Statistics for Management: Methods, Techniques, and Applications

Statistics for management

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
PART 1............................................................................................................................................1
Introduction of statistics with its characteristics and overview of techniques............................1
Types and sources of the data that a business could access........................................................2
Contrast between population & sample .....................................................................................2
Value of applying the statistical techniques in meeting the business objectives........................3
Explaining difference between inferential and the descriptive statistics....................................4
Providing example of the sample dataset ...................................................................................5
PART 2............................................................................................................................................6
Evaluating difference between an inferential and descriptive statistics......................................6
Calculating range of the descriptive statistics ............................................................................7
Presenting the findings ...............................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Statistics for management provides an insights to the managers along with the necessary
tools in making sense of the larger quantities of the data and in making effective decisions in the
business on the basis of the inferences drawn from the dataset. The present report highlights
various statistical methods and the techniques used for analysing the data. Furthermore, tit
includes application of regression analysis for determining the findings and also computing range
of descriptive methods.
PART 1
Introduction of statistics with its characteristics and overview of techniques
Statistics is the collection of the methods or tools for the purpose of planning, obtaining
data, experiments and thereafter organising, presenting, analysing, summarizing, drawing
conclusion and interpreting the results on the basis of data (Ho and Yu, 2015). In other words, it
deals with classifying and tabulating the numerical facts as a basis for composition, explaining
and describing the phenomenon.
The main characteristics of statistics are as follows-
 Statistics is counted as an aggregate of facts where only those facts are been taken into
account that could be measured in terms of place, time and frequency.
 It is been affected to marked extent by the multiplicity of the causes where the statistical
data are more and more relates to the social sciences.
 This subject is considered as the quantitative phenomena as it is been expressed only in
numerical terms and does not involves analysis of qualitative characteristics like ability,
honesty and goodness etc.
 It is enumerated and estimated in accordance with the reasonable standards of the
accuracy.
 Data under statistics are gathered in appropriate and systematic manner so that proper
conclusion can be presented.
Overview of the methods-
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There are mainly two main methods in statistics that could be used for assessing the data
that includes inferential and descriptive statistics. Inferential method deals with drawing the
conclusions from the data that are been subjected to the random variation (McCarthy and et.al.,
2019). On the other hand, descriptive technique summarizes the data from the sample by using
an indexes like mean, standard deviation, median etc.
Types and sources of the data that a business could access
Researcher can gather or collect data by using 2 method that is primary and the secondary
data. Primary data are counted as the first hand information that is been collected by surveyor
and are found as original and pure data for a particular purpose. There are various methods
through which primary data can be gathered such as personal investigation, structuring
questionnaire, telephonic investigation etc (Young and Wessnitzer, 2016). however, secondary
data are been collected through already published material. Such data could be used as the source
by an investigator for collecting and conducting an analysis. Different sources through which
secondary data are gathered includes official publications, articles, online platforms, journal and
the technical publications.
Sources through which a business organization can access the data are mainly the
statistical sources and the non-statistical sources. Statistical sources refers to the data that are
been gathered from official purposes like survey, census etc. while non-statistical sources means
the data that are been collected for business purposes and private sector.
Statistical survey is the method of collecting and assessing the data by making use of the
sample. It is been done for making estimations regarding the characteristics of the population and
ensures adequate control on the data (Sarstedt and Mooi, 2019). However, on the other state,
census are based on all the items in the population and then the data are assessed. Registers are
counted as the storehouses of the statistical information within which the data could be gathered
and an analysis is been made.
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