ASSIGNMENT OF

WHY SHOULD AN M.B.A STUDENT KNOW ABOUT THE STATISTICS?

SUBMITTED TO: Sir SHAHID ALI

SUBMITTED BY: WAHAB ALI SIDDIQI

SEMESTER 2ND DATED: 7TH JUNE, 2012 IM|SCIENCES, HAYATABAD, PESHAWAR

MBA GROUP-B

Statistic is tool and technique of collecting, analyzing and interpreting the numerical data to make intelligence decision.

Why should an MBA student know about the statistics?

An MBA student is considered as a future manager. The job of manager is to make effective decision regarding the specific organization. Managers decisions include setting goal of the organization and to plan, organize, lead and control the resources to achieve organization goal. Statistics provides managers with effective and efficient knowledge to perform four functions of management. An MBA student; while studying management, marketing, and economics, should know about the statistics because the role of numerical data is very vital in these fields. Manager has to set goal of organization that should be measurable and challenging. This goal cannot be set without the collection and analysis of past data and information and interpreting the trends and past performance of the organization. This requires the statistical tools and techniques to collect, analyze and interpret the statistic of the organization. Moreover, benchmarking requires quantitative comparison not qualitative. Only statistics provides such information. In the field of marketing the importance of statistic cannot be ignored. An MBA student while doing specialization in marketing management must know the ABC of statistics. A manager requires statistical data of the targeted market to interpret the market situation and take steps accordingly. To make pricing strategy, production strategy, promotion strategy and placement strategy, a manager needs current and past numerical information of target market. This requires the study and understanding of statistics because these are numeric in nature. In the field of economic the role of statistics is very important. Economic is nothing without the statistics. An MBA student studying economics must know about the statistical tools and techniques. An MBA student will require the statistic of the market economy while making production or economy based decision i-e data of demand and supply and market equilibrium and consumer index number etc. This can be only possible just because of statistics. Statistics helps the MBA student to know about the practical applications of economics laws numerically. Moreover the economists make the cost and benefit analysis while making decisions. Cost and benefit analysis can only be taken while they are termed as numerically. So statistics helps the MBA students to collect, analyze and interpret the data. In every field statistics is required because the collection of the primary and secondary data can get by only statistical tools. An MBA student is initially studied the main applications of statistics in the relevant fields so that his level of understanding the management in his/her field becomes effective and challenging. As a consequence, the study and understanding of statistics for an MBA student is very important, because an MBA student concerns about the social and practical fields of management where statistical data has a vital role. Statistics is a life blood for an MBA student, who is considering a future manager. Without statistics an MBA student seems like an empty drum.