INTRODUCTION TO MANAGERIAL ECONOMICS

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REASONS FOR LEARNING STATISTICS

1. Present and describe information (data) so as to improve decisions.

2. Draw conclusions about the large population based upon information obtained from samples.

3. Seek out relationship between pair of variables to improve processes.

4.Obtain reliable forecasts of statistical variables of interest

(Ref. JK SHARMA)

BASIC TERMS AND INFO

Analytical skills more important than arithmetic skills

Importance of Business statistics—Take example of Disney - ( David -pg.1)

Big data- unstructured data

Statistic- Refers to a value summerises the data of a particular variable

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TYPES OF STATISTICAL METHODS

(i) Descriptive statistics, and

(ii) Inferential statistics