STATISTICS

A HISTORICAL NOTE

Science of State-craft By product of the administrative activity of the state. Latin word status The Italian word statista The German word statistik State Each of which means a politicalmore than 2000 years In India statistics existed even ago. Kautilyas Arthshatra shows a very good system of Vital Statistics In Ain-e-Akbery -Administrative and Statistical Survey.
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STATISTICS
A HISTORICAL NOTE Father of Vital Statistics- Captain John Graunt (1620-1674) Construction of Mortality Table Led to the idea of Life Insurance First life insurance institution was founded in 1969 in London. Theoretical development came during the midseventeenth Probability Theory Theory of Games and Chance The chief contributors were French Mathematician Pascal (1623-1662) French Mathematician P. Format (1601-1665).

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STATISTICS
A HISTORICAL NOTE Sir Ronald A. Fisher (1890-1962), Father of Statistics placed statistics on a very sound footing by applying it to various diversified field such as genetics, biometry, education, agriculture etc. Apart from the above he is pioneer in introducing the following concepts: Point Estimation Fiducial Inference Exact Sampling Distribution Analysis of Variance Design of Experiment

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STATISTICS
Definitions First Concept/Statistics in Plural Sense/Statistics as Statistical Data According to Prof. Horace Secrist: By statistics we mean aggregate of facts affected to a marked extent by multiplicity of causes numerically expressed, enumerated or estimated according to a reasonable standard of accuracy, collected in a systematic manner for a predetermined purpose and place in relation to each other.

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STATISTICS

Definitions Second Concept/Statistics in Singular Sense/Statistics as Statistical Methods According to Croxton & Cowden, Statistics may be defined as the science of collection, presentation, analysis and interpretation of numerical data.More comprehensively Statistics may be defined as collection, classification, tabulation, representation, analysis & interpretation of data in numerical form in order to establishment of the relationship so as to forecast an uncertain event

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STATISTICS
CHARACTERISTICS OF STATISTICS Statistics as Statistical Data has following Characteristics. Aggregate of facts. Numerically expressed. Affected by multiplicity of causes. Enumerated or estimated Maintain reasonable standard of accuracy. Collected in systematic manner. Collected for a predetermined purpose Capable of being placed in relation to each other. Collected by enumeration or estimation.

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STATISTICS
CHARACTERISTICS OF STATISTICS Statistics as Statistical Method has following Characteristics. Statistics is a method of collection of data. Statistics is a method of classifying the data. Statistics is a method of tabulating the data. Statistics is a method of presentation of data. Statistics is a method of analyzing the data. Statistics is a method of interpreting the data. Statistics is a method of studying the uncertain /probabilistic event

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STATISTICS
DIVISION OF STATISTICS Descriptive Statistics Inferential Statistics Inductive Statistics Mathematical/Theoretical Statistics Applied Statistics Analytical Statistics

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STATISTICS
DIVISION OF STATISTICS Descriptive Statistics Treats data for the purpose of describing their characteristics/nature. It involves summarizing & presenting the data in usable forms. It includes measure of central tendency, dispersion, and graphical representation of data.

Inferential Statistics and techniques which are used It covers those methods

to draw conclusions and inferences about the parameter of the population on the basis of estimates derived from a sample.

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STATISTICS
DIVISION OF STATISTICS Inductive Statistics It covers those methods and techniques which are used to estimate a particular phenomenon on the basis of random observation. It involves forecasting, estimation about some population based on a study of historical data.

Mathematical/Theoretical Statistics mathematical It is concerned with application of various

theories and techniques such as integration, differentiation etc to develop various statistical techniques.

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STATISTICS
DIVISION OF STATISTICS Applied Statistics It consists of application of statistical methods & techniques on the specific practical situation of the problem of real life situation.

Analytical Statistics & techniques which are used in It covers those method

establishing functional relationship between probabilistic variables.

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STATISTICS
IN MANAGERIAL DECISION MAKING

Marketing Management In Demand Analysis & Forecasting In New product Development & Brand Management Sales, Advertising and Promotion Planning InProduction Management Production Planning In Inventory Control In Quality Control In

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STATISTICS
IN MANAGERIAL DECISION MAKING

Human Resource Management Forecasting In HR Demand & Measurement In Work-Study description & specification In Job Analysis: appraisal & Job evaluation performance InFinancial Management investment Decision In cost accounting In

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STATISTICS
LIMITATIONS Does not deal with individual measurement. Deals only with quantitative measurement. Needs records: past/current/experimental. Results are true only on an average. Does not reveals the entire story. It is only one of the methods of problem solving & not the solution. Statistics used for a particular situation can not be applied to another situation indiscriminately. Can be misused & misinterpreted easily. Can be used by expert only.

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STATISTICS
CAUSE OF DISTRUCT

CAUSES not always bear label of their quality. Figures do Figures are Misused. Unreasonable comparison, Misused figures. Does not reveals the entire story. DISTRUCTSprove anything/nothing. Statistics can degree of lies-lies, dammed lies & There are three Statistics. Statistician can blow the wind in whichever direction they like.
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STATISTICS
Short Answers? Define Statistics in Singular & Plural sense. Explain the scope of Statistics in Various Areas. Statistics plays an important role not only in the study of Economics & Commerce, but also in Managerial Decision Making. Explain briefly. Bring out the application of Statistic in the economics & business administration, as a scientific tool. Also point out any two limitations of Statistics.

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