4. Statistics:
The practice or science of collecting and
analysing numerical data in large quantities,
especially for the purpose of inferring
proportions in a whole from those in a
representative sample.
statistical tool:
A device, such as a chart, that compares
numerical data. For example, a statistical tool
might track the number of errors produced in a
three-month span.
5. Statistics is the science of data. It involves
collecting, classifying, summarizing,
organizing,analyzing, and interpreting
numerical information.
8. Central Tendency, the Mean
Central Tendency, the Median
Central Tendency, the Mode
Dispersion, the Range
Dispersion, the Standard Deviation
9. Perhaps the most well-known statistical tool is the
mean, the arithmetical average of numbers. Add the
seven numbers 100, 100, 90, 80, 70, 60 and 50, and
you get a sum of 550. Divide 550 by 7, and the result
is 78.571428. This is the mean average of the
numbers. The result can be rounded off to 78 or 79,
for the purpose of the statistics.
Central Tendency, the Median
◦ The median is the middle number in a group.
Consider the seven numbers 100, 100, 90, 80, 70, 60
and 50; the middle number is 80. This point divides
the numbers in half.
10. The mode is the most frequent number in a group
of data. Of the seven numbers 100, 100, 90, 80, 70,
60 and 50, the most frequent number, and thus the
mode, is 100.
11. The range illustrates the difference between the highest
and lowest number, plus one. Look at the seven
numbers 100, 100, 90, 80, 70, 60 and 50. To figure
the range, take the highest number, 100, and subtract
the lowest number, 50. 100 minus 50 is 50. Now, add
1. In this case, the range of the data is 51.
Dispersion, the Standard Deviation
A quantity expressing by how much the
members of a group differ from the mean value
for the group
12. The importance of statistics to business is
best seen during planning. Statistics makes
sense of the mountains of data gathered by
the business during its normal operation.
These data, when properly interpreted, are
vital tools in reviewing the performance and
predicting the future of a business.
13. Statistics plays an important role in business
as it is a vital tool in Business decision-
making.
It introduces techniques for summarizing and
presenting data, estimation, confidence
intervals and hypothesis testing.
14.
15. ABL is the first Muslim Bank established on
territory that later on became Pakistan. It was
established on December 3, 1942 as
Australasia Bank at Lahore with capital of
0.12 million. At that time the chairman was
Bashir Baksh. ABL‘s story was one of the
dedication, commitment to professionalism
and adaptation to changing environmental
changes.
16. To become a dynamic and efficient bank
providing integrated solutions and the first
choice of bank for all customers.
17. To provide value-added services to our customers.
To provide high-tech innovative solutions to meet
customer requirements.
To create sustainable value through growth,
efficiency and diversity for allstakeholders.
To provide a challenging work environment, and
reward dedicated team members.
To play a proactive role in contributing towards the
society.
18. The statistical tools are used in ABL for
making a decision.How do a bank invest their
money in capital market or for lending to
their customer,they have to use statistics.It is
also use in forcasting in the banking sector.
19. Banks take your money and invest it into the
stock-market and there is a trillion different
ways statistics are use to analyze stocks.
Basically the banking industry would collapse
without statistics, or if a bunch of stupid
people were in charge of it.
20. The benefits of using statistical tools for business
reports include accessible presentation of
information, given universally accepted measures
and methods. Brief and concise reports are
preferred over lengthy reports containing
information of a secondary nature; statistical tools
help in representing large amounts of data
effectively. Lastly, business is about profit and
profit is about numbers; without employing
statistical tools, a business report can not
effectively present growth, factors affecting
operations, competitive standings and similar
indicators.
21. These are merits of the statistics
Statistics helps in gives a well understanding and
correct explanation of a phenomenon of nature.
Statistical helps in suitable and efficient planning
of a statistical investigation in any field of study.
Statistics helps in presenting complex data in a
fitting tabular, diagrammatic and graphic form
for a simple and clear comprehension of the
data.
Statistics is used to drawing valid inference;
along with calculate of their consistency about
the population parameters from the model data.
22. Statistics deals with combined and not with
individuals.
Statistical data are accurate only on an
average.
Statistical data collected for given reason
cannot be useful to any situation.
It is not always possible to compare statistical
data, unless they are equal in character.
23. The conclusion is that statistics is very
important for every field. Statistics provide
detailed information about situations.
Statistics are used by marketers to determine
their target audience. They also provide data
to be evaluated by government when they are
planning their budgets. Statistics are
important to us because it helps us to know
what is happening around us both in the
social life and the business world.
