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Statistics For Management:

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

Introduction :

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:

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…:

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:

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 :

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:

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( β ) 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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