Statistics for Management: Application and Methods

Statistics Management

INTRODUCTION
 Statistics for management involves effective decision making in respect of uncertainty and is been
used in several disciplines like econometrics, production, auditing and the operations including an
improvement in the services and the marketing research.
 Statistical research in the business assist the managers in analysing the past performance for
predicting the future practices of the business and leading an organization in an effective manner.
 This presentation is based on statistics and the application of its method in order to achieve the
organizational goals.
 Furthermore, the report involves contrast between the sample and the population along with stating
the difference between descriptive and an inferential statistics.

1. Statistics and its attributes with description of the methods
Statistics means the science that deals with different methods of collecting, comparing, classifying,
interpreting and the presenting the numerical data that is been gathered for throwing on the sphere of
an enquiry.
Features of statistics

CONTD..
There are two main statistical analysis techniques that are descriptive & inferential statistics.