Name: CHHEANG Sarim
Batch/Group: 17/15
Department: MBA
Room NO: 13F
A. The meaning of statistics:
1. Statistics is the science (and, arguably, also the art!) of learning from data. As a discipline it is concerned with the collection, analysis, and interpretation of data, as well as the effective communication and presentation of results relying on data. Statistics lies at the heart of the type of quantitative reasoning necessary for making important advances in the sciences, such as medicine and genetics, and for making important decisions in business and public policy.2. Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. Also with prediction and forecasting based on data. It is applicable to a wide variety of academic disciplines, from the natural and social sciences to the humanities, government and business.
3. Statistics is a branch of applied mathematics concerned with the collection and interpretation of quantitative data and the use of probability theory to estimate population parameters.
4. Statistics is a Collection, examination, summarization, manipulation, and interpretation of quantitative data to discover its underlying causes, patterns, relationships, and trends.
B. Using Statistics for Business and Economics
1. In Business file: Statistics play an important role in business. A successful businessman must be very quick and accurate in decision making. He knows that what his customers wants, he should therefore, know what to produce and sell and in what quantities. Statistics helps businessman to plan production according to the taste of the costumers, the quality of the products can also be checked more efficiently by using statistical methods. So all the activities of the businessman based on statistical information. He can make correct decision about the location of business, marketing of the products, financial resources etc...
2. In Economics file: Statistical methods are used for preparation of these accounts. In economics research statistical methods are used for collecting and analysis the data and testing hypothesis. The relationship between supply and demands is studies by statistical methods, the imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.