Business Statistics

Basic Business Statistics: Introduction and Data Collection: Why a Manager or Head of the business Needs to know about Statistics. Why Govt. Needs to know about population statistics.

Key Definitions in the statistics terminology:
Population: Data Collection of people including Male, Female and Children. Sample: A portion of population selected for analysis.

Parameter: A summary of Measurement on a particular Characteristic of the population.
Example of Parameter: Only Female in a particular city.

Descriptive Statistcs: Collect Data,
Statistics: It describes Characteristic of the sample.

Statistical Methods: -
Descriptive Statistics: Collecting and describing data.
Inferential Statistics: Drawing Conclustions, making decisions based only on sample Data.

Descriptive Statistics: Collect Data (Survey), Present Data (Tables, Graphs),
Charecterize Data: Sample Mean = Summation of X/n

Why we need data: -
To provide input to survey, To provide input to study, To meausre performance of service or production process.
To satisfy curiosity. To assist in formulating alternative action. To evaluate standards.

Primary Data Collection: Observation, Survey, Experimentation. Secondary Data Collection: Printing the collected data, Saving in Electronic peripherals. Types of Data: Qualitative, Quantitative.

Design of Survey: -
Reliable Primary Modes: Personal interview, Telephone interview, Mail Survey. Self-selection Modes TV Survey, Internet Survey, Survey on news papers and magazines. Identify Categories, Formulate accurate questions, Test the Survey.

Write a Covering Letter: -
State the goal and purpose of the survey. Explain the importance.

Reasons for Drawing a Sample:-
Less time consumption. Less cost to administer than a census.

Simple Random Samples:-
Individual or item has an equal chance of being selected. Selection may be with replacement or without replacement. Samples obtained from table of random numbers or from computer.

Stratified Samples:
Population divided into two or more groups according to some common characters. Sample selected from each group. Two or more samples combined into one for getting correct criteria.

Types of Survey Errors: -
Coverage error, Non Response error, Sampling error, Measurement error.

Chapter Summary: -
Discussed the needs to know statistics. Discussed the development of modern statistics.
Discussed the importance of data. Described the different types of data.
Discussed the design of survey. Discussed the types of sampling methods.
Discussed the types of survey errors.

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