smu statistics for management IA
SEMISTER 1
Statistics for Management:
1.Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics. Explain the applications of statistics.
Ans:Branch of mathematics concerned with collection, classification, analysis, and interpretation of numerical facts, for drawing inferences on the basis of their quantifiable likelihood (probability). Statistics can interpret aggregates of data too large to be intelligible by ordinary observation because such data (unlike individual quantities) tend to behave in regular, predictable manner.
Functions:
i. Presents facts in. simple form:
Statistics presents facts and figures in a definite form. That makes the statement logical and convincing than mere description. It condenses the whole mass of figures into a single figure. This makes the problem intelligible. ii. Reduces the Complexity of data:
Statistics simplifies the complexity of data. The raw data are unintelligible. We make them simple and intelligible by using different statistical measures. Some such commonly used measures are graphs, averages, aspersions,correlation and regression etc. These measures help in interpretation and drawing inferences. Therefore, statistics enables to enlarge the horizon of one's knowledge. iii. Facilitates comparison:
Comparison between different sets of observation is an important function of statistics. Comparison is necessary to draw conclusions as Professor Boddington rightly points out.” the object of statistics is to enable comparison between past and present results to ascertain the reasons for changes, which have taken place and the effect of such changes in future. So to determine the efficiency of any measure comparison is necessary. Statistical devices like averages, ratios, coefficients etc. are used for the purpose of comparison. iv. Testing hypothesis:
Formulating and testing of hypothesis is an important function of statistics. This helps in developing new theories. So
Statistics for Management:
1.Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics. Explain the applications of statistics.
Ans:Branch of mathematics concerned with collection, classification, analysis, and interpretation of numerical facts, for drawing inferences on the basis of their quantifiable likelihood (probability). Statistics can interpret aggregates of data too large to be intelligible by ordinary observation because such data (unlike individual quantities) tend to behave in regular, predictable manner.
Functions:
i. Presents facts in. simple form:
Statistics presents facts and figures in a definite form. That makes the statement logical and convincing than mere description. It condenses the whole mass of figures into a single figure. This makes the problem intelligible. ii. Reduces the Complexity of data:
Statistics simplifies the complexity of data. The raw data are unintelligible. We make them simple and intelligible by using different statistical measures. Some such commonly used measures are graphs, averages, aspersions,correlation and regression etc. These measures help in interpretation and drawing inferences. Therefore, statistics enables to enlarge the horizon of one's knowledge. iii. Facilitates comparison:
Comparison between different sets of observation is an important function of statistics. Comparison is necessary to draw conclusions as Professor Boddington rightly points out.” the object of statistics is to enable comparison between past and present results to ascertain the reasons for changes, which have taken place and the effect of such changes in future. So to determine the efficiency of any measure comparison is necessary. Statistical devices like averages, ratios, coefficients etc. are used for the purpose of comparison. iv. Testing hypothesis:
Formulating and testing of hypothesis is an important function of statistics. This helps in developing new theories. So