Mb0040 - Statistics for Management
Answers
Master of Business Administration- MBA Semester 1
MB0040 - Statistics for Management
Q1. A Explain the characteristics of statistics?
B. What are the components of statistics? Give a brief description of each of its component’s?
Answer: (A) Some of its important characteristics are given below: * Statistics are aggregates of facts. * Statistics are numerically expressed. * Statistics are affected to a marked extent by multiplicity of causes. * Statistics are enumerated or estimated according to a reasonable standard of accuracy. * Statistics are collected for a predetermine purpose. * Statistics are collected in a systemic manner. * Statistics must be comparable to each other.
Answer Components of Statistics:
• Gathering
• Displaying
• Interpretation
• Inference
Gathering data, whether in or out of a classroom, occurs on a daily basis. We are always observing and processing information as we go about the routine of our day. At this level data is like a pile of clothing that has just come from a dryer. When we sort the clothing we can see some order; in the same sense we see order in data when it can be displayed.
Displaying information occurs when we wish to communicate our data or when we want to make decisions about them. These displays can take several forms such as circle graphs, line graphs, bar charts, stem and leaf charts, or box and whisker plots. Displaying data is both an art and a science. For those who wish to explore this topic further, one of the best collections of the elegance of data display can be found in Edward Tufte’s masterful work The Visual Display of Quantitative Information
Interpreting data can begin by determining measures of central tendency, outliers, symmetry, and range of a data set. Generally we call such measures “the shape of the data”, and determining these measures gives people a good sense for the overall meaning of the data. Many times students experience the first two
Master of Business Administration- MBA Semester 1
MB0040 - Statistics for Management
Q1. A Explain the characteristics of statistics?
B. What are the components of statistics? Give a brief description of each of its component’s?
Answer: (A) Some of its important characteristics are given below: * Statistics are aggregates of facts. * Statistics are numerically expressed. * Statistics are affected to a marked extent by multiplicity of causes. * Statistics are enumerated or estimated according to a reasonable standard of accuracy. * Statistics are collected for a predetermine purpose. * Statistics are collected in a systemic manner. * Statistics must be comparable to each other.
Answer Components of Statistics:
• Gathering
• Displaying
• Interpretation
• Inference
Gathering data, whether in or out of a classroom, occurs on a daily basis. We are always observing and processing information as we go about the routine of our day. At this level data is like a pile of clothing that has just come from a dryer. When we sort the clothing we can see some order; in the same sense we see order in data when it can be displayed.
Displaying information occurs when we wish to communicate our data or when we want to make decisions about them. These displays can take several forms such as circle graphs, line graphs, bar charts, stem and leaf charts, or box and whisker plots. Displaying data is both an art and a science. For those who wish to explore this topic further, one of the best collections of the elegance of data display can be found in Edward Tufte’s masterful work The Visual Display of Quantitative Information
Interpreting data can begin by determining measures of central tendency, outliers, symmetry, and range of a data set. Generally we call such measures “the shape of the data”, and determining these measures gives people a good sense for the overall meaning of the data. Many times students experience the first two