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



  Modified On Dec-13-2017 11:43:58 PM

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