Business Statistics

Statistics is a branch of a scientific method comprising of collection, presentation, analysis, and interpretation of data which are obtained by measuring some characteristics. However, the word statistics is used in both singular and plural forms.

business statistics

For example:- , statistics is now taught in various discipline this is singular sense, whereas the statistics of industrial production of a India for the last years- this is plural sense.

  • Numerical figures which are the effect of a large number of causes only comprise statistical data.
  • A single train accident is not statistical data, but the total number of train accidents during a year constitutes the statistical data.
  • Statistics is a wide subject and find a very suitable place in various aspects of life.
  • Statistical tools are used in agriculture, biology, behavioral science, geology, physics, psychology. medicine, engineering, etc.
  • In business and commerce the statistical tools viz. demand analysis, forecasting, inventory control, network scheduling, etc.

The following steps are carried out for any statistical experiment .

  • Collection  of data : the problem which has been formulation requires data for investigation which are collected by any physical methods and technique .
  • Tabulation:- The data which we have collected can be considered as a raw data and we do not get any insight of the problem unless we go form tabulation, I,e represent the data in simple tabular form by diagrams, bar charts, pie charts, etc. construct the frequency distribution.
  • Statistical inference:- Apply the statistical methods on the tabulated data and draw conclusions about the unknown properties of the population from which the data have been drawn.L

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