Introduction of business statistic

MEANING AND DEFINITIONS OF STATISTICS-

A.L. Bowley has defined statistics as: (i) statistics is the science of counting, (ii)Statistics may rightly be called the science of averages, and (iii) statistics is the science of measurement of social organism regarded as a whole in all its manifestations.
At the small level, individual companies, howsoever tiny or massive, turn out intensive statistics on their operations. The annual reports of firms contain sort of information on sales, production, expenditure, inventories, capital used, and alternative activities.These information ar usually field information, collected by using scientific survey techniques.Unless often updated, such information are the merchandise of a one-time effort and have limited use on the far side true that will have drawn up their assortment. A student knows statistics a lot of intimately as an issue of study like political economy, arithmetic,chemistry, physics, and others. it's a discipline, that scientifically deals with information,and is commonly delineate because the science of knowledge. In addressing statistics as information,statistics has developed acceptable strategies of grouping, presenting, summarizing,and analyzing information, and therefore consists of a body of those strategies.In the starting, it's going to be noted that the word ‘statistics’ is employed rather curiously in
two senses plural and singular. within the plural sense, it refers to a collection of figures or information.In the singular sense, statistics refers to the full body of tools that are wont to collect information, organise and interpret them and, finally, to draw conclusions from them.It ought to be noted that each the aspects of statistics ar vital if the quantitative data are to serve their purpose. If statistics, as an issue, is insufficient and consists of poor methodology, we tend to couldn't understand the correct procedure to extract from the information the information they contain. Similarly, if our information ar defective or that they're inadequate or inaccurate, we tend to couldn't reach the correct conclusions even supposing our subject is well developed.

SPAN OF STATISTICS-

Apart from the strategies comprising the scope of descriptive and inferential branches of statistics, statistics conjointly consists of strategies of handling many different problems with specific nature. Since these strategies ar primarily descriptive in nature, they have been mentioned here as a part of the descriptive statistics. These ar principally involved
with the following:
(i) It typically becomes necessary to look at however two paired knowledge sets ar connected.For example, we have a tendency to might have knowledge on the sales of a product and also the expenditure
incurred on its promotional material for a such variety of years. providing sales and promotional material expenditure ar associated with one another, it's helpful to look at the nature of relationship between the 2 and quantify the degree of that relationship. As this needs use of applicable applied mathematics strategies, these falls under the orbit of what we have a tendency to decision regression and correlation analysis.
(ii) things occur very often once we need averaging (or totaling) of knowledge on costs and/or quantities expressed in several units of activity. For example, worth of material could also be quoted per meter of length which of wheat per metric weight unit of weight. Since normal strategies of totaling and averaging do not apply to such price/quantity knowledge, special techniques required for the purpose are developed underneath index numbers.
(iii) many an time, it becomes necessary to look at the past performance of associate activity with a read to decisive its future behaviour. as an example, when engaged within the production of a trade goods, monthly product sales ar associate important live of evaluating performance. this needs compilation and analysis of relevant sales knowledge over time. The a lot of advanced the activity, the more varied the information necessities. For profit increasing and future sales planning, forecast of doubtless sales rate of growth is crucial. This wants careful collection and analysis of past sales knowledge. All such considerations ar taken care of under statistic analysis.
(iv) getting the foremost doubtless future estimates on any aspect(s) with reference to a business or economic activity has so been participating the minds of all concerned. this can be notably necessary once it relates to product sales and demand, that serve the required basis of production programming and planning. The regression, correlation, and statistic analyses along facilitate develop the essential methodology to try to to the required. Thus, the study of strategies and techniques of getting the doubtless estimates on business/economic variables includes the scope of what we have a tendency to do underneath business statement., we have a tendency to couldn't reach the correct conclusions even supposing our