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Baxter

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AIUB 1 Master of Business Administration
Course Instructor: Dr. Swapan Kumar Dhar

Definition of Statistics

Statistics is the science of collecting, organizing, presenting, analyzing and interpreting data for the purpose of making intelligent statements and drawing appropriate conclusions.
So, according to this definition, there are four stages:

(1) Collection of data (2) Presentation of data (3) Analysis of data and (4) Interpretation of data.

Example of Statistics:
Examples include the average starting salary of college graduates, the number of deaths due to road accidents last year, and 20% students of BBA are female. In these examples statistics are a value or a percentage. Other examples include:
95% students of BBA come to the class in time. 25% students of IBA come to the campus by car.
The above are all examples of statistics.

Data: Data are the facts and figures that are collected, analyzed and summarized for presentation and interpretation. The data collected in a particular study are referred as the data set for the study.

For example, the heights (in cm.) of 14 randomly selected persons from a group of 100 persons are as follows:

152, 160, 158, 155, 154, 155, 162, 164, 160, 153, 161, 158, 167, 151.

The above information on height of people constitutes a data.

A set of five students is selected from a class of the course “Business Statistics’ and measurements are entered into a spreadsheet as shown in the following Figure.

Figure: Measurements on five undergraduate students:

[pic]

Figure: Measurements on five undergraduate students:

The following table is a data set for15 stocks of U.S.A.

Table 1: A Data Set for 15 Stocks

|Stock |Exchange

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