This document defines statistics and discusses its uses and limitations. Statistics is defined as the collection, organization, analysis, and interpretation of numerical data in a systematic and accurate manner to draw valid inferences. It is used in business and management for marketing, production, finance, banking, investment, purchasing, accounting, and control. While statistics is useful for simplifying complex data and facilitating comparison, it has limitations in that it only examines quantitative aspects on average, not individuals, and statistical results may not be exact.