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# MBA Super Notes: Statistics: Introduction to Statistics

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# MBA Super Notes: Statistics: Introduction to Statistics

MBA Super Notes: If you are doing MBA or planning to do MBA sometime in the near-future, these are a must-have.

MBA Super Notes: If you are doing MBA or planning to do MBA sometime in the near-future, these are a must-have.

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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
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