Definition of Statistics, Scope and importance of Statistics: Statistics in business and management: Frequency distribution: Parts of table:
Definition of Statistics:
1. Statistics can be defined as the collection presentation and interpretation of numerical data - Croxton and Crowed.
2. Statistics are numerical statement of facts in any department of enquiry placed interrelation to each other. - Bouly.
3. Statistics are measurement, enumerations or estimates of natural or social phenomena systematically arrangement to exhibit their inner relation. - Conner.
4. By Statistics we mean quantitative data affected to a marked extend by a multiplicity of causes. – Youle and Kendal.
6. Statistics and modern science: In medical science the statistical tools for collection, presentation and analysis of observed facts relating to causes and incidence of dieses and the result of application various drugs and medicine are of great importance.
7. Statistics, psychology and education: In education and physiology statistics has found wide application such as, determining or to determine the reliability and validity to a test, factor analysis etc.
8. Statistics and war: In war the theory of decision function can be a great assistance to the military and personal to plan “maximum destruction with minimum effort.”
Statistics in business and management:
1. Marketing: Statistical analysis are frequently used in providing information for making decision in the field of marketing it is necessary first to find out what can be sold and the to evolve suitable strategy, so that the goods which to the ultimate consumer. A skill full analysis of data on production purchasing power, man power, habits of compotators, habits of consumer, transportation cost should be consider to take any attempt to establish a new market.
2. Production: In the field of production statistical data and method play a very important role. The decision about what to produce? How to produce? When to produce? For whom to produce is based largely on statistical analysis.
3. Finance: The financial organization discharging their finance function effectively depend very heavily on statistical analysis of peat and tigers.
4. Banking: Banking institute have found if increasingly to establish research department...