Use of Statistical Analysis in Management


  • Unit No: 31
  • Level: High school
  • Pages: 29 / Words 7359
  • Paper Type: Assignment
  • Course Code: N/A
  • Downloads: 1146
Question :

Some of the main assessments in these questions are like:

  • Give the method with which the economics and the business data can be analyzed.
  • What are the methods that evaluate raw business data and provide statistical methods?
  • Give the applicable statistical methods and business planning
Answer :


Statistics are the set of mathematical equations for analysing things. Statistics have importance as today everyone is living in informative world and the informations are determined with the help of statistics. Statistics allows in making smarter decisions for by the management for the business. Statistical analysis provides with more accurate information to the management on which they could rely. The statistical analysis provides company with data that will help in avoiding future problems. In this report meaning and characteristics of statistics are explained. It will give sources and types of business information that could be accessed (Adeniji, 2016). Difference between sample and population and importance of employing statistical methods for achieving the business objectives. The report will provide different methods for calculating descriptive and inferential statistics.


Introduction to Statistics

Statistics refers to mathematical science that includes methods for collecting, organizing & analysing information data in manner that provides for meaningful conclusions. Some people consider statistics as separate mathematical science and not branch of mathematics. Statistics have concern regarding the use of information in uncertainty context and decision making process. When applying statistics to problem, practice starts with population or the process to be studied. Descriptive statistics are used for summarizing the data of population. When census are not feasible subset of population is studied called sample. When sample representing population is determined, collection of data for the determined sample in experimental and observational setting.

Characteristics of Statistics

Statistics Are The Aggregate of Fact

Only facts that have the capability of being studied in connection with place, time frequency could only be called as statistics. Single, individual or the unconnected figures could not be termed as statistics as in relation with each other they could not be studied. Because of the reasons, only collection of facts like student groups, data for IQ of students and like are statistics and could be studied in each other's relation (Akbari and, 2016).

Statistics are Affected to Mark Extent Through Multiplicity of Causes.

Data of statistics is much more associated with social sciences and changes are being affected because of combined effects of various sectors. It is not possible to study effects of specific causes over a phenomenon. It is possible to trace the individual causes and their impact could also be known physical sciences (Ames and, 2016). In statistical studies of social sciences combined effects of multiple causes could be known.

Numerical Expression of Statistics

Qualitative data that could not be expressed numerically, cannot be termed as statistics like goodness, honesty, ability, etc.,If numerical expressions could be assigned to them they could be termed as s

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