QUANTITATIVE METHODS FOR BUSINESS – II-1: INTRODUCTION TO STATISTICS

INTRODUCTION TO STATISTICS

Definition of statistics: Statistics is called as science of counting.
Statistics may be defined as science of collection, presentation, analysis,
and interpretation of numerical data.

OBJECTIVES OF STATISTICS:
 To throw light on the complex data and sense from them
 To take action on the basis of the data processed
 To draw conclusion on the basis of analyzed data
 To prove unknown from known available data
 To examine changes in economical activities
Functions of statistics:
 It guides in collecting an appropriate quantitative data.
 It simplify the complex and presnt same in attractive form.
 It examine the past and present data, and indicate the future
tendencies.
 It makes comparison between one set of data with other to know the
nature of variables
 it collects numerical data systematically.