Army Institute of Business Administration

Savar Cantonment, Savar, Dhaka.

Army IBA
Topic Name : New Assignment (Assignment - 01)

Course Name : Business Statistics

Course Code : BUS - 5204

Submitted To :

Name : Afzal Hossain

Designation : Assistant Professor

Submitted By :

Name : Md. Dalim Hossain

Roll No : M9200B023
Batch : MBA-9

Date of submission : 09 / 10 /2020

1. Short Notes on Meaning and Definitions of Statistics:

Meaning of Statistics: Statistics is the concerned with scientific methods for collecting,
organizing, summarizing, presenting and analyzing data as well as deriving valid
conclusion and making reasonable decisions on the basis of this analysis. Statistics is
connected with the systematic collection of numerical data and its interpretation. The
word statistics is used to refer to

 Numerical facts such as the number of people living in particular area.

 The study of ways of collecting, analyzing and interpreting the facts.

Statistics Definition

 Statistics is the science of collecting, Organizing, Presenting, analyzing and

interpreting data to help in making more effective decision.
 Statistical Analysis is implemented to manipulate, summarize and investigate data, So
that useful decision- making information results are obtained.

2. Short Notes on Types of Data and Data Sources

Data:

Technical sense data are a set of values of qualitative or quantitative variables about one
or more persons or objects while a datum (singular of data) is a single value of a single
variable.

Two types of data. Such as

 Quantitative data
 Qualitative data

Quantitative data - whose variables can be expressed in numerical terms- price, income
& weight.
Qualitative data - whose variables cannot be measured in numerical terms- Emotions,
Happiness.

Two types of data sources. Such as

 Primary Data Sources

 Secondary Data Sources
 Primary Data Sources:
 Collection of data direct from source of origin.
 Conducting interviews, experimentation.
 Provide first-hand information.
 Provides original data.

 Secondary Data Sources

 Collection of data from agency which already has collected data & processed
it.

3. Short Notes on Types of Statistics

Two types of statistics. Such as…

 Descriptive Statistics
 Inferential Statistics

Descriptive Statistics: It is a method of organizing, summarizing and presenting data in

convenient and informative way. These methods include: Graphical Techniques and
Numerical Techniques.

Types of descriptive Statistics: There are four major types of descriptive statistics. Such
as…

 Frequency: Count, Percent, Frequency

 Measures of central Tendency: Mean, Median and Mode.
 Measures of Dispersion or variation: Range, Variance, Standard Deviation.
  Measures of Position: Percentile Ranks and Quartile Ranks.

Inferential Statistics: It is a method which is used in determining something about a

population on the basis of a sample.

Population – The entire set of individuals or objects of interest or the measurements

obtained from all individuals or object of interest.

Sample – A portion or part of the population of interest.

4. Short Notes on Scope of Statistics

Scope of Statistics:

1. Statistics in Planning

 Plans drawn on basis of information available through statistics.

2. Statistics in Business & Management

 Decision related to marketing, production, finance, investments and control are

made on basis of data provided.

3. Statistics in Industry

 Statistics charts and inspection plans helps in quality control.

4. Statistics in Economics

 Helps in understanding & solving economic problems.