Test

Statistics for Management

Unit 1

Unit 1

Introduction

Structure:
1.1

Introduction to Statistics
Learning objectives
Importance of Statistics in modern business environment
1.2 Definition of Statistics
1.3 Scope and Applications of Statistics
1.4 Characteristics of Statistics
1.5 Functions of Statistics
1.6 Limitations of Statistics
1.7 Statistical Softwares
1.8 Summary
1.9 Terminal Questions
1.10 Answers to SAQs and TQs
Answers to Self Assessment Questions
Answers to Terminal Questions
1.11 References

1.1 Introduction
Welcome to the unit on Statistics. In this unit, you will study about Statistics, which deals with gathering, organising and analysing data.
Statistics plays an important role in almost every facet of human life. In the business context, managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect, analyse and interpret data and make relevant decisions. Statistical concepts and statistical thinking enable them to:
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Solve problems in almost any domain

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Support their decisions

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Reduce guesswork

1.1.1 Learning objectives
By the end of this unit, you should be able to:
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Describe the scope of Statistics

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Distinguish between statistical data and non-statistical data

Sikkim Manipal University

Page No. 1

Statistics for Management

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Unit 1

Recognise the functions of Statistics
Recognise the limitations of Statistics
Recall the computer programs used for analysing Statistics

1.1.2 Importance of Statistics in modern business environment
Due to advanced communication network, rapid changes in consumer behaviour, 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