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MB0040 Solved Fall Drive Assignment 2011

MB0040 Solved Fall Drive Assignment 2011

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Published by vijaivictor84
1. (a) ‘Statistics Comment.

is

the

backbone

of

decision-making’.

(b) ‘Statistics is as good as the user’. Comment. (a) Statistics is the backbone of decision-making Due to advanced communication network, rapid changes in consumer behaviour, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical model
1. (a) ‘Statistics Comment.

is

the

backbone

of

decision-making’.

(b) ‘Statistics is as good as the user’. Comment. (a) Statistics is the backbone of decision-making Due to advanced communication network, rapid changes in consumer behaviour, varied expectations of variety of consumers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore, there is a need for them to depend more upon quantitative techniques like mathematical model

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Published by: vijaivictor84 on Jan 09, 2012
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11/26/2012

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1. (a) ‘Statistics is the backbone of decision-making’.Comment.(b) ‘Statistics is as good as the user’. Comment.(a)Statistics is the backbone of decision-making
Due to advanced communication network, rapid changes in consumerbehaviour, varied expectations of variety of consumers and newmarket openings, modern managers have a difficult task of makingquick and appropriate decisions. Therefore, there is a need for themto depend more upon quantitative techniques like mathematicalmodels, statistics, operations research and econometrics.Decision making is a key part of our day-to-day life. Even when wewish to purchase a television, we like to know the price, quality,durability, and maintainability of various brands and models beforebuying one. As you can see, in this scenario we are collecting dataand making an optimum decision. In other words, we are usingStatistics.Again, suppose a company wishes to introduce a new product, it hasto collect data on market potential, consumer likings, availability of raw materials, feasibility of producing the product. Hence, datacollection is the
back-bone
of any decision making process.Many organisations find themselves data-rich but poor in drawinginformation from it. Therefore, it is important to develop the ability toextract meaningful information from raw data to make betterdecisions. Statistics play an important role in this aspect.Statistics is broadly divided into two main categories. The twocategories of Statistics are descriptive statistics and inferentialstatistics.
 
Descriptive Statistics
:
Descriptive statistics is used to presentthe general description of data which is summarised quantitatively. This is mostly useful in clinical research, when communicating theresults of experiments.
 
Inferential Statistics
:
Inferential statistics is used to make validinferences from the data which are helpful in effective decisionmaking for managers or professionals.Statistical methods such as estimation, prediction and hypothesistesting belong to inferential statistics. The researchers makedeductions or conclusions from the collected data samples regardingthe characteristics of large population from which the samples aretaken. So, we can say ‘Statistics is the backbone of decision-making’.
(b)Statistics is as good as the user:
 
Statistics is used for various purposes. It is used to simplify mass dataand to make comparisons easier. It is also used to bring out trendsand tendencies in the data as well as the hidden relations betweenvariables. All this helps to make decision making much easier. Let uslook at each function of Statistics in detail.1.
Statistics simplifies mass data
 The use of statistical concepts helps in simplification of complex data.Using statistical concepts, the managers can make decisions moreeasily. The statistical methods help in reducing the complexity of thedata and consequently in the understanding of any huge mass of data.2.
Statistics makes comparison easier
Without using statistical methods and concepts, collection of data andcomparison cannot be done easily. Statistics helps us to comparedata collected from different sources. Grand totals, measures of central tendency, measures of dispersion, graphs and diagrams,coefficient of correlation all provide ample scopes for comparison.3.
Statistics brings out trends and tendencies in the data
 After data is collected, it is easy to analyse the trend and tendenciesin the data by using the various concepts of Statistics.4.
Statistics brings out the hidden relations between variables
Statistical analysis helps in drawing inferences on data. Statisticalanalysis brings out the hidden relations between variables.5.
Decision making power becomes easier
With the proper application of Statistics and statistical softwarepackages on the collected data, managers can take effectivedecisions, which can increase the profits in a business.Seeing all these functionality we can say ‘Statistics is as good as the user’.
 
2. Distinguish between the following with example.(a) Inclusive and Exclusive limits.(b) Continuous and discrete data.(c) Qualitative and Quantitative data(d) Class limits and class intervals.Answer :
a)
Inclusive and Exclusive limits.
Inclusive and exclusive limits are relevant from data tabulation andclass intervals point of view.Inclusive series is the one which doesn't consider the upper limit, forexample,00-1010-2020-3030-4040-50In the first one (00-10), we will consider numbers from 00 to 9.99only. And 10 will be considered in 10-20. So this is known as inclusiveseries.Exclusive series is the one which has both the limits included, forexample,00-0910-1920-2930-3940-49Here, both 00 and 09 will come under the first one (00-09). And 10will come under the next one.
b)
 
Continuous and discrete data.
All data that are the result of counting are called quantitativediscrete data. These data take on only certain numerical values. If you count the number of phone calls you receive for each day of theweek, you might get 0, 1, 2, 3, etc.All data that are the result of measuring are quantitative continuousdata assuming that we can measure accurately. Measuring angles inradians might result in the numbers π/6, π/3, π/2, π/, 3π/4, etc. If youand your friends carry backpacks with books in them to school, thenumbers of books in the backpacks are discrete data and the weightsof the backpacks are continuous data.

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