Statistics for Management

STATISTICS FOR
MANAGEMENT

Table of Content
 Introduction
 Introduction to statistics
 Sources and type of information businesses can access
 Difference among sample and a population
 Value of employing statistical methods
 Difference among inferential and descriptive statistics
 Evaluation of range of descriptive and inferential statistics
 Findings
 Conclusion
 References

Introduction
Statistical is a branch of analysing the numerical figures and assumptions
in order to get possible solutions against the business challenges.
There are types of statistical analysis methods are being used by
organisations in order to get the required results and to assist the
decision-making process. The report contains two sections as Part 1
and Part 2. The report presents the understating of statistics and its
key characteristics with its key statistical methods.

Introduction to statistics
Different perspectives are given by authors regarding the nature of
statistics. As per German author Gottfried Achenwall (1749), the
evaluation of data subject to a state or any significant state of
science is recognised as statistics. Earlier the statistics were used as
a method of collecting the data of population of a country. Earlier
the statistics were used as a method of collecting the data of
population of a country. It is recognised that the information
collected through population is collected through public provide an
estimation of strength and data subject to material prosperity of
other country.

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Key characteristic of statistics are defined as follows;
Exaggerated to a marked extent by various factors: In general,
statistical facts and statistics cannot be attributed to a specific cause.
A variety of factors operating collectively influence them to a
significant extent.
Sufficient to place in relation to each other: Numbers can be put in
contrast to one another.

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Overview of statistical method
Type of statistical methods are defined as follows;
Descriptive
Analytical method
Inductive method
 Inferential method
Applied methods