Statistics for Management
LESSON – 1
STATISTICS FOR MANAGEMENT
Session – 1 Duration: 1 hr
Meaning of Statistics
The term statistics mean that the numerical statement as well as statistical methodology. When it is used in the sense of statistical data it refers to quantitative aspects of things and is a numerical description.
Example: Income of family, production of automobile industry, sales of cars etc. These quantities are numerical. But there are some quantities, which are not in themselves numerical but can be made so by counting. The sex of a baby is not a number, but by counting the number of boys, we can associate a numerical description to sex of all newborn babies, for an example, when saying that 60% of all live-born babies are boy. This information then, comes within the realm of statistics.
Definition
The word statistics can be used is two senses, viz, singular and plural. In narrow sense and plural sense, statistics denotes some numerical data (statistical data). In a wide and singular sense statistics refers to the statistical methods. Therefore, these have been grouped under two heads – ‘Statistics as a data” and “Statistics as a methods”.
Statistics as a Data
Some definitions of statistics as a data are
a) Statistics are numerical statement of facts in any department of enquiring placed in relation to each other.
- Powley
b) By statistics we mean quantities data affected to a marked extent by multiple of causes.
- Yule and Kendall
c) By statistics we mean aggregates of facts affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for pre-determined purpose and placed in relation to each other.
- H. Secrist
This definition is more comprehensive and exhaustive. It shows light on characteristics of statistics and covers different aspects.
Some characteristics the statistics should
STATISTICS FOR MANAGEMENT
Session – 1 Duration: 1 hr
Meaning of Statistics
The term statistics mean that the numerical statement as well as statistical methodology. When it is used in the sense of statistical data it refers to quantitative aspects of things and is a numerical description.
Example: Income of family, production of automobile industry, sales of cars etc. These quantities are numerical. But there are some quantities, which are not in themselves numerical but can be made so by counting. The sex of a baby is not a number, but by counting the number of boys, we can associate a numerical description to sex of all newborn babies, for an example, when saying that 60% of all live-born babies are boy. This information then, comes within the realm of statistics.
Definition
The word statistics can be used is two senses, viz, singular and plural. In narrow sense and plural sense, statistics denotes some numerical data (statistical data). In a wide and singular sense statistics refers to the statistical methods. Therefore, these have been grouped under two heads – ‘Statistics as a data” and “Statistics as a methods”.
Statistics as a Data
Some definitions of statistics as a data are
a) Statistics are numerical statement of facts in any department of enquiring placed in relation to each other.
- Powley
b) By statistics we mean quantities data affected to a marked extent by multiple of causes.
- Yule and Kendall
c) By statistics we mean aggregates of facts affected to a marked extent by multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standard of accuracy, collected in a systematic manner for pre-determined purpose and placed in relation to each other.
- H. Secrist
This definition is more comprehensive and exhaustive. It shows light on characteristics of statistics and covers different aspects.
Some characteristics the statistics should