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mc-106 Intro To Business Statistics

This document provides an introduction to the subject of business statistics. It outlines the objectives, structure, and key concepts to be covered. The objective is for students to understand the meaning, definition, nature, importance, and limitations of statistics. It defines statistics as the science of collecting, presenting, summarizing, and analyzing numerical data relating to various objects, subjects, and activities. Statistics is used both in a plural sense, referring to a set of figures or data, and in a singular sense, referring to the tools used to work with quantitative data.

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411 views3 pages

mc-106 Intro To Business Statistics

This document provides an introduction to the subject of business statistics. It outlines the objectives, structure, and key concepts to be covered. The objective is for students to understand the meaning, definition, nature, importance, and limitations of statistics. It defines statistics as the science of collecting, presenting, summarizing, and analyzing numerical data relating to various objects, subjects, and activities. Statistics is used both in a plural sense, referring to a set of figures or data, and in a singular sense, referring to the tools used to work with quantitative data.

Uploaded by

Rodolfo Corpuz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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SUBJECT: BUSINESS STATISTICS

COURSE CODE: MC-106 AUTHOR: SURINDER KUNDU


LESSON: 01 VETTER: DR. B. S. BODLA

AN INTRODUCTION TO BUSINESS STATISTICS

OBJECTIVE: The aim of the present lesson is to enable the students to understand
the meaning, definition, nature, importance and limitations of statistics.

“A knowledge of statistics is like a knowledge of foreign


language of algebra; it may prove of use at any time under
any circumstance”…
...................................................................................
Bowley.

STRUCTURE:

1.1 Introduction
1.2 Meaning and Definitions of Statistics
1.3 Types of Data and Data Sources
1.4 Types of Statistics
1.5 Scope of Statistics
1.6 Importance of Statistics in Business
1.7 Limitations of statistics
1.8 Summary
1.9 Self-Test Questions
1.10 Suggested Readings

1.1 INTRODUCTION

For a layman, ‘Statistics’ means numerical information expressed in quantitative

terms. This information may relate to objects, subjects, activities, phenomena, or

regions of space. As a matter of fact, data have no limits as to their reference,

coverage, and scope. At the macro level, these are data on gross national product and

shares of agriculture, manufacturing, and services in GDP (Gross Domestic Product).

1
At the micro level, individual firms, howsoever small or large, produce extensive

statistics on their operations. The annual reports of companies contain variety of data

on sales, production, expenditure, inventories, capital employed, and other activities.

These data are often field data, collected by employing scientific survey techniques.

Unless regularly updated, such data are the product of a one-time effort and have

limited use beyond the situation that may have called for their collection. A student

knows statistics more intimately as a subject of study like economics, mathematics,

chemistry, physics, and others. It is a discipline, which scientifically deals with data,

and is often described as the science of data. In dealing with statistics as data,

statistics has developed appropriate methods of collecting, presenting, summarizing,

and analysing data, and thus consists of a body of these methods.

1.2 MEANING AND DEFINITIONS OF STATISTICS

In the beginning, it may be noted that the word ‘statistics’ is used rather curiously in

two senses plural and singular. In the plural sense, it refers to a set of figures or data.

In the singular sense, statistics refers to the whole body of tools that are used to

collect data, organise and interpret them and, finally, to draw conclusions from them.

It should be noted that both the aspects of statistics are important if the quantitative

data are to serve their purpose. If statistics, as a subject, is inadequate and consists of

poor methodology, we could not know the right procedure to extract from the data the

information they contain. Similarly, if our data are defective or that they are

inadequate or inaccurate, we could not reach the right conclusions even though our

subject is well developed.

A.L. Bowley has defined statistics as: (i) statistics is the science of counting, (ii)

Statistics may rightly be called the science of averages, and (iii) statistics is the

science of measurement of social organism regarded as a whole in all its mani-


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