Scribd
Upload
295 views10 pages

Fundamentals of Statistics Explained

Statistics can be defined in both plural and singular sense. In the plural sense, it refers to numerical facts that are affected by multiple causes, systematically collected and related to each other. In the singular sense, it is the scientific method of organizing, analyzing and interpreting quantitative data. There are several key characteristics of statistics including being aggregates of facts, affected by various factors, numerically expressed according to standards of accuracy, and systematically collected for a predetermined purpose. The methodology of a statistical study typically involves formulating the problem, determining objectives and data sources, collecting and organizing data, analyzing and presenting the findings, and interpreting the results. Statistics has various applications including planning, formulating policy, economics, business, accounting, and the social and physical

Uploaded by

amit kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
295 views10 pages

Fundamentals of Statistics Explained

Statistics can be defined in both plural and singular sense. In the plural sense, it refers to numerical facts that are affected by multiple causes, systematically collected and related to each other. In the singular sense, it is the scientific method of organizing, analyzing and interpreting quantitative data. There are several key characteristics of statistics including being aggregates of facts, affected by various factors, numerically expressed according to standards of accuracy, and systematically collected for a predetermined purpose. The methodology of a statistical study typically involves formulating the problem, determining objectives and data sources, collecting and organizing data, analyzing and presenting the findings, and interpreting the results. Statistics has various applications including planning, formulating policy, economics, business, accounting, and the social and physical

Uploaded by

amit kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

Introduction to Statistics

.
Definition
Statistics in Plural Sense In plural sense,
Statistics refers to aggregate of facts, affected to a
marked extent by multiplicity of causes, numerically
expressed, enumerated or estimated according to
reasonable standards of accuracy, collected in a
systematic manner for a predetermined purpose and
placed in relation to each other.
Statistics in Singular Sense In singular sense,
Statics is scientific method of collecting, organizing,
presenting, analyzing and interpretation of numerical
data.
Characteristics of Statistics
i. Statistics are aggregate of Facts
ii. Statistics are affected by number of factors
iii. Statistics are numerically expressed
iv. Statistics are enumerated or estimated
according to reasonable standards of accuracy.
v. Statistics are collected in a systematic manner
vi. Statistics are collected for a predetermined
purpose
vii. Statistics are placed in relation to each other.
Methodology of Statistical Study/Steps

Formulation
Collection of Analysis of
of the
Data data
Problem

Objectives of Organizing Interpretation


study the data of data

Determining
Presentation Presenting the
sources of
of data findings
data
Nature of Statistical study or Investigation /
Methodology of Statistical Study/Steps
1. Formulation of the Problem:
-. Identifying the problem
-. Understanding the problem
-. Defining its scope and limitations
2. Objectives of study:
-. Purpose of conducting the study
-. What are to trying to find
-. Questions to which you are seeking answers
3. Determining sources of data:
-. Sources of data and type of data depend on the objective of
study
-. Mainly Primary sources and Secondary sources
4. Collection of Data:
- Methods of collecting primary data
- Sources of secondary data ( published and
unpublished)
5. Organizing the data:
- Data collected must be edited
- Classify the data according to attributes or
characteristics and tabulate the data
6. Presentation of data:
- Data must be presented in orderly manner in the
form of Charts, Tables, Graphs and Diagrams.
7. Analysis of data:
- Use of statistical tools and techniques to arrive
at a result.
- The techniques used for analysis depends on
the objective of the study.
8. Interpretation of data:
- It involves drawing valid conclusions from the
analyzed data.
- It involves skill and depends on experience of
the researcher.
9. Presenting the findings
Application /Importance of Statistics
i. Planning- Collection and analysis of data relating to
production, consumption, prices, income etc.
ii. Statistics in State- Collect data to formulate policy
iii. Statistics in Economics- Provides solution to economic
problems.
iv. Business and Management- Statistical data and statistical
techniques are integral part of any business
v. Accounting and Auditing
vi. Industry
vii.Insurance
viii.Physical science
ix. Social Sciences
x. Biology and medicine
Limitations of Statistics
i. Statistics does not study qualitative phenomenon
ii. Statistics does not study individuals but reveals
average behaviour.
iii. Statistics is not 100 % precise as mathematics or
accounting
iv. Statistics is liable to be misused ( manipulated)
v. Samples if are not representative will give different
results
vi. Relationship does not imply causation
vii. Statistics does not reveal everything regarding a
certain phenomenon.
Misuse/Distrust of Statistics
i. Sources of data not given: How far is the data
reliable
ii. Defective data: presenting incomplete data
iii. Unrepresentative samples: Sample not broad based
and does not represent the population
iv. Inadequate sample
v. Unfair comparison: comparing apples and oranges
vi. Unwarranted conclusions
vii. Confusion of Correlation and Causation
viii.Suppression of unfavorable results
ix. Mistakes in Arithmetic

You might also like