Module 1

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Module 1

  1. 1. STATISTICS FOR MANAGEMENT Ms. Prathima Bhat K.
  2. 2. MODULE 1 <ul><li>INTRODUCTION </li></ul>
  3. 3. Meaning & Definition <ul><li>Statistics is concerned with scientific method for collecting, organizing, summarizing and presenting and analyzing data as well as drawing valid conclusions and making reasonable decisions on the basis of such analysis. </li></ul>
  4. 4. <ul><li>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 predetermined purpose, and placed in relation to each other. </li></ul>Meaning & Definition (Contd…)
  5. 5. Nature of Statistical Study <ul><li>Formulation of the Problem </li></ul><ul><li>Objectives of the Study </li></ul><ul><li>Determining Sources of Data </li></ul><ul><li>Designing Data Collection Forms </li></ul><ul><li>Conducting the Field Survey </li></ul><ul><li>Organizing the Data </li></ul><ul><li>Analyzing the data </li></ul><ul><li>Reaching Statistical Findings </li></ul><ul><li>Presentation of Findings </li></ul>
  6. 6. Importance of Statistics in Business <ul><li>The Planning the operations </li></ul><ul><li>The setting up of standards </li></ul><ul><li>The function of control </li></ul><ul><li>Statistical Quality Control Methods </li></ul><ul><li>Personnel Management </li></ul><ul><li>Seasonal Behavior </li></ul><ul><li>Export Marketing </li></ul><ul><li>Maintenance of Cost Records </li></ul><ul><li>Management of Inventory </li></ul><ul><li>Expenditure on Advertisement & sales </li></ul><ul><li>Mutual Funds </li></ul><ul><li>Relevance in Banking and Insurance Institutions </li></ul>
  7. 7. <ul><li>Concepts - not amenable to measure </li></ul><ul><li>Normal / General Trend </li></ul><ul><li>May not be suitable in different cases (other than for which it is collected for) </li></ul><ul><li>Not 100% precise </li></ul><ul><li>Not physically possible to cover all samples </li></ul><ul><li>There may not be cause & effect relationship </li></ul><ul><li>May not reveal all data pertaining to one phenomenon. </li></ul>Limitations of Statistics
  8. 8. <ul><li>Sources of Data not Given </li></ul><ul><li>Defective Data </li></ul><ul><li>Unrepresentative Sample </li></ul><ul><li>Inadequate Sample </li></ul><ul><li>Unfair Comparisons </li></ul><ul><li>Unwarranted Conclusions </li></ul><ul><li>Confusion of Correlation & Causation </li></ul><ul><li>Suppression of Unfavourable Results </li></ul><ul><li>Mistakes in Arithmetic </li></ul>MISUSE OF STATISTICS
  9. 9. <ul><li>Descriptive Statistics </li></ul><ul><li>Inferential Statistics </li></ul>SUBDIVISIONS WITHIN STATISTICS
  10. 10. Scope of Statistics <ul><li>Planning </li></ul><ul><li>State </li></ul><ul><li>Mathematics </li></ul><ul><li>Economics </li></ul><ul><li>Business & Management </li></ul><ul><li>Accountancy & Auditing </li></ul><ul><li>Industry </li></ul><ul><li>Insurance </li></ul><ul><li>Astronomy </li></ul><ul><li>Physical Sciences </li></ul><ul><li>Social Sciences </li></ul><ul><li>Biology & Medical Sciences </li></ul><ul><li>Psychology & Education </li></ul><ul><li>War </li></ul>Statistics in
  11. 11. Statistical Investigation <ul><li>For any Statistical Study, whether it is in business, economics or social sciences, the basic problem is to collect facts and figures relating to particular phenomenon under study. The person who conducts the statistical enquiry i.e., counts or measures the characteristics under study for further statistical analysis is known as Investigator. </li></ul>
  12. 12. Distrust of Statistics <ul><li>An ounce of truth produce tons of Statistics </li></ul><ul><li>Statistics can prove anything </li></ul><ul><li>Figures do not lie, liars figure </li></ul><ul><li>Statistics is an unreliable science </li></ul><ul><li>There are three types of lies – lies; damned lies; statistics. </li></ul>
  13. 13. Sources of data <ul><li>Primary Data </li></ul><ul><li>Secondary Data </li></ul><ul><li>Irrespective of the above the data can be classified as: </li></ul><ul><li>Qualitative Data </li></ul><ul><li>Quantitative Data </li></ul><ul><ul><li>Measurements or scores </li></ul></ul><ul><ul><li>Frequencies </li></ul></ul>
