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BUSINESS STATISTICS-I (CS)
SUBJECT CODE: UCC
UNIT-I DEFINITIONS OF STATISTICS The word (^) 'Statistics 'have (^) been (^) derived (^) from the Latin word (^) 'status' which means a (^) political state. (^) Statistics was (^) applied to (^) mean fact and the (^) state in its figures^ which^ were^ needed^ by day to^ day life.^ Statistics (^) deals (^) with (^) collection, (^) tabulation, (^) analysis and interpretation of numerical data. Several statistical constant have been introduced and several statistical (^) methods have been (^) developed for analysing data^ and^ drawing valid inference^ or intelligent judgement for them. Statistics has wide applications in almost all science such as Biology, Psychology, Economics, Education, Planning, Industry & Medical Science. Hence a
knowledge of statistics may prove to be of use at any time under any circumstances.
1.1 Definition Statistics is a tool (^) in the (^) hands of (^) mankind to (^) translate (^) complex facts into
simple and understandable statement of facts.
There (^) have been (^) many definitions (^) of the term (^) Statistics'. The word (^) statistics is used in (^) two (^) sense (^) singular and (^) plural. Statistics (^) as (^) numerical data(plural) and^ as^ statistical
method(singular). A single figure can't be called as statistics because it can't be compared to
draw (^) any conclusion (^) out of it. For (^) eg: a (^) height of (^) single student in (^) particular class is not a statistics (^) but a series (^) relating to the (^) height of (^) group of (^) the (^) students in a class (^) would be called as statistics. Statistics (^) may be (^) defined as the (^) science (^) which deals with (^) collection, (^) analysis and interpretation of numerical data. All statistical facts are expressed in numbers statistical data are collected either by actual counting or by measurement or by estimation. Actual counting: To find out the number of students in a school data. Measurement: Height of the students in a particular class. Estimation: It may involve high time and money cost. For eg: to find out a quantity of oil in a particular sea, may be collected in a systematic manner.
Statistical data are collected only with a reasonable degree of accuracy. However,
statistics must be used very carefully and only by experts in order to arrive at reasonable conclusions. Statistical arguments based on incomplete data may lead to fallacious conclusion and the whole efforts will be waste in terms of money, time and result.
Statisties in singular sense as statistical method-science of collection, presentation,
analysis and interpretation of numerical data. The first step in any statistical investigation is the collection of data relevant to the
investigation.
Data for statistical investigation may be collected by carrying out an experiment or
interviewing a selected individuals or preparing questionaries etc. Such data called primary
data. We can collect a data from material available in published record, such data are called secondary data. Large masses of data collected from various sources are first available in raw The significance of such a collection of raw data can not be understood unless they are arranged in a some definite form, data are edited, tabulated and classified.
Then analysis the data (i.e) process of establishing the relationship between tabulated numerical data.
While analysing, statistical measures such as averages, dispersion, skewness,
corelation, regression, interpolation etc are using
Analysis provides basis for interpretation. Interpretation of data requires high degree
of skill experience and common sense.
IMPORTANCE OF STATISTICS
Two important laws of statistics on which the whole theory of statistics are
Law of statistical regularly
This law holds good conditions which met the following
Sample must be taken at random
Sample must be of large size.
Law of inertia of large number
The larger the size of the sample
More accurate the results are likely
DIVISIONS OF STATISTICS
S.NO. Division Meaning
Descriptive
statistics
Techniques Used
Average, Skewness, Dispersion, Time seriesetc.
Sample survey, Quality
control index number etc.
Chi-square test,^ F-test,^ t-test
Deals with numerical data.
Applied
statistics
Deals with real life situation.
3 Inferential It^ is^ used^ to^ draw^ conclusion^ & inference about parameter of population the basis of estimation
derived from a sample.
It is used to estimate a particular
phenomenon on the basis of randomextrapolation.
observation.
statistics etc.
Inductive Forecasting^ techniques^ like statistics
Mathematical Itis concered with the application
statistics
Integration, differentiation, trigonometry, matrix etc.
