Management 202: Statistics


STATISTICS: An Introduction


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,


*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.






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