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    Tridib Roy
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    This document discusses the use of statistics in management. It begins with definitions of statistics and its two branches: descriptive and inferential statistics. Descriptive statistics describes or analyzes data, while inferential statistics draws conclusions from sample data. The document then outlines several applications of statistics in areas like economics, industry, science, education, and management functions such as market research, production control, and investment. It also discusses limitations of statistics and provides examples of its use in marketing, operations, human resources, finance, insurance, and more.

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    Statistics for Management

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    This document discusses the use of statistics in management. It begins with definitions of statistics and its two branches: descriptive and inferential statistics. Descriptive statistics describes or analyzes data, while inferential statistics draws conclusions from sample data. The document then outlines several applications of statistics in areas like economics, industry, science, education, and management functions such as market research, production control, and investment. It also discusses limitations of statistics and provides examples of its use in marketing, operations, human resources, finance, insurance, and more.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
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    Download as ppt, pdf, or txt
    234 views13 pages

    Statistics For Management

    Uploaded by

    Tridib Roy
    This document discusses the use of statistics in management. It begins with definitions of statistics and its two branches: descriptive and inferential statistics. Descriptive statistics describes or analyzes data, while inferential statistics draws conclusions from sample data. The document then outlines several applications of statistics in areas like economics, industry, science, education, and management functions such as market research, production control, and investment. It also discusses limitations of statistics and provides examples of its use in marketing, operations, human resources, finance, insurance, and more.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as ppt, pdf, or txt
    of 13

    Statistics For Management

    By: 48.Tridib Roy Deepa Pandav Tushar Pande Tejal Pradhan Unnat Patil

    Introduction
    The word statistics is derived from Statisticum in Latin . It relates to state , science of state, political arithmetic In modern times, as a subject statistics is defined as A scientific collecting,summarising,presenting and analyzing data as well as drawing conclusions or making predictions on basis of such analysis. Two branches of statistics:: Descriptive statistics and Inferential Statistics

    Cont

    Descriptive statistics seeks only to describe or analyze any data. Eg:Grade Point Average is used to summarize the mark of any student or individual bank transactions made in a month Inferential statistics deals with the conclusion or inference drawn from a given analysis of a sample. Eg: From the data collected from number of annual withdrawals, we can find the average number of annual withdrawals in a month.

    Scope of Statistics
    Economics- statistics helps in major economic decisions such as wages, price, time series analysis, demand analysis. Industry- statistics is widely used inequality control. In production engineering to find out whether the product is confirming to the specifications or not.

    Scope continued

    Modern science- statistics is used to study the cause and incidence and diseases and also the impact of a particular drug.

    war: In war the theory of decision function can be a great assistance to the military and personal to plan In education, statistics has found wide application such as, determining the reliability and validity to a test, factor analysis etc.

    Statistics and management


    Market research Production control Investment in securities and bonds Purchase department, in where to buy and how to buy Control process

    Other function of STATISTICS


    Simplifies data. Measuring risk and helps in decision making. Helps in forecasting. Helps in estimation and validating assumptions.

    LIMITATIONS OF STATISTICS
    Statistics does not deal with individual measurements. Deals only with quantitative characteristics. True only on average. One of the methods of studying the problem. It can be misused.

    Applications of statistics
    MARKETING Forecasting Sales, Demand And Market Shares TO Compare Sales Performances Customer profiling market research customer buying behavior and Pattern: Cluster Analysis And Correlation Regression

    Contd..
    Operations

    Input Stage: Sampling for sampling inspection & inventory control Process stage: Normal distribution for statistical quality control and six sigma method Output stage: Sampling And Binomial Distribution for QC

    Contd..
    HR management Performance appraisal: normal distribution Reward system: percentile Retail Management Identifying customer buying behavior and Pattern: Cluster Analysis And Correlation Regression

    Contd.

    FINANCE Helps in ascertaining risks in quantitative terms E.g. Valuations at Risk (VaR methodology) Helps in comparing volatility and selection of portfolio of stocks E.g.-Calculating Beta() of Stock ECONOMICS Statistical methods render valuable assistance in proper understanding of economic problems Development of new field ECONOMETRICS.

    Contd..
    Insurance Forecasting for determining the premium Regression analysis for finding out impact of different factors on Health and life

    HRD Normal distribution Performance appraisal and reward system Retail Cluster analysis is used to identify customer buying behaviors and patterns

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