QUANTITATIVE TECHNIQUE

1. PROGRAMME B.COM
SUBJECT
QUANTITATIVE TECHNIQUE – I
SEMESTER III
UNIVERSITY VIJAYANAGAR SRI
KRISHNADEVARAYA UNIVERSITY,
BALLARI
SESSION 04

2. AKKI MARUTHI
ASSISTANT PROFESSOR OF COMMERCE
SKNG,GFGC,GANGAVATHI, KOPPAL
akkimaruthi@gmail.com

3. RECAP
• Meaning of STATISTICS AS DATA (In Plural Sense)
• Meaning of STATISTICS AS METHODS (In Singular
Sense)
• Distinction between STATISTICS AS DATA &
STATISTICS AS METHODS
• Some Modern Definitions on Statistics
• Objectives and Functions of Statistics

4. Learning Objectives
• After going through this chapter the students will
be able to have a broad overview of the subject of
statistics and application thereof,Know about data
Collection Technique including the distinction of
Primary and Secondary data.

5. Learning Outcomes
• The students Can be able to understand overview
of the subject of statistics and application and
Know about data Collection Technique.

6. Session -4
• LIMITATIONS AND APPLICATIONS OF STATISTICS IN
VARIOUS FIELDS

7. LIMITATIONS OF STATISTICS
Statistics is a mathematical science pertaining to the
collection, analysis, interpretation or explanation, and
presentation of data. Statisticians improve the quality
of data with the design of experiments and survey
sampling.
• (i) Statistics does not deal with isolated
measurement
• (ii) Statistics deals with only quantitative
characteristics
• (iii) Statistics laws are true on average. Statistics are
aggregates of facts. So single observation is not a
statistics, it deals with groups and aggregates only.
• (iv) Statistical methods are best applicable on
quantitative data.

8. Cont.,
• (v) Statistical cannot be applied to heterogeneous data
• (vi) It sufficient care is not exercised in collecting,
analyzing and interpretation the data, statistical results
might be misleading.
• (vii) Only a person who has an expert knowledge of
statistics can handle statistical data efficiently.
• (viii) Some errors are possible in statistical decisions.
Particularly the inferential statistics involves certain
errors. We do not know whether an error has been
committed or not.

9. APPLICATIONS OF STATISTICS IN VARIOUS FIELDS
Statistics is the mathematical science involving the
collection, analysis and interpretation of data. A number of
specialties have evolved to apply statistical and methods to
various disciplines. Certain topics have "statistical" in their
name but relate to manipulations of probability
distributions rather than to statistical analysis.
Actuarial science is the discipline that applies mathematical
and statistical methods to assess risk in the insurance and
finance industries
Astrostatistics is the discipline that applies statistical
analysis to the understanding of astronomical data

10. Cont.,
Biostatistics is a branch of biology that studies biological
phenomena and observations by means of statistical analysis,
and includes medical statistics.
Business analytics is a rapidly developing business process that
applies statistical methods to data sets (often very large) to
develop new insights and understanding of business
performance & opportunities
Chemometrics is the science of relating measurements made
on a chemical system or process to the state of the system via
application of mathematical or statistical methods.
Demography is the statistical study of all populations. It can be
a very general science that can be applied to any kind of
dynamic population, that is, one that changes over time or
space

11. Cont.,
Econometrics is a branch of economics that applies statistical
methods to the empirical study of economic theories and
relationships.
Environmental statistics is the application of statistical methods to
environmental science. Weather, climate, air and water quality are
included, as are studies of plant and animal populations.
Epidemiology is the study of factors affecting the health and illness
of populations, and serves as the foundation and logic of
interventions made in the interest of public health and preventive
medicine.
Forensic statistics is the application of probability models and
statistical techniques to scientific evidence, such as DNA evidence,
and the law. In contrast to "everyday" statistics, to not engender bias
or unduly draw conclusions, forensic statisticians report likelihoods as
likelihood ratios (LR).

12. Cont.,
Geostatistics is a branch of geography that deals with the analysis of
data from disciplines such as petroleum geology, hydrogeology,
hydrology, meteorology, oceanography, geochemistry, geography.
Jurimetrics is the application of probability and statistics to law.
Machine learning is the subfield of computer science that formulates
algorithms in order to make predictions from data.
Operations research (or operational research) is an interdisciplinary
branch of applied mathematics and formal science that uses methods
such as mathematical modeling, statistics, and algorithms to arrive at
optimal or near optimal solutions to complex problems.
Population ecology is a sub-field of ecology that deals with the
dynamics of species populations and how these populations interact
with the environment.

13. Cont.,
Psychometrics is the theory and technique of educational and
psychological measurement of knowledge, abilities, attitudes, and
personality traits.
Quality control reviews the factors involved in manufacturing and
production; it can make use of statistical sampling of product items to
aid decisions in process control or in accepting deliveries.
Quantitative psychology is the science of statistically explaining and
changing mental processes and behaviors in humans.
Reliability engineering is the study of the ability of a system or
component to perform its required functions under stated conditions
for a specified period of time
Statistical finance, an area of econophysics, is an empirical attempt to
shift finance from its normative roots to a positivist framework using
exemplars from statistical physics with an emphasis on emergent or
collective properties of financial markets.

14. Cont.,
Statistical mechanics is the application of probability theory, which
includes mathematical tools for dealing with large populations, to the
field of mechanics, which is concerned with the motion of particles or
objects when subjected to a force.
Statistical physics is one of the fundamental theories of physics, and
uses methods of probability theory in solving physical problems.
Statistical signal processing utilizes the statistical properties of signals
to perform signal processing tasks.
Statistical thermodynamics is the study of the microscopic behaviors
of thermodynamic systems using probability theory and provides a
molecular level interpretation of thermodynamic quantities such as
work, heat, free energy, and entropy.

15. SUMMARY
As we already discussed and learnt today on
Statistics as below
• WHAT ARE LIMITATIONS OF STATISTICS
• APPLICATIONS OF STATISTICS IN VARIOUS FIELDS

16. MCQs
1. Which of following are Limitations of Statistics
A) Statistics does not deal with isolated measurement
B) Statistics deals with only quantitative characteristics
C) Statistical cannot be applied to heterogeneous data
D) All of above
Answer D
2. Applications of Statistics
A) Operations research
B) Statistical finance
C) Statistical physics
D) All of above
Answer: D

17. MCQs
3 . Review of performance appraisal, labour turnover rates,
planning of incentives and training programs and are examples
of
A) Statistics in Production
B) Statistics in Marketing
C) Statistics in Finance
D) Statistics in Personnel Management
Answer: D
4. Descriptive statistics use to organize
A) sample /population
B) A Quantitative features
C) Both above
D) A only
Answer: D

18. MCQs
5. The scale applied in statistics which imparts a
difference of magnitude and proportions is considered
as
A) Exponential Scale
B) Goodness Scale
C) Ratio Scale
D) Satisfactory Scale
Answer: C

19. REFERENCES
• STATISTICAL METHODS BY S.P GUPTA SULTAN CHAND
PUBLICATIONS
• FUNDAMENTALS OF STATISTICS BY S.C.GUPTA SULTAN CHAND
PUBLICATIONS
• BUSINESS STATISTICS BY PILLAI AND BHAGAWATHI SULTAN
CHAND PUBLICATIONS

20. THANK YOU