GHANA INSTITUTE OF FREIGHT

FORWARDERS
Proficiency Certificate in Freight Forwarding

Statistics and Business Mathematics

Gabriel Essilfie
 Gabriel Essilfie

General Overview

• Business ownership and operation requires more

than skill in creating a product or talent at
providing a service.

• Overseeing the finances of your company is key to

survival and success.

• Understanding basic business math is necessary

for profitable operations and accurate record
keeping.
• Knowing how to add, subtract, multiply, divide,
round and use percentages and fractions is the
minimum you need to price your product and
meet your budget.

• Knowledge in statistics provides you with the

necessary tools and conceptual foundations in
quantitative reasoning to extract information
intelligently from data

Gabriel Essilfie
 Gabriel Essilfie

STATISTICS
• DEFINITION OF TERMS
• SIGNIFICANCE OF STUDING STATISTICS
• STEPS IN PROBLEM SOLVING
• CREATING AND SOLVING STATISTICAL
PROBLEMS
• HANDLING AND COLLECTING DATA
• MEASURES OF CENTRAL TENDENCIES
 Gabriel Essilfie

Business Mathematics
• The Real Number System
• Approximations
• Application of Percentages
• Profit and Loss
• Simple Interest
• Financial Partnership (How Interest or Profit are
Shared in Financial Partnership)
• Discounts
• Commission
• Taxes
Definition of Terms Gabriel Essilfie

• STATISTICS:

• Statistics is the Collection of methods

for planning experiments, obtaining
data, and then organizing,
summarizing, presenting, analyzing,
interpreting, and drawing conclusions.
 Gabriel Essilfie

• RAW DATA: Data collected in original form.

• What is the differences between data and information?

• VARIABLE: Characteristic or attribute that can assume

different values

• RANDOM VARIABLE: A variable whose values are

determined by chance.
 Gabriel Essilfie

• POPULATION : The collection, set or group of objects being studied (All

subjects possessing a common characteristic that is being studied)
Examples would include:

 All the students aged below 20years in a particular school

 All the people on the electoral register

 All the cars produced by a factory in one week

• SAMPLE: A subgroup or subset of the population.

• PARAMETER: Characteristic or measure obtained from a population.

• STATISTIC: Characteristic or measure obtained from a sample (not to be

confused with Statistics)
Definition of Terms cont.

• DESCRIPTIVE STATISTICS: Collection,

organization, summarization, and presentation
of data.

• INFERENTIAL STATISTICS: Generalizing from

samples to populations using probabilities.
Performing hypothesis testing, determining
relationships between variables, and making
predictions.

Gabriel Essilfie
 Gabriel Essilfie

• FREQUENCY ( f ): The number of times a certain

item, event, value or class of values occurs.
• Frequency is simply how often something occurs.

• FREQUENCY DISTRIBUTION: The organization of

raw data in table form with classes and frequencies.
• By counting frequencies we can make a Frequency
Distribution table.
 Gabriel Essilfie

• UNGROUPED FREQUENCY DISTRIBUTION: A

frequency distribution of numerical data. The
raw data is not grouped.

• GROUPED FREQUENCY DISTRIBUTION: A

frequency distribution where several numbers
are grouped into one class
 Gabriel Essilfie

An Ungrouped Frequency Distribution Table

Marks Frequency
0 2
1 5
2 4
3 9
4 8
5 6

Q1. How many students wrote the text

Q2. How many students scored above 3marks
Q3. How many students scored the highest mark
Q4. What is the mark with the highest frequency
 Gabriel Essilfie

A Group Frequency Distribution Table

Marks Frequency
0-9 2
10-19 5
20-29 4
30-39 9
40-49 8
50-59 6

Lower Upper
Limit Limit
CREATING AND SOLVING STATISTICAL PROBLEMS
Educational research suggests that the process of creating and
solving statistical problems which interact with real data is best
accomplished when the following four steps are followed:

Four-Step Statistical Process:

1. Identify the Problem and Plan (Ask a question)

2. Collect (Produce Data)

3. Process (Analyze the Data)

4. Discuss (Interpret the Results) Gabriel Essilfie

 Identify the Problem and Plan
(Ask a question)

• Formulate a statistical question that can be

answered with data. A good deal of time should be
given to this step as it is the most important step in
the process.

• Formulate questions in terms of the data needed

• Consider what conclusions can be drawn from the
data.

• Decide what data to collect (including sample size

and data format)

• What statistical analysis is needed Gabriel Essilfie

Collect (Produce Data)
• design and implement a plan to collect
appropriate data.

• Data can be collected through numerous

methods, such as observations, interviews,
questionnaires, databases, samplings or
experimentation.

• collect data from a variety of suitable sources

including ; Primary Sources and Secondary
sources Gabriel Essilfie
Process (Analyze the Data)
• Organize and summarize the data by graphical
or numerical methods.

• Graph numerical data using histograms, dot

plots, and/or box plots, and analyze the
strengths and weaknesses.

• Turn the raw data into usable information that

gives insight into the problem

Gabriel Essilfie
Discuss (Interpret the Results
• Interpret your finding from the analysis of the
data, in the context of the original problem.

• Give an interpretation of how the data answers

your original questions.

▫ Answer the initial question by drawing

conclusions from the data

Gabriel Essilfie
 Gabriel Essilfie

Handling and collecting Data

Data collection has been dealt with in

earlier discussions (refer to steps in
solving statistical problems).

Let us move straight to how data can

be handled.
 Gabriel Essilfie

Methods of Handling Data

• Using Frequency Distribution Tables
• Graphical representations
 Gabriel Essilfie

Sam's team has scored the following numbers of

goals in recent games
2, 3, 1, 2, 1, 3, 2, 3, 4, 5, 4, 2, 2, 3

•how often 1 occurs (2 times),

•how often 2 occurs (5 times),
•etc,
 Gabriel Essilfie

Frequency Distribution
Illustrations
The ages of 20 schools children were recorded as follows;

13 9 15 17 13
9 11 9 11 15
17 15 11 9 9
11 15 11 11 11
This is an example of a raw data. It is not organized in a definite orders of
magnitude.
 Gabriel Essilfie

Illustrations.
The number of runs scored by 36 batmen in a cricket completion is as follows ;

31 40 20 35 21 12
32 39 16 0 28 49
29 32 17 2 12 24
30 1 10 23 19 13
26 30 10 21 18 0
15 11 29 8 12 1
Tally the data in a grouped frequency table using equal class intervals
0-9, 10-19, …..
 Gabriel Essilfie

• EXERCISES

• PLEASE WORK INDEPENTELY