  14. 14. Formulation of a Grouped FD <ul><li>Deciding the appropriate number of Class Grouping n=1 + 3.322 log 10 N </li></ul><ul><li>Choosing a suitable size or width of a Class Interval </li></ul><ul><li>Width = Highest Value – Lowest Value </li></ul><ul><li> Number of Class Groupings </li></ul><ul><li>Establishing the boundaries of each Class Interval </li></ul><ul><li>Classifying the data into appropriate classes </li></ul><ul><li>Counting the number of items in each class </li></ul>
  15. 15. <ul><li>Data Array </li></ul><ul><li>Frequency Distribution </li></ul><ul><ul><li>Discrete or ungrouped </li></ul></ul><ul><ul><li>Grouped </li></ul></ul><ul><ul><li>Continuous </li></ul></ul><ul><li>Concept of Relative Frequency </li></ul><ul><li>Class Limit </li></ul><ul><li>Class Interval </li></ul><ul><li>Class Frequency </li></ul><ul><li>Class mid-point </li></ul><ul><ul><li>Exclusive Method </li></ul></ul><ul><ul><li>Inclusive Method </li></ul></ul>
  16. 16. <ul><li>Cumulative Frequency Distribution </li></ul><ul><li>Two-way Frequency Distribution </li></ul><ul><li>Parts of a Statistical Table </li></ul><ul><ul><li>Table Number </li></ul></ul><ul><ul><li>Title </li></ul></ul><ul><ul><li>Captions & Stubs </li></ul></ul><ul><ul><li>Main Body of the Table </li></ul></ul><ul><ul><li>Ruling & Spacing </li></ul></ul><ul><ul><li>Head Note </li></ul></ul><ul><ul><li>Footnote </li></ul></ul><ul><ul><li>Source note </li></ul></ul>
  17. 17. <ul><li>Respondents: The persons from whom the information is collected. </li></ul><ul><li>Statistical Unit: Items on which the measurements are taken. </li></ul><ul><li>Preliminaries of Data Collection: </li></ul><ul><ul><li>Objectives & scope of Enquiry </li></ul></ul><ul><ul><li>Statistical units to be used: </li></ul></ul><ul><ul><li>Sources of data </li></ul></ul><ul><ul><li>Method of data collection </li></ul></ul><ul><ul><li>Degree of accuracy aimed at final results </li></ul></ul><ul><ul><li>Type of enquiry </li></ul></ul>
  18. 18. Table No______ Title _________________ Main Body Footnote: Source: Total Stub Entries Captions Captions Captions Captions Total Captions Captions Stub Heading
  19. 19. <ul><li>Differences: </li></ul><ul><li>Need of Graph papers </li></ul><ul><li>Approximate Information </li></ul><ul><li>Represent geographical data </li></ul><ul><li>Easier </li></ul>Diagrammatic & Graphical Representation
  20. 20. <ul><li>Neatness </li></ul><ul><li>Title & Footnote </li></ul><ul><li>Selection of Scale </li></ul><ul><li>Proportion between Width & Height </li></ul><ul><li>Choice of a Diagram </li></ul><ul><li>Source Note & Number </li></ul><ul><li>Index </li></ul><ul><li>Simplicity </li></ul>Rules for constructing Diagrams
  21. 21. <ul><li>One Dimensional </li></ul><ul><ul><li>Line Diagrams </li></ul></ul><ul><ul><li>Bar Diagrams </li></ul></ul><ul><ul><ul><li>Simple </li></ul></ul></ul><ul><ul><ul><li>Sub-Divided </li></ul></ul></ul><ul><ul><ul><li>Percentage </li></ul></ul></ul><ul><ul><ul><li>Multiple </li></ul></ul></ul><ul><ul><ul><li>Deviation </li></ul></ul></ul>Types of Diagrams
  22. 22. <ul><li>Two Dimensional </li></ul><ul><ul><li>Rectangles </li></ul></ul><ul><ul><li>Squares </li></ul></ul><ul><ul><li>Circles </li></ul></ul><ul><ul><li>Angular or Pie Diagrams </li></ul></ul>Types of Diagrams (Contd…)
  23. 23. <ul><li>Three Dimensional </li></ul><ul><ul><li>Cubes </li></ul></ul><ul><li>Pictograms </li></ul>Types of Diagrams (Contd…)
  24. 24. <ul><li>Neatness </li></ul><ul><li>Title & Footnote </li></ul><ul><li>Structural Framework </li></ul><ul><li>Scale </li></ul><ul><li>False Base Line </li></ul><ul><li>Line Designs </li></ul><ul><li>Source Note & Number </li></ul><ul><li>Index </li></ul><ul><li>Simplicity </li></ul>Rules for constructing Graphs
  25. 25. <ul><li>Histograms </li></ul><ul><li>Frequency Polygon </li></ul><ul><li>Frequency Curve </li></ul><ul><li>Ogive or Cumulative Frequency Curve </li></ul>Types of Graphs

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