Statistics assignment help | Statistics Homework Help

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2. TABLE OF CONTENTS 1. 2. 3. 4. 5. 6. WHAT IS STATISTICS ? WHY STUDENTS NEED TO STUDY STATISTICS ? TYPES OF DATA WHAT ARE THE TYPES OF STATISTICS ? SAMPLING APPLICATIONS OF STATISTICAL CONCEPTS IN BUSINESS NUMERICAL SCALE MEASUREMENT CONTACT US THANK YOU 7. 8. 9.

3. WHAT IS STATISTICS ? Statistics is the science of organizing, collecting, presenting, analyzing and interpreting data. It is the science of grouping of data and obtaining meaningful results by using different tools and techniques. ● ●

4. WHY STUDENTS NEED TO STUDY STATISTICS ? Statistics is one of the most important subjects. Students need to study statistics because of the following reasons: Data is everywhere. In every career, all the professional decisions involve data. So the understanding of statistics, help a professional in making the decisions effectively. Statistical techniques are used to make various decisions that affect our lives. ● ● ●

5. TYPES OF DATA As statistics mainly deals with data, it is important to recognize different types of data. Data is basically classified into three categories: Numerical Categorical Ordinal ● ● ●

6. NUMERICAL Numerical is related to numerical measurements. It cannot be expressed by descriptive language. Numerical data type is further classified into two types: Discrete Data Continuous Data ● ●

7. CATEGORICAL Categorical is related to the categorical measurements. It is expressed by descriptive language. For example: gender and marital status.

8. ORDINAL Ordinal data is a combination of numerical data and categorical data. In ordinal data, categories have more impact and the number placed in the categories, are meaningful.

9. WHAT ARE THE TYPES OF STATISTICS ? There are two types of statistics: Descriptive Statistics Inferential Statistics ● ●

10. DESCRIPTIVE STATISTICS Descriptive statistics is a way of organizing, summarizing and presenting data in an informative way. Collect data ● For example: Survey Present data ● For example: Tables and Graphs Summarize data ●

11. INFERENTIAL STATISTICS Inference is the process of drawing conclusions or making decisions about a population based on sample results. Inferential statistics is used to determine something about a population. Population - The set of objects or individuals of interest obtained from all individuals or objects. Sample - Sample is a portion or a part of the population of interest. ● ●

12. SAMPLING Sample has the same characteristics as population. Sampling can be of two types: With Replacement- With replacement means a member of the population can be chosen more than once. Without Replacement - Without replacement means a member of the population can be chosen only once. ● ●

13. APPLICATIONS OF STATISTICAL CONCEPTS IN BUSINESS OPERATING MANAGEMENT - Analysis of variance, hypothesis testing, time series analysis and estimation. ● MARKETING - Chi-square tests, non-parametric statistics and hypothesis testing. ● FINANCE - Index numbers, correlation and regression and time series analysis. ● PERSONEL - Chi-square tests, non-parametric statistics and hypothesis testing. ●

14. NUMERICAL SCALE MEASUREMENT ORDINAL - It contains more information and consists of distinct categories in which order is implied. NOMINAL - It consists of the categories in which the number of respective observations is recorded. The categories are said to be mutually exclusive. RATIO - Ratio consists of numerical measurements where the distance between numbers is of constant size. There is a non-arbitrary zero point. INTERVAL - Interval is a set of numerical measurements in which the distance between numbers is of constant size. ● ● ● ●

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