Statistics for Management: Overview, Application, and Examples

STATISTICS FOR MANAGEMENT

TABLE OF CONTENTS
INTRODUCTION
Part 1
Overview of statistics
Sources and the kind of the information accessed by the business
Difference between the sample and population
Explaining the value of application of the statistical techniques in respect of achieving competitiveness and objectives
Explaining contrast between inferential & descriptive statistics with implication in respect of the business intelligence
Providing appropriate examples of given dataset
PART-2
Evaluating contrast between an inferential and descriptive data
Application of the range of different statistical methods
Presenting the finding in an appropriate format
CONCLUSION
REFERENCES

INTRODUCTION
 Statistics management provides the managers with tools that are important in making
sense of the large quantities of the data and making the most suitable business decisions
on the basis of the inferences drawn from the data.
 Collecting a numerical history of the occurrence factors on the optional repairs or the
processes which helps in determining requirement for the accurate quantities of the
material for smoothing delay at the time of production fluctuations.
 The present report is based on statistical management within which various statistical
measures are been highlighted that helps the firm in evaluating its performance.

Part 1: Overview of statistics
 Statistics is the form of the mathematical analysis
 It is counted as the aggregate of the facts that are been expressed in the numerical form.
 statistic is stated as the discipline which is concerned with collection, displaying,
interpreting, organizing and presenting the data.
 Helps in analysing trend and thereby gives input for taking corrective measures for
improvement

Sources and the kind of the information accessed by the business
Mainly there are two main methods
through which the data can be collected by
the business under statistical management
Specifically, there present two main
sources of the data that includes statistical
and non-statistical sources. Statistical
sources means the data that is been
gathered for official purposes:

Difference between the sample and population
Basis Population Sample
Meaning It refers to collecting all the elements that
possess common attributes which comprises
universe.
It means the sub-group of members of the
population that is been chosen for involving
more and more participation in study.
Inclusion Population includes each and every single
unit of group (Difference between population
and sample, 2018).
It involves only handful population units
under the study.
Features The main characteristics of population
involves the parameter.
Statistic is one of the most important
characteristic of sample.
Data collection In a situation when the information is
gathered from all the units of the population
then the process is called as complete
enumeration or census.
However, sample survey is been conducted in
gathering the information from sample by
making use of the sampling techniques.
Emphasize on Along with the population, the main focus is
to determine characteristics of components.
On the other side, in sample, the main
emphasize is on making generalisation
regarding the attributes of population from
which sample had been developed.