BUSSINESS OF

STATISTICS
NAME:
Waseem Abbas 38535
TOPIC:
Basics Of Statistics
INTRODUCTION:
 Statistics is a branch of mathematics that involves the
collection, analysis, interpretation, and presentation of
data. It is used in various fields, including business,
science, healthcare, and social sciences, to make informed
decisions based on data. In this presentation, we will
discuss the definition, functions, limitations, types of
statistics, and its applications in business and commerce.
DEFINITION:
 Statistics is a set of tools and methods used to analyze and
interpret data. It involves the use of mathematical
techniques to summarize and describe data and make
predictions based on that data.
FUNCTIONS:
 The main functions of statistics include data collection,
data analysis, and data interpretation. It helps to organize
and summarize data, identify patterns and trends, and
make predictions based on the data. Statistical methods
also help to test hypotheses and determine the reliability
of the conclusions drawn from the data.
LIMITATIONS
 Statisticshas some limitations, including the potential for
bias in the data, the possibility of errors in data collection,
and the limitations of the sample size used for analysis.
Additionally, statistical results are often presented with a
margin of error, which should be considered when making
decisions based on statistical data.
TYPES OF STATISTICS:
 Statistics can be broadly categorized into two types:
descriptive statistics and inferential statistics. Descriptive
statistics is used to summarize and describe the
characteristics of a data set, while inferential statistics is
used to make inferences about a larger population based
on a sample of data.
Applications of Statistics in
Business and Commerce:
 Statistics plays a vital role in business and commerce by
providing a framework for making informed decisions
based on data. It is used to analyze customer behavior,
predict future trends, evaluate business performance, and
identify areas for improvement. Specific applications of
statistics in business and commerce include market
research, financial analysis, quality control, and risk
management.
CONCLUSION:
 Inconclusion, statistics is a powerful tool for decision-making in
various fields, including business and commerce. By
understanding its functions, limitations, and types, businesses
can use statistics to their advantage, making informed decisions
based on data. The applications of statistics in business and
commerce are diverse and essential for success, making it a
crucial area of study for businesses and professionals alike

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