MC-106 Business Statistics - Lesson 01: An Introduction to Statistics

This assignment, a lesson from the Business Statistics course (MC-106), provides a comprehensive introduction to the field. It begins by defining statistics in both plural and singular senses, emphasizing its role in data collection, organization, and interpretation. The document explores various definitions by A.L. Bowley, Boddington, W.I. King, Seligman, and Spiegel, highlighting key characteristics like aggregates of facts, influence by multiple factors, and the necessity for accuracy and systematic collection. It then delves into types of data, differentiating between quantitative (continuous and discrete) and qualitative data (nominal and rank), along with data sources (primary and secondary). The lesson further discusses descriptive and inferential statistics, outlining the processes of data collection, presentation, and analysis, including measures of central tendency, dispersion, skewness, and kurtosis. The importance of statistics in business decision-making, particularly under uncertainty, is emphasized throughout the lesson.