Welcome to this article. In this
article, we will taking about statistics, which deals with gathering,
organizing and analyzing data.
Statistics plays an important role in
every every field of human life. If we talk about business context, managers
are required to justify decision on the basis of data analysis. They need
statistical models to support these decisions. Statistical skills enable
managers to collect, analyses and interpret data and make relevant
decisions. Statistical concepts and statistical thinking enable them to; Solve
problems in almost any domain, support their decisions, reduce guesswork.
In the advanced communication
network, rapid changes in consumer behavior, varied expectations of variety of
consumers and market opening, modern managers have a difficult task of making
quick and appropriate decisions. Therefore, there is need for them to depend
more quantitative techniques like mathematical models, statistics operations
research and econometrics.
There are two divisions in
statistics, descriptive statistics and inferential statistics, if we talk about
descriptive statistics it is used to present the general description of data
which is summarized quantitatively. This is mostly useful in clinical research,
when communicating the results of experiments.
Inferential statistics is used
to create valid inferences from the data which are helpful in effective
decision making for professionals.
Statistical methods such as estimation, prediction and hypothesis testing belong to
inferential statistics. The researchers create deductions or conclusions from
the collected data samples regarding the characteristics of large population
from which the samples are taken