Professional Documents
Culture Documents
1.statistics Introduction
1.statistics Introduction
1.statistics Introduction
1
“To guess is cheap, to guess wrongly is
expensive.”
-Old Chinese Proverb
2
“Statistical thinking will one day be as
necessary for effective citizenship as
the ability to read and write.”
- H.G. Wells
3
“ When you can measure what you are
speaking about and express in
numbers, you know something about it;
but when you cannot measure it,
cannot express it in numbers your
knowledge is of a meagre and
unsatisfactory kind.”
- Lord Kelvin
4
“When the history of modern time is
finally written, we shall read it as
beginning with the age of steam and
progressing through the age of
electricity to that of statistics”
- An over-enthusiastic, statistically aware
business executive
5
Scope of Statistics
Statistics increase the field of mental vision
just like the binoculars increases the field of
physical vision.
Simplifies unwieldy and complex mass of
data.
Quantifies and measures uncertainty and
variability.
Discovers past and emerging patterns.
Helps in estimation and validating
assumptions. 6
Numerical statements of facts which are
highly convenient and meaningful forms
of communication
7
Statements
8
Statistics is concerned with proper collection of
data, organising this data into manageable and
presentable form, analysing and interpreting the
data into conclusions for useful purposes.
9
1. Proper collection of data
2. Organisation and classification of data
3. Presentation of data
4. Analysis of data
5. Interpretation of data
10
Characteristics of
Statistics
11
4. Statistical data is collected in a
systematic manner.
5. Statistics are collected for a predetermined
purpose.
6. Statistics are enumerated or estimated according
to reasonable standard of accuracy.
7. Statistics must be placed in relation to each
other.
12
Functions
13
Limitations
14
Scope
Government
Economic
Physical, Natural and Social sciences
Research
Others
Business and Management
15
Business and Management
Entrepreneurship
Production
Marketing
Purchasing
Personnel
Investment
Banking
Quality Control
16
Types of Statistics
Descriptive
Inferential
17
Descriptive: Forbes Magazine’s List of India’s
Billionaires for 2006
Rank Name Net Worth ($ b) Age
1 Lakshmi Mittal 20 55
2 Azim Premji 11 60
3 Mukesh Ambani 7 48
4 Anil Ambani 5.5 46
5 Sunil Mittal 4.9 48
6 Kumar Birla 4.4 38
7 Shiv Nadar 3 60
8 Shashi & Ravi Ruhia 2.7 62
9 Venugopal Dhoot 1.6 52
10 Rahul Bajaj 1.5 67
18
Inferential: Number of annual Withdrawals in
SB Accounts
38 53
41 45
46 44
47 56
58 62
42 40
44 35
54 48
57 39
51 48
19
Phases of Statistical Study
Defining Objective
Specification of the Population & its
characteristic(s)
Planning for data collection-Census Vs Sampling
Collection of data
Compilation/presentation of data
Statistical Analysis
Drawing conclusions, testing assumptions, making
predictions
20