Preview

MB 40 STATISTICS FOR MANAGEMENT

Satisfactory Essays
Open Document
Open Document
996 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
MB 40 STATISTICS FOR MANAGEMENT
Q-1 STATISTICS PLAYS A VITTAL ROLE IN ALMOST EVERY FACET OF HUMAN LIFE.DECRIBE THE FUNCTIONS OF STATISTIC.EXPLAIN THE APPLICATION OF STATISTICS.

ANS- MEANING OF STATISTICS-
ACCORDING TO SELIGMAN “STATISTIC IS A SCIENCE WHICH DEALS WITH THE METHOD OF COLLECTING, CLASSIFYING, PRESENTING, COMPARING & INTERPRETING THE NUMERICAL DATA TO THROW LIGHT ON ENQUIRY.”
ACCORDING TO CROXTON & COWDEN- “STATISTICS IS THE SCIENCE OF COLLECTION, PRESENTATION, ANALYSIS & INTERPRETATION OF NUMERICAL DATA FROM LOGICAL ANALYSIS.”

FUNCTIONS OF STATISTICS- STATISTICS IS USED FOR VARIOUS PURPOSE, FUNCTIONS ARE-
1- STATISTICS SIMPLIFIES MASS DATA- THE USE OF STSTISTIC CONCEPT HELPS IN SIMPLIFICATION OF COMPLEX DATA.USING STATISTICAL CONCEPT, THE MANAGERS CAN MAKE DECISIONS MORE EASILY. THE STATISTICAL METHODS HELP IN REDUCING THE COMPLEXITY OF THE DATA & IN THE UNDERSTANDING OF ANY HUGE MASS DATA.
2- STATISTICS BRINGS OUT TRENDS & TENDENCIES IN THE DATA- AFTER DATA IS COLLECTED, IT IS EASY TO ANALYSE THE TREND & TENDENCIES IN THE DATA BY USING THE VARIOUS CONCEPT OF STATISTICS.
3- STATISTICS BRING OUT THE HIDDEN RELATIONS BETWEEN VARIABLES- STATISTICAL ANALYSIS HELPS IN DRAWING INFERENCES ON THE DATA.STATISTICAL ANALYSIS BRINGS OUT THE HIDDEN RELATION BETWEEN VARIABLES.
4- DECISION MAKING POWER BECOMES EASIER- WITH THE PROPER APPLICATION OF STATISTICS & STATICAL SOFTWARE PACKAGES ON THE COLLECTED DATA, MANAGERS CAN TAKE EFFECTIVE DECISIONS, WHICH CAN INCREASE THE PROFIT IN A BUSINESS.
5- STATISTICS MAKES COMPARISON EASIER- WITHOUT USING STATISTICAL METHODS & CONCEPTS, COLLECTION OF DATA & COMPARISON WOULD BE DIFFICULT.STATISTICS HELPS US TO COMPARE DATA COLLECTED FROM VARIOUS SOURCES. GRAND TOTALS, MEASURES OF CENTRAL TENDENCY & MEASURES OF DISPERSION, GRAPHS & DIAGRAMS & COEFFICIENT OF CORRELATION ALL PROVIDE AMPLE SCOPE FOR COMPARISON.

APPLICATIONS OF STATISTICS- STATISTICAL METHODS ARE APPLIED TO SPECIFIC PROBLEMS IN VARIOUS FIELDS SUCH AS BIOLOGY, MEDICINE, AGRICULTURE, COMMERCE,
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    ITT Tech MA3110 Vocab 1
    • 539 Words
    • 3 Pages

    ITT Tech MA3110 Vocab 1

    Statistics – the science of planning studies and experiments, obtaining data, and then organizing, summarizing, presenting, analyzing, interpreting, and drawing conclusions based on the data.…

    • 539 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Tmth 3360 Advanced Statistics Paper
    • 668 Words
    • 3 Pages

    Tmth 3360 Advanced Statistics Paper

    Statistics are a part of every day life. We encounter them in evaluating medical treatments, picking a retirement plan, interpreting political polls, and even in sports. In this class we will learn how to identify, understand, and use the statistics we encounter in everyday life and work. To that end we will discuss:…

    • 668 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Week 1 Qnt 351
    • 592 Words
    • 3 Pages

    Week 1 Qnt 351

    Statistics is defined in Statistics for Business and Economics, as the science of data. Involves collecting, classifying, organizing, analyzing, and interpreting numerical information. Statistics is more than just looking at numbers, there is a process involved in obtaining the numerical information. Statistical thinking is helpful as well. This involves applying rational thought and the science of statistics to critically assess data and inferences. It is important to keep in mind that variations exist in populations and processed data.…

    • 592 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Pathetic Fallacy Chapter 2 Answers
    • 767 Words
    • 4 Pages

    Pathetic Fallacy Chapter 2 Answers

    It is also used to describe statistical populations => a group of similar thing that scientists interested in learning about…

    • 767 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Population and Sampling
    • 737 Words
    • 3 Pages

