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Unit1 - 1basics of Statistics

This document provides an introduction to statistics. It discusses the importance of statistics in business, basic statistical concepts and terms, different types of data, data collection methods, and descriptive and inferential statistics. The key topics covered include qualitative and quantitative data, population and sample, measures of central tendency, graphical representation of data, and using sample statistics to draw conclusions about the population.

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Veer Suthar
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0% found this document useful (0 votes)
31 views24 pages

Unit1 - 1basics of Statistics

This document provides an introduction to statistics. It discusses the importance of statistics in business, basic statistical concepts and terms, different types of data, data collection methods, and descriptive and inferential statistics. The key topics covered include qualitative and quantitative data, population and sample, measures of central tendency, graphical representation of data, and using sample statistics to draw conclusions about the population.

Uploaded by

Veer Suthar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Introduction to Statistics

The primary objective of this topic is to introduce you to the world of


statistics.
Learning Objectives

❖ Importance of Statistics in Business

❖ Understand the basic statistical terms

❖ Enable you to compare the different levels of data

❖ To learn about data collection methods


Statistics: Science of collecting and studying numbers
Statistics in Business

According to Business News Daily, “Statistics (or statistical


analysis) is the process of collecting and analyzing data to identify
patterns and trends.”

Statistical research in business enables managers to analyze


past performance, predict future business environments and
lead organizations effectively with practices
A comparison: Level of satisfaction among
Apple mobile users in CU

Group 1 •Females(25)
Group 2 •Males (25)
Result of Analysis

Level of Satisfaction among Females


• 70%

Level of satisfaction among Males


• 85%
Basic Statistical Concepts

❖ Population: A population is the group of all items of the interest (people


or objects)

❖ Examples:
• All apples grown in Srinagar
• All students of Chandigarh University
• Lunch boxes produced in an industry
• (People of India) between the age group 30 to 50
• All workers employed by Microsoft in 2022
Census and Sample

• Census: A census is a study of every unit, everyone or everything,


in a population. It is known as a complete enumeration,
which means a complete count

• Sample: A sample is a subset of units in a population, selected to


represent all units in a population of interest. It is a partial
enumeration
• Example: Consider previous survey
Graphical Representation
Types of Data

Qualitative Quantitative
Data Data
(Categorical) (Numerical)

Continuous
Nominal
(interval)

Discrete
Ordinal
(ratio)
Qualitative Data (Categorical Data)

• Nominal Data: This divides data in different categories. For example


gender identification in type of data. This cannot be numerically
evaluated.
Example: Responses to questions about marital status,
Single
Married
Divorced
Widowed
Assign numerical values. These numbers are for classification do not have any
numerical sense.
Qualitative Data (Categorical Data)

• Ordinal Data: This type of data is also categorical in nature but having
an order and raking to the values of data.

Consider the example: In a survey following responses have an order

poor =1, fair = 2, good = 3, very good = 4, excellent = 5


• Still not arithmetic sense but have ordering
• 1 is for least and 5 is for maximum

• Thus this type of data is more than just dividing it into categories.
Quantitative Data (Numerical Data)
• Numerical data gives information about the quantities of a specific
thing, such as how much, how many. Examples: height, length,
weight, temperature and so on.

• Discrete Data: Discrete data can take only discrete values.


Discrete information contains only a finite number of possible values.
Here, things can be counted in whole numbers.
Example: Number of students in the class
Quantitative Data (Numerical Data)

• Continuous Data: This is a kind of numerical data which has an


infinite number of probable values that can be selected within a
given specific range.

Examples
• Temperature measurement, can take all the values in the specific interval.
• Percentage change in employment
• Percentage return of a particular stock
Exercise: Quality satisfaction survey after a
patient is released from a hospital

1. How many days ago were you released from the hospital

2. Which type of unit were you in for most of your stay

Intensive care, Maternity care, Medical unit


Children’s unit, Surgical unit

3. In choosing a hospital, how important was the hospital’s location


(circle one)
Very Somewhat Not Very Not at All
Important Important Important Important
Cont…
4. How serious was your condition when you were first admitted to the hospital
Critical
Serious
Moderate
Minor

5. Rate the skill of your doctor:


Excellent
Very Good
Good
Fair
Poor
Data Collection

vProcessof gathering information from all the relevant


sources to find a solution to the research problem

The data collection method is divided into two categories


namely,

• Primary Data Collection


• Secondary Data Collection
Data Collection Methods
Statistical
Analysis

Descriptive Inferential
Statistics Statistics
Descriptive Statistics

• Organizing and summarizing data using numbers and graphs such


as bar graphs, histograms, pie charts etc.

• Study of measures of central tendency such as mean, median,


mode

• Study of measures of variability such as range, standard deviation

• It basically describes the data


Inferential Statistics/Statistical Inference
• Infer: Draw conclusions based upon existing knowledge

• Definition: If a researcher gathers data from a sample and uses


the statistics to reach conclusions about the population from which
the sample was taken, the statistics are inferential statistics.

Example:
• Pharmaceutical Industries

The use and importance of inferential statistics continue to grow


Parameter and Statistic
• Parameter: A descriptive measure of population is called a parameter.
Examples
• population mean(𝜇),
• population variance(𝜎 2 ),
• population standard deviation (𝜎)

• Statistic: A descriptive measure of sample is called a statistic.


Examples
• sample mean(𝑥),
ҧ
• sample variance(𝑠 2 ),
• sample standard deviation(s)
Process of inferential statistics to estimate
population mean

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