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MBA Super Notes: Statistics: Introduction to Statistics

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MBA Super Notes: Statistics: Introduction to Statistics

  1. 1. MBA Super Notes© M S Ahluwalia Sirf Business Version 1.0 Introduction to Statistics
  2. 2. MBA Super Notes© M S Ahluwalia Sirf Business MBA SUPER NOTES Statistics
  3. 3. MBA Super Notes© M S Ahluwalia Sirf Business Disclaimer! Copyright © 2014, by M S Ahluwalia Trademarks: Super Notes, Sirf Business and the MSA logo are trademarks of M S Ahluwalia in India and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. M S Ahluwalia, is not associated with any product or vendor mentioned in this book. Limit of liability/disclaimer of warranty: The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation warranties of fitness for a particular purpose. This book should not be used as a replacement of expert opinion. No warranty may be created or extended by sales or promotional materials. The advice and strategies contained herein may not be suitable for every situation. This work is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional person should be sought. Neither the publisher nor the author shall be liable for damages arising herefrom. The fact that an organization or website is referred to in this work as a citation and/or a potential source of further information does not mean that the author or the publisher endorses the information the organization or website may provide or recommendations it may make. Further, readers should be aware that internet websites listed in this work may have changed or disappeared between when this work was written and when it is read. This document contains notes on the said subject made by the author during the course of studies or general reading. The author hopes you will find these ‘super-notes’ useful in the course of your learning. In case you notice any errors or have any suggestions for the improvement of this document, please send an email to super.msahluwalia@yahoo.com. For general information on our other publications or for any kind of support or further information, you may reach us at http://SirfBusiness.blogspot.com.
  4. 4. MBA Super Notes© M S Ahluwalia Sirf Business Statistics • The subject concerned with scientific method for collecting, summarizing, presenting and analyzing data as well as drawing conclusions or making predictions on the basis of such analysis • A statement of numerical facts that can be subjected to further analysis and that forms the basis for management decision making*. Definition and types 4 1 Decision making: In an environment of uncertainty, a decision making process leads a manager to one optimum solution amongst the alternatives available, within the constraints of the available resources, such that the manager optimizes the value of the objective function and simultaneously minimizes the risk involved. Descriptive statistics • Branch of Statistics, which seeks to describe and analyze any data. • Ex: Tabulation and graphical and numerical summarization of the statistical data published in magazines, journals, and research papers to make it convenient for the reader to understand. Inferential statistics • Branch of Statistics dealing with drawing conclusions about the population with the help of the analysis of a sample, drawn from it Types
  5. 5. MBA Super Notes© M S Ahluwalia Sirf Business Phases of a statistical study2 Define objective(s) Specify population and its characteristic(s) Plan and conduct data collection - census vs. sampling Compile data Statistical analysis
  6. 6. MBA Super Notes© M S Ahluwalia Sirf Business Do you have any questions or some feedback to share? Send an email to super.msahluwalia@yahoo.com Thank You! 6
  7. 7. MBA Super Notes© M S Ahluwalia Sirf Business M S Ahluwalia, is a top B-School graduate (MBA, Finance), CAIIB (first class with Distinction) and ex- Banker from India. He’s also a visual artist, blogger, designer and photographer. To know more please visit Estudiante De La Vida or follow on Twitter or Facebook: For more Super-Notes: Click Here

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