INTRODUCTION TO BS

Page 1

REASONS FOR LEARNING STATISTICS

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

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

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

• Obtain reliable forecasts of statistical variables of interest.

(REF- JK SHARMA- Pg.1)

BASIC TERMS AND INFO

Analytical skills more important than arithmetic skills

Importance of BS- Example of Disney ( David, pg no.1)

Statistic- value that summerises the data of a particular variable.

TYPES OF STATISTICAL METHODS

(i) Descriptive statistics

(ii) Inferential statistics