    Population and Sampling

    Statistical data dates back to as early as Ancient Greek time, where it was introduced by John Graunt, William Petty and Pascal in the 16th century. It was then re-introduced by Gottfriend Achenwall in the 17th century. This was a very exciting time for scientists, astronomers and physicists alike as it raised the confidence and knowing that the laws of nature were not of divine intervention. As the years went on, new mathematical discoveries were made such as census data, economy, mortality demographics, and the International Statistical Congresses, which all led to changing its name to “statistics”.…

    • 737 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    TEAM REFLECTION WEEK 4
    • 707 Words
    • 3 Pages

    TEAM REFLECTION WEEK 4

    Statistics refers to the use of numerical information in everyday life to calculate facts and figures in limitless circumstances. In addition, statistics refers to the scientific collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. The steps in testing a research hypothesis, to compare the means of two or more groups, and to calculate the correlation between two variables.…

    • 707 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Industrial/Organizational Psychology Worksheet
    • 790 Words
    • 4 Pages

    Industrial/Organizational Psychology Worksheet

    In I/O research there is numbers that need to be researched and information that needs to be evaluated. Statistics is used when taking the information from several training programs to see which one works the best for a certain organizations. There are different results when psychological test are performed and using statistics will help to define what results will work for different jobs. Knowing the statistical results of different tests and training programs will help the I/O psychologist know what training programs work best. Statistics are also used to determine what are the general feelings or emotions of the employees. This day if a person goes and works for a large corporation, there is a good chance that your job was analyzed, designed, and the training was designed…

    • 790 Words
    • 4 Pages
    Better Essays
    Read More
  • Powerful Essays

    Applied Statistics in Business and Economics Ch 1
    • 944 Words
    • 4 Pages

    Applied Statistics in Business and Economics Ch 1

    7. Business intelligence refers to collecting, storing, accessing, and analyzing data on the company's operations in order to make better business decisions.…

    • 944 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Good Essays

    Qnt351 - Defining Statistics
    • 534 Words
    • 3 Pages

    Qnt351 - Defining Statistics

    Statistics is defined as the science of data, which involves capturing, analyzing, classifying, summarizing, organizing, and interpreting numerical data. Statistics are used in nearly every business, government, sports, and finance field. Statistics are the basis of how individuals collect data and make informed decisions based on fact, not hunches or emotion. Statistics have grown exponentially over the past 50 years from simple batting averages and gender demographics to an actual science used by businesses to predict trends and market growth.…

    • 534 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Final Project
    • 435 Words
    • 5 Pages

    Final Project

    Statistics is about more than calculations. It is about turning data into information and using this information to understand the population. A statistician will be asked to help solve real-world problems by designing a study, collecting data, analyzing the data, and writing up the results. As a final project, you will be asked to do something similar. Though the design and data collection will be done for you, you will be asked to analyze the data using the appropriate tests (ensuring the data are distributed normally) and write up the results, using statistical evidence to support your findings. Lastly, you will be asked to include recommendations, that is, apply the results to solve the real world problem.…

    • 435 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Qnt 351 Statistics In Business Paper
    • 350 Words
    • 2 Pages

    Qnt 351 Statistics In Business Paper

    What is statistics? Statistics is collecting, measuring, analyzing, and communicating data. There are two types of statistics, descriptive statistics and inferential statistics (Lind, Marchal, & Wathen, 2011). Statistics are applied in different situations. This paper will describe the role statistics has in making business decisions. This paper will also provide examples of situations in which statistics are applied.…

    • 350 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    week 1 essay
    • 448 Words
    • 2 Pages

    week 1 essay

    Statistics is the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information, (Lind, Marchal, Wathen, 2011). This type of data can vary by the industry it is used in. In business it can be used to determine wages or the unemployment rate. This information is vital to inform potential companies to relocate into a given populated city.…

    • 448 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Statistics In The Intensive Care Unit
    • 1037 Words
    • 5 Pages

    Statistics In The Intensive Care Unit

    "Statistics is a mathematical science pertaining to collection, analysis, interpretation and presentation of data" (Wikipedia contributors, 2006). Statistics are a valuable kind of information because they can provide data for making comparisons and determining trends. There are many uses for statistics, "but perhaps its most important purpose is to help us make good decisions about issues that involve uncertainty" (Bennett, Briggs, & Triola, 2003, p. 8).…

    • 1037 Words
    • 5 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    The Joy of Stats
    • 492 Words
    • 2 Pages

    The Joy of Stats

    By using statistic, you can find out many interesting discoveries in the universal so statistic is useful and fun.…

    • 492 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Qnt/351 Statistic Business
    • 308 Words
    • 1 Page

    Qnt/351 Statistic Business

    Statistics plays a big role in making big business decisions because businesses need to be able to create their business based off what would be able to bring them the most business based off what their customers are looking for. For example, my first job that I had working at a fast food restaurant while I was still in high school, and the manager would have to gather all our sales data to determine how our schedule will be for the following week. Another example of how statistics are used in business is when companies are looking to release a new product. They need to be able to analyze the needed information to then determine what would be the right sales price, product labeling, and when it would be the right time to release their new product as well. There are a lot of different types of statistics that are used all the time in all different types of business fields and many people really don’t realize it. Like when a business decides to make their store hours based off what will be able to meet the needs of their customers and be available during those…

    • 308 Words
    • 1 Page
    Satisfactory Essays
    Read More

Related Topics