Q1. (a) ‘Statistics is the backbone of decision-making’. Comment. Ans.(a) Due to advanced communication network, rapid changes in consumer behavior, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical models, statistics, operations research and econometrics. Decision making is a key part of our day-to-day life. Even when we wish to purchase a television, we like to know the price, quality, durability, and maintainability of various brands and models before buying one. As you can see, in this scenario we are collecting data and making an optimum decision. In other words, we are using Statistics. Again, suppose a company wishes to introduce a new product, it has to collect data on market potential, consumer likings, availability of raw materials, feasibility of producing the product. Hence, data collection is the back-bone of any decision making process. Many organizations find themselves data-rich but poor in drawing information from it. Therefore, it is important to develop the ability to extract meaningful information from raw data to make better decisions. Statistics play an important role in this aspect. Statistics is broadly divided into two main categories. Below Figure illustrates the two categories. The two categories of Statistics are descriptive statistics and inferential statistics. •Descriptive Statistics: Descriptive statistics is used to present the general description of data which is summarized quantitatively. This is mostly useful in clinical research, when communicating the results of experiments. •Inferential Statistics: Inferential statistics is used to make valid inferences from the data which are helpful in effective decision making for managers or professionals. Statistical methods such as estimation, prediction and hypothesis testing belong to inferential statistics. The researchers make deductions or conclusions from the collected data samples regarding the characteristics of large population from which the samples are taken. So, we can say ‘Statistics is the backbone of decision-making’.

Q1.(b) ‘Statistics is as good as the user’. Comment.
Ans. Sta

Statistics is used for various purposes. It is used to
simplify mass data and to make comparisons easier. It is also used to bring out trends and tendencies in the data as well as the hidden relations between variables. All this helps to make decision making much easier. Let us look at each function of Statistics in detail. 1. Statistics simplifies mass data

The use of statistical concepts helps in simplification of complex data. Using statistical concepts, the managers can make decisions more easily. The statistical methods help in reducing the complexity of the data and consequently in the understanding of any huge mass of data. 2. Statistics makes comparison easier

Without using statistical methods and concepts, collection of data and comparison cannot be done easily. Statistics helps us to compare data collected from different sources. Grand totals, measures of central tendency, measures of dispersion, graphs and diagrams, coefficient of correlation all provide ample scopes for comparison. 3. Statistics brings out trends and tendencies in the data

After data is collected, it is easy to analyse the trend and tendencies in the data by using the various concepts of Statistics. 4. Statistics brings out the hidden relations between variables Statistical analysis helps in drawing inferences on data. Statistical analysis brings out the hidden relations between variables. 5. Decision making power becomes easier

With the proper application of Statistics and statistical software packages on the collected data, managers can take effective decisions, which can increase the profits in a business. Seeing all these functionality we can say ‘Statistics is as...

...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...

...Statistics for Business and Economics
Personal pre-assignment
1.9
What is a representative sample? What is its value?
The representative sample is a subset of a population of interest that is exhibiting the typical characteristics of the population. The most typical way to cover the up-mentioned criterion is the simple random sample which consist of a sample of units that is selected randomly, e. g. the sample is selected form the population on a way that...

...universally.
The scale is chosen depending on the information that the data is intending to represent.
The four scales of measurement of data are nominal, ordinal, interval, and ratio.
Each plays a different, yet very important role in the world of statistic
a) Nominal scale
Is the lowest level in scales of measurement?
Is a way of grouping behavior, where actual numbers are simply labels or identifiers.
-they do not put subjects in any particular order: no logical...

...analysis, other decision making techniques are discussed. These techniques
include decision analysis, project scheduling and network models.
Chapter 1 illustrates a number of ways to summarise the information in data sets, also known as
descriptive statistics. It includes graphical and tabular summaries, as well as summary measures
such as means, medians and standard deviations.
Uncertainty is a key aspect of most business problems. To deal with uncertainty, we need a basic...

...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...

...HIGH SCHOOL
2013 AP STATISTICS SUMMER ASSIGNMENT
Welcome to AP Statistics!
You have selected a course unlike any other math course. The purpose of this Summer Assignment is to:
1. Give you information on what to expect, and how this course is different from other math courses.
2. Refresh your knowledge on statistics topics that you should know prior to this course.
3. Give you a chance to demonstrate your ability to...

...stock 2 is a litter flatter than the two above.
Justify with descriptive statistics and the histogram tools:
Firstly use descriptive statistics to summarise the key features of stock1, stock2, and stock3 respectively.
All the available output options were chosen and labels in the first row were chose as in the Appendix figure 4.1 descriptive statistics.
The output are as follows:
Figure 1.1 descriptive Statistics for...

...Organization of Terms
Experimental Design
Descriptive
Inferential
Population
Parameter
Sample
Random
Bias
Statistic
Types of
Variables
Graphs
Measurement scales
Nominal
Ordinal
Interval
Ratio
Qualitative
Quantitative
Independent
Dependent
Bar Graph
Histogram
Box plot
Scatterplot
Measures of
Center
Spread
Shape
Mean
Median
Mode
Range
Variance
Standard deviation
Skewness
Kurtosis
Tests of
Association
Inference
Correlation...

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