David Game College: Statistics for Management Presentation

This presentation provides an overview of statistics for management, focusing on its application in business decision-making. It begins with an introduction to statistics, its attributes, and methods, followed by an explanation of different data types and sources utilized in business. The presentation the...Read More

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.

2. Explaining different types and the sources of the data utilized
in the business
Statistical data are counted as basic material in relation to statistics. Data might relates to the activity of
an interest, problem, phenomenon within the study. The data under statistics are derived as an outcome
of practice of counting, observing and measuring.
Data can be categorized into two such as:

CONTD..
Data sources are of two types such as:

3. Comparing population and the sample in the study
Population Sample
It is represented as collection of each and every item
that are counted as of the interest in the statistical
data.
Sample is referred as the part or subclass of
population that is been study for drawing appropriate
findings and conclusion.
It is symbolized or expressed as uppercase N in the
formula.
However, it is been denoted as lowercase n within the
statistical study.
The numbers that are obtained at the time of using the
population is called as the parameters.
Under this the number derived at the time of working
with the sample is been called as statistics.
Under this complete enumeration and estimation of
the items is been considered.
On the other side, only the part of population is been
chosen for the study.
The reports prepared under population are seen as the
true picture of the opinions.
In sample reports framed are containing the margin of
the confidence interval and the error margin.
It comprises of all the members within the population. It is been counted as subset that depicts an overall
population.
For example- All people living in the UK. For example- sample of 200 people who are in
employment from the population.

4. Importance of applying the statistical tools in meeting the
goals of an entity
 Helps in assessing and quantifying risk
 Provides assistance in forecasting the sales, demand and market share
 Assists in doing financial analysis, regression and decision analysis
 In operations, six sigma and ABC analysis is adopted and also in marketing function,
time series analysis is applied for the purpose of forecasting and assessing the trend of
the activities.

5. Stating difference between the inferential and the descriptive
statistics
Descriptive statistics Inferential statistics
It is the branch of the statistics that concerns with
stating population under the study.
It is a kind of statistics that emphasize on drawing an
inferences about population based on sample
assessment and the observation.
It analyse, present and organizes the data in
presentable and useful manner.
It compares, predicts and examines the data in
meaningful manner.
The final result under descriptive statistics is in the
form of the tables, graphs and the charts.
However, in inferential statistics, final result is been
reflected in terms of the probability.
Descriptive statistics is been used in describing the
situation.
In order to explain possible chances of occurring an
event, inferential statistics is counted as more and
more useful.
It is the method that describes the data that is been
already known for the purpose of the interpreting and
summarising the sample.
It attempts in reaching out the conclusion for building
learning regarding the population, which extends
beyond availability of the data.
For instance- mean, std. Deviation, mode, range etc. Example- ANOVA, hypotheses testing and
correlation.

6. Facilitating an example of the analysis of the sample dataset
which the company could use

CONTD..

REFERENCES
Williams, G.W., 2019. STATISTICS, ETHICS, AND MANAGEMENT. Anesthesiology
Critical Care Board Review. p.115.
Ott, W.R., 2018. Environmental statistics and data analysis. Routledge.
Murphy, A. and Katz, R.W., 2019. Probability, statistics, and decision making in the
atmospheric sciences. CRC Press.
Fox, W.P. and Burks, R., 2019. Statistics and Probability in Military Decision-Making.
In Applications of Operations Research and Management Science for Military Decision
Making (pp. 17-99). Springer, Cham.