This document provides an introduction to statistics, describing its nature and subject matter. It discusses two types of statistics: descriptive statistics, which describes and summarizes sample characteristics, and inferential statistics, which infers something about the population from the sample. Some key features of statistics mentioned are that it aggregates facts numerically expressed and affected by multiple causes, while functions of statistics include expressing facts numerically, simple presentation, comparison of facts, and helping formulate and test hypotheses.
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Find best statistics experts to do your Business Statistics Assignments. Just send us an email at support@homeworkguru.com with your homework assignment and we will help you with the best statistics resources available online.
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4. two SortS of StatiSticS
• Descriptive statistics
– To describe and summarize the characteristics
of the sample
– Fall within the class of exploratory techniques
• Inferential statistics
– To infer something about the population from
the sample
– Lie within the class of confirmatory methods
5. Features oF statistics
• Aggregate of facts
• Numerically expressed
• Affected by multiplicity of causes
• Reasonable accuracy
• Placed in relation to each other
• Pre determined purpose
• Enumerated or estimated
• Collected in systematic manner
6. Functions oF statistics
• Expression of facts in numbers
example: there is lot of unemployment in
India or population is increasing at a faster
rate are not in a numerical form, it should
in numerical terms like population in 2016
would be 15% more as compared to 2010.
• Simple presentation
• Enlarge individual knowledge and
experiences
7. Contd.
• Comparison of facts
• Facilitates in policy formulation
example : how much food is required to
be imported in 2016?
depends on the food production in 2016
and the demand for food in 2016.
• Formulation and testing of hypothesis
• Helps other sciences in testing their laws.
8. Contd.
• Establishes relationship between facts
• Helps in forecasting
• Presentation of data in a condensed form
• Reduce the complexity of data
• Draw rational conclusions