5 of various mathematical theories & techniques such as integration and differentiation etc to develop various statistical techniques.
Analytical It^ covers^ those^ method^ and^ Corelation, regression,
statistics techniques which are^ used^ in association^ and^ attributes.
establishing function relationship between varíables.
IN THE SOCIAL SCIENCE Statistics provides the statistical information on mortality, fertility, marriage, population and growth. It is used to determine the intelligent quotient in education and in management.
IN THE NATURAL SCIENCE Statistics relating to pulse rate, body temperature, blood pressure, heart beat, weights etc. of the patients help the physician to diagnose disease. Statistics helps to test infection or medicine for controlling a specific disease.
FUNCTIONS OF STATISTICS
It Simplifies Complexity: Statistics is to collect the fact and figures in a systematic manner to present them easier to understand. Human mind cannot understand a large number of facts and figures at one time. Therefore the imporiant function of statistical method is to simply the complex data into (^) diagrammatic and (^) graphical (^) representation. The (^) huge masses of (^) data can be converted into (^) picture, a (^) diagram. Prevents Facts In A Definite Form Statistics (^) presents the (^) facts in a (^) precise and (^) definite form. For (^) eg: The total (^) population
of a particular city has increase from 40 lakhs to 80 lakhs during 1991-2000 is more precise
and conclusive than the statement that the total population of particular city has increased during 1991-2000. It Facilitate Comparison:
Comparison is one of the main function of statistics. Statistics help in comparing the
data with respect to time and location. The object of statistics is to enable comparison to be made between past & present result. The reasons for changes which have taken place and effect of such changes in the future. It (^) Enlarge Individual (^) Experiences Statistics provides to enrich knowledge and experience with help of statistical techniques and methodology Formulation Of Policies & Testing Hypothesis: Statistical methods are helpful to develop new theories. It is also helpful in formulating & testing hypothesis. For instant we can verify the law of supply from the help of statistics like that the success or failures of new theories can be known easily with help of statistics data. Eg: Statistics helps us to measure the effect of price in interest rate of saving & investment. It Test The Laws Of The Sciences: Statistics help interesting like laws of physical sciences and social sciences. A law
before being accepted is a hypothesis. The correctness of laws of different can only be tested
with help of statistical technique
Business Forecasting:
Forecasting refer to the process of predicting future events. Statistics facilitates business forecasting through various techniques as time series extrapolation. Statistical method help in the formulation of future policy by analysing past and present condition and
making projection for future
It Studies Relationship
The relationship between
coeficient different^ data^ can^ be^ measured^ coefficient^ of^ correlation,
of association,
regression etc.^ are^ measures of functional relationship. Demand,
supply &^ price etc. can be easily be studied with
It Helps The help^ of^ statistics.
Government
Statistics have been termed in the beginning as the "Science Of King". Statistics is
essential for the proper administration of the
an country.^ The^ government^ uses^ statistics^ to^ have
understanding before^ implementing the scheme.
Eg: old^ age person, ration scheme.
LIMITATION OF STATISTICS
Statistics can be used only to study numerical value data
Qualitative phenomenon like honesty, intelligence, poverty are not capable of direct
statistical analysis
Statistics is only with aggregate and not with individual
Statistics laws are not exact like the laws of natural sciences like physics, chemistry,
etc. Statistics results are true only on averages
It can be measured
Statistics methods are most dangerous tools in the hands of inexpert.
Statistics may mislead to wrong conclusion in the absence of details.
Eg: Two business man X & Y have an average profit of 1200 per month during 3 months. We can say that they are equally efficient because they are making the same
average profit.
Statistics does not reveal the entire story.
UNIT -
PART-A
- Define statistics
- What are uses of statistics Write a short notes on importance of statistics in education
- Mention any two limitation of statistics
- Write down any two application of statistics
- Write any two uses of statistics
PART-B
1. Explain the limitation ofstatistics
2. Discuss various function of statistics
- Discuss in detail the application of statistics in different areas
- Explain the uses of statistics
5. Explain the importance of statistics
- Explain the scope of statistics
7. Write a note on functions of statistics
