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Statistics is the branch of mathematics that deals with the analysis, interpretation, processing and presentation of data using statistical formulas and concepts. Statistics is also used to draw an inference from a given data set. In simple terms, it is a subject that brings out logical meaning from complicated mathematical data. Statistics is broadly divided into two parts, descriptive statistics and inferential statistics.
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TABLE OF CONTENTS 1. 2. 3. 4. 5. 6. WHAT IS STATISTICS ? WHY STUDENTS NEED TO STUDY STATISTICS ? TYPES OF DATA WHAT ARE THE TYPES OF STATISTICS ? SAMPLING APPLICATIONS OF STATISTICAL CONCEPTS IN BUSINESS NUMERICAL SCALE MEASUREMENT CONTACT US THANK YOU 7. 8. 9.
WHAT IS STATISTICS ? Statistics is the science of organizing, collecting, presenting, analyzing and interpreting data. It is the science of grouping of data and obtaining meaningful results by using different tools and techniques. ● ●
WHY STUDENTS NEED TO STUDY STATISTICS ? Statistics is one of the most important subjects. Students need to study statistics because of the following reasons: Data is everywhere. In every career, all the professional decisions involve data. So the understanding of statistics, help a professional in making the decisions effectively. Statistical techniques are used to make various decisions that affect our lives. ● ● ●
TYPES OF DATA As statistics mainly deals with data, it is important to recognize different types of data. Data is basically classified into three categories: Numerical Categorical Ordinal ● ● ●
NUMERICAL Numerical is related to numerical measurements. It cannot be expressed by descriptive language. Numerical data type is further classified into two types: Discrete Data Continuous Data ● ●
CATEGORICAL Categorical is related to the categorical measurements. It is expressed by descriptive language. For example: gender and marital status.
ORDINAL Ordinal data is a combination of numerical data and categorical data. In ordinal data, categories have more impact and the number placed in the categories, are meaningful.
WHAT ARE THE TYPES OF STATISTICS ? There are two types of statistics: Descriptive Statistics Inferential Statistics ● ●
DESCRIPTIVE STATISTICS Descriptive statistics is a way of organizing, summarizing and presenting data in an informative way. Collect data ● For example: Survey Present data ● For example: Tables and Graphs Summarize data ●
INFERENTIAL STATISTICS Inference is the process of drawing conclusions or making decisions about a population based on sample results. Inferential statistics is used to determine something about a population. Population - The set of objects or individuals of interest obtained from all individuals or objects. Sample - Sample is a portion or a part of the population of interest. ● ●
SAMPLING Sample has the same characteristics as population. Sampling can be of two types: With Replacement- With replacement means a member of the population can be chosen more than once. Without Replacement - Without replacement means a member of the population can be chosen only once. ● ●
APPLICATIONS OF STATISTICAL CONCEPTS IN BUSINESS OPERATING MANAGEMENT - Analysis of variance, hypothesis testing, time series analysis and estimation. ● MARKETING - Chi-square tests, non-parametric statistics and hypothesis testing. ● FINANCE - Index numbers, correlation and regression and time series analysis. ● PERSONEL - Chi-square tests, non-parametric statistics and hypothesis testing. ●
NUMERICAL SCALE MEASUREMENT ORDINAL - It contains more information and consists of distinct categories in which order is implied. NOMINAL - It consists of the categories in which the number of respective observations is recorded. The categories are said to be mutually exclusive. RATIO - Ratio consists of numerical measurements where the distance between numbers is of constant size. There is a non-arbitrary zero point. INTERVAL - Interval is a set of numerical measurements in which the distance between numbers is of constant size. ● ● ● ●
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