Introduction to Statistics
Basic Concepts of Statistical Studies
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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.
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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.
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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.
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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.
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Types of Statistics s There are two types of statistics 1. Descriptive Statistics is concerned with summary calculations, graphs, charts and tables. 2. Inferential Statistics is a method used to generalize from a sample to a population. For example, the average income of all families (the population) in India can be estimated from figures obtained from a few hundred (the sample) families.
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Statistical Population s A Population is a collection of all
distinct individuals or objects or items under study. The number of entities in a population, Called the Population Size, is denoted by N s A descriptive measure of a population is called a Parameter
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Sample s A Sample is a part of a
population and the sample
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, charts and tables. 2. Inferential Statistics is a method used to generalize from a sample to a population. For example, the average income of all families (the population) in India can be estimated from figures obtained from a few hundred (the sample) families.
6
Statistical Population s A Population is a collection of all
distinct individuals or objects or items under study. The number of entities in a population, Called the Population Size, is denoted by N s A descriptive measure of a population is called a Parameter
7
Sample s A Sample is a part of a
population and the sample