Why are Statistics useful ?

Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as quality assurance, financial analysis, econometrics, government, auditing, production and operations including services improvement, and marketing research.

Statistics not only apply to business. Statistics are widely used in application software designed for the benefit of engineering, medicine, physics, astronomy, information technology, biology, social sciences and many other fields of research.

 

Introduction to Statistics

In applying statistics to a problem, one begins with a process or population to be studied.

When a process observed at various times; data collected about this kind of "population" constitute what is called a time series.

For practical reasons, rather than compiling data about an entire population, one usually instead studies a chosen subset of the population, called a sample. Data are collected about the sample in an observational or experimental setting. The data are then subjected to statistical analysis, which serves two related purposes: description and inference.

Descriptive statistics can be used to summarize the data, either numerically or graphically, to describe the sample. Basic examples of numerical descriptors include the mean and standard deviation. Graphical summarizations include various kinds of charts and graphs.

 

Inferential statistics is used to model patterns in the data, accounting for randomness and drawing inferences about the larger population. These inferences may take the form of answers to yes/no questions (hypothesis testing), estimates of numerical characteristics (estimation), descriptions of association (correlation), or modelling of relationships (regression). Other modelling techniques include ANOVA, time series, and data mining.

The concept of correlation is particularly noteworthy. Statistical analysis of a data set may reveal that two variables (that is, two properties of the population under consideration) tend to vary together, as if they are connected.

If the sample is representative of the population, then inferences and conclusions made from the sample can be extended to the population as a whole. A major problem lies in determining the extent to which the chosen sample is representative.

The use of any statistical method is valid only when the system or population under consideration satisfies the basic mathematical assumptions of the method.

Misuse of statistics can produce subtle but serious errors in description and interpretation, - subtle in that even experienced professionals sometimes make such errors, and serious because major business decisions will be influenced by statistical information, and this will affect people and profits.

 

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Statistical Services

Statistical Research.

Statistical Analysis.

Statistical Problem Solving.

Statistical Modelling.

 

Software Tools used for Statistical Analysis:

Microsoft Excel

For intelligent spreadsheet analysis of statistical data, and the development of statistics focused applications software.

 

Statistical Package for the Social Sciences (SPSS)

SPSS (originally, Statistical Package for the Social Sciences) is among the most widely used programs for statistical analysis. SPSS also performs data management, and data documentation. SPSS is easy to integrate with other software applications. SPSS can read and write data from text files, other statistics packages, spreadsheets and databases.

 

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Statistics

Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting numerical data for the purpose of assisting in making more effective decisions.

 

General Statistics

Frequency Distribution

 

Measures of Central Tendency

 

Measures of Dispersion and Skewness

 

Probability Concepts

 

Discreet Probability Distributions

 

Normal Probability Distribution

Sampling Methods and Sampling Distribution

 

Experimental Designs

Laboratory Testing

Theoretical Framework Development

 

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