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Lecture 1, Nature Scope & Importance of Statistics

This document provides an introduction to statistics, including: 1. It defines statistics as the science of collecting, organizing, analyzing, and interpreting numerical data. 2. It discusses the objectives/functions of statistics such as simplifying complex data, making comparisons, and guiding business policies. 3. It outlines the importance and scope of statistics in fields like economics, business, medicine, and science. It also notes some limitations of statistics like not dealing with individual measurements.

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1K views16 pages

Lecture 1, Nature Scope & Importance of Statistics

This document provides an introduction to statistics, including: 1. It defines statistics as the science of collecting, organizing, analyzing, and interpreting numerical data. 2. It discusses the objectives/functions of statistics such as simplifying complex data, making comparisons, and guiding business policies. 3. It outlines the importance and scope of statistics in fields like economics, business, medicine, and science. It also notes some limitations of statistics like not dealing with individual measurements.

Uploaded by

singhsaurabhh91
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Introduction

of Statistics

Chapter-01
Chapter Summery

Definition Of Statistics

Nature and Scope Of Statistics

Functions & Limitation Of Statistics

Use of Statistics in business.


Definition of Statistics:
Statistics is defined as the science of collection, organization,
presentation, analysis and interpretation of the numerical data.
A few definitions are analytically examined below:
According to R.A. Fisher:
The science of statistics is essentially a branch of applied mathematics and may be
regarded as mathematics applied to observational data.
According to A.L Bowley:
All statistics are numerical statements of facts in any department of enquiry in relation
to each other.
Objectives of Statistics/ Functions of
Statistics:
To present facts in a definite form.

To simplify complex data so as to make


them understandable.

Statistics is a technique of marking comparison.

Statistics enlarges individual experience.


Objectives of Statistics/ Functions of
Statistics:
Statistics provides guidance in the formulation of
business policies.

Statistics enables measurement of the magnitude of a


phenomenon.

Statistics help in establishing cause and effect


relationships .
Importance and Scope of Statistics:

Statistics in state
Statistics in economics

Statistics in trades and commerce

Statistics in medical science


Importance and Scope of Statistics:

Statistics in demography

Statistics in weather forecasting

Statistics in insurance companies

Statistics in law-reformation and human rights

Statistics in science
Limitations of Statistics:

Statistics does not deal with individual measurements

Statistics deals only with quantitative characteristics

Statistical result are true only on an average

Statistics is only one of the methods of studying a


problem
Limitations of Statistics:

Statistics does not reveal the entire story

Statistics data should be uniform and homogeneous

Statistics is liable to be misused


Stages in statistical investigation:

Collection of data

Organization of data

Presentation of data

Analysis of data

Interpretation of data
Various Divisions of
Statistics:
Statistics is subdivided into 3 parts such as

Statistical theory

Statistical method

Applied Statistics
Definition of business
statistics:

Business statistics is a science which use to make business


decisions under uncertainties based on some numerical figure
and measurable scale.
Importance of Statistics in Business
:
Determining business spot
Stocking commodity

Estimating production rate and its state

Financial analysis in business

Measuring seasonal variation


Definitions and basic concepts:

Products marketing

Estimating worker’s skill

Business forecasting

Solving business related problems

Statistics in other business


Characteristics or Properties of
Statistics:
Statistics are aggregate of interrelated information

Statistics are numerically expressed

Statistics are affected by various causes

Statistics are the resultant of interrelated investigation


Characteristics or Properties of
Statistics:
Statistics are comparable and homogenous

Statistics are enumerated or estimated according to reasonable


standards of accuracy

Statistics obtained in a well organized manner

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