The document provides information on business statistics including its origins, definitions, types, and methods. It defines statistics in both plural and singular sense. Statistics in plural sense refers to numerical data like income or production rates, while singular sense refers to the methods used to collect, analyze, and interpret quantitative data. The document also discusses topics like frequency distribution, cumulative frequency, data presentation methods for categorical and numerical variables, and graphical representations including histograms and box plots.
The document provides information on business statistics including its origins, definitions, types, and methods. It defines statistics in both plural and singular sense. Statistics in plural sense refers to numerical data like income or production rates, while singular sense refers to the methods used to collect, analyze, and interpret quantitative data. The document also discusses topics like frequency distribution, cumulative frequency, data presentation methods for categorical and numerical variables, and graphical representations including histograms and box plots.
The document provides information on business statistics including its origins, definitions, types, and methods. It defines statistics in both plural and singular sense. Statistics in plural sense refers to numerical data like income or production rates, while singular sense refers to the methods used to collect, analyze, and interpret quantitative data. The document also discusses topics like frequency distribution, cumulative frequency, data presentation methods for categorical and numerical variables, and graphical representations including histograms and box plots.
The document provides information on business statistics including its origins, definitions, types, and methods. It defines statistics in both plural and singular sense. Statistics in plural sense refers to numerical data like income or production rates, while singular sense refers to the methods used to collect, analyze, and interpret quantitative data. The document also discusses topics like frequency distribution, cumulative frequency, data presentation methods for categorical and numerical variables, and graphical representations including histograms and box plots.
Download as PPTX, PDF, TXT or read online from Scribd
Download as pptx, pdf, or txt
You are on page 1/ 19
Business Statistics
References Business Statistics by Kalyani Publications Business Statistics by T R Jain, S C Aggarwal and Mukesh Trehan, V K Publications Statistical Methods by S P Gupta, Sultan Chand Publications ORIGIN The term Statistics has its origin in Latin Word “STATUS”, Italian word STATISTA or German Word STATISTIK. All mean “Political state” Statistics Numerical Facts and Figures like Per capita income Agricultural production during a year Inflation rate etc.
Body of principles and procedures
developed for collection, classification, summarization and interpretation of numerical data Statistics
Plural Singular sense Sense
Numerical Statistical Data Methods Statistics in plural sense “By statistics we mean aggregate of facts affected to a marked extent by multiplicity of causes numerically expressed, enumerated or estimated according to reasonable standards of accuracy collected in a systematic manner for a pre-determined purpose and placed in relation to each other.” by Horace Secrist Features or characteristics of Statistics in Plural sense Aggregate of Facts Numerically expressed Affected by multiplicity of causes Reasonable accuracy Placed in relation to each other Pre-determined purpose Enumerated or estimated Collected in a systematic manner Statistics in Singular sense In singular sense, statistics refers to statistical methods or techniques relating to collection, classification, presentation, analysis and interpretation of quantitative data. Features of Statistics as singular sense Collection of data Organization of data Presentation of data Analysis of data Interpretation of data Scope
Subject Nature Limitations Matter Nature of statistics Art as well as science Subject matter Descriptive statistics Inferential statistics Limitations of statistics Study of numerical facts only Study of aggregates only Not the only method Homogeneity of data Results are true on an average only Without reference results may prove wrong Can be used by experts only Misuse of statistics Only means and not solution Frequency Distribution Consider a data set of 26 children of ages 1-6 years. Then the frequency distribution of variable ‘age’ can be tabulated as follows:
Frequency Distribution of Age
Age 1 2 3 4 5 6 Frequency 5 3 7 5 4 2 Grouped Frequency Distribution of Age: Age Group 1-2 3-4 5-6
Frequency 8 12 6 Cumulative Frequency Cumulative frequency of data in previous page Age 1 2 3 4 5 6
Frequency 5 3 7 5 4 2
Cumulative Frequency 5 8 15 20 24 26
Age Group 1-2 3-4 5-6
Frequency 8 12 6 Cumulative Frequency 8 20 26 Data Presentation –Categorical Variable Bar Diagram: Lists the categories and presents the percent or count of individuals who fall in each category.
Figure 1: Bar Chart of Subjects in
Treatm ent Groups Treatment Frequency Proportion Percent Group (%) 30 Number of Subjects
25 1 15 (15/60)=0.25 25.0 20 15 2 25 (25/60)=0.333 41.7 10 3 20 (20/60)=0.417 33.3 5 0 Total 60 1.00 100 1 2 3 Treatm ent Group Data Presentation –Categorical Variable Pie Chart: Lists the categories and presents the percent or count of individuals who fall in each category.
Figure 2: Pie Chart of Treatment Frequency Proportion Percent
42% Graphical Presentation –Numerical Variable Histogram: Overall pattern can be described by its shape, center, and spread. The following age distribution is right skewed. The center lies between 80 to 100. No outliers.
Mean 90.41666667 Figure 3: Age Distribution Standard Error 3.902649518
2 Range 95 0 Minimum 48 40 60 80 100 120 140 More Maximum 143 Age in Month Sum 5425 Count 60 Graphical Presentation –Numerical Variable Box-Plot: Describes the five-number summary
Figure 3: Distribution of Age
160 140 120 q1 100 min 80 median 60 max q3 40 20 0 Box Plot 1
