to explain the differences in performance.
The Standard 3 class is where the transition from junior to senior level occurs where teachers expect the transference of concrete to abstract thinking would have occurred.
A common theory by many primary school teachers is ‘Students perform better in Mathematics than Mental math. Mental math is something that has to be developed and involves critical thinking. Mental math requires quick thinking and the student must solve the problem in their minds whereas in regular mathematics, the problem can be solved visually. Therefore, teachers should take these factors into consideration while testing and marking students in these areas.’
In this study, the statistics of 30 students of a standard 3 class of San Fernando Boys’ Government School will be analysed to determine the truth of this theory.
DATA COLLECTION METHODS
Mathematics and mental mathematics marks of term 1 of the class of 2013 were obtained from a Standard 3 teacher of San Fernando Boys’...

...of 1000 flights and proportions of three routes in the sample. He divides them into different sub-groups such as satisfaction, refreshments and departure time and then selects proportionally to highlight specific subgroup within the population. The reasons why Mr Kwok used this sampling method are that the cost per observation in the survey may be reduced and it also enables to increase the accuracy at a given cost.
TABLE 1: Data Summaries of Three Routes
Route 1
Route 2
Route 3
Normal(88.532,5.07943)
Normal(97.1033,5.04488)
Normal(107.15,5.15367)
Summary Statistics
Mean
88.532
Std Dev
5.0794269
Std Err Mean
0.2271589
Upper 95% Mean
88.978306
Lower 95% Mean
88.085694
N
500
Sum
44266
Summary Statistics
Mean
97.103333
Std Dev
5.0448811
Std Err Mean
0.2912663
Upper 95% Mean
97.676525
Lower 95% Mean
96.530142
N
300
Sum
29131
Summary Statistics
Mean
107.15
Std Dev
5.1536687
Std Err Mean
0.3644194
Upper 95% Mean
107.86862
Lower 95% Mean
106.43138
N
200
Sum
21430
From the table above, the total number of passengers for route 1 is 44,266, route 2 is 29,131 and route 3 is 21,430 and the total numbers of passengers for 3 routes are 94,827.
Although route 1 has the highest number of passengers and flights but it has the lowest means of passengers among the 3 routes. From...

...
Business Analytics: Unit 1: Descriptive Statistics and Mathematical Foundations
Kaplan University
March 23, 2014
Descriptive Statistics and Mathematical Foundations
Part I: Pie Chart & Bar Graph
This information regards T-100 Domestic Market’s boarding information during the previous year for the top seven airlines in the United Sates. According to the data Southwest Airlines boarded 81.1 million; Delta Airlines, 79.4 million; American Airlines, 72.6 million; United Airlines, 56.3 million; Northwest Airlines, 43.3 million; U.S. Airways, 37.8 million, and Continental Airlines, 31.5 million (KU, 2014).
This is ungrouped data that needs to be grouped into a pie chart and a bar graph. The bar graph and pie chart both lists nonmetric (qualitative) descriptive statistics. The descriptive statistics are called, ordinal statistics which rank each airline from highest to lowest or lowest to highest annual boarding information (Black, 2012). The pie chart and bar graph summarizes the top seven airlines previous years boarding data. First, I will discuss the pie chart. The pie chart below shows the percentage breakdown of each airline’s annual boarding information. Each of the breakdowns represents the magnitude of the whole pie chart in percentages (Black, 2012). As you will notice that the leaders in the airline industry is Southwest and Delta Airlines with 20 percent...

...Basic Concepts of Statistical Studies
1
Introduction
s
Decision makers make better decisions when they use all available information in an effective and meaningful way. The primary role of statistics is to to provide decision makers with methods for obtaining and analyzing information to help make these decisions. Statistics is used to answer long-range planning questions, such as when and where to locate facilities to handle future sales.
2
Definition
s Statistics is defined as the
science of collecting, organizing, presenting, analyzing and interpreting numerical data for the purpose of assisting in making a more effective decision.
3
Applications in Management
s
Accounting Public accounting firms use statistical sampling procedures when conducting audits for their clients. Economics Economists use statistical information in making forecasts about the future of the economy or some aspect of it.
s
4
Applications in Management
s
Marketing Electronic point-of-sale scanners at retail checkout counters are used to collect data for a variety of marketing research applications. Production A variety of statistical quality control charts are used to monitor the output of a production process.
s
5
Types of Statistics
s
There are two types of statistics 1. Descriptive Statistics is concerned with summary calculations, graphs,...

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