Management 202: Statistics

BUSINESS STATISTICS  

STATISTICS: An Introduction

stats

Statistics is a branch of Mathematics that involves data collection, compilation, analysis and interpretation. Statistics further refers to Numerical facts.

Statistics is further divided into

  • Theoretical statistics
  • Applied statistics

Theoretical statistics: Involves the derivation of statistical rules, formulas and relationships.

Applied statistics: Involves the use of statistical rules, formulas and relationships in solving actual problems.

Applied statistics is further divided into

  • Descriptive statistics: Concerned with data collection, compilation and use of diagrams, graphs and summary measures to describe data.
  • Inferential statistics: Concerned with study of a sample and using a result to make predictions and conclusions about the population.

*A population: is a collection of all items which are under study such as employees of a firm, the products of a firm, animals in a park

*A sample: a portion of the population that is selected as a representative for study,

NOTE:

*Statistical study that involves a whole population is known as a Census

*A study that involves only a sample is known as a Sample Survey

*Summary measures derived from a census are known as Parameters. While Summary measures derived from a sample survey are known as statistics.

 

 

 

 

Advertisements

One thought on “Management 202: Statistics

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s