Essay in Test

Statistics to get Management

Device 1

Unit 1



1 . 1

Introduction to Statistics

Learning objectives

Need for Statistics in modern organization environment

1 . 2 Definition of Statistics

1 . 3 Range and Applications of Statistics

1 . 4 Attributes of Statistics

1 . your five Functions of Statistics

1 ) 6 Constraints of Statistics

1 . several Statistical Softwares

1 . almost eight Summary

1 ) 9 Airport terminal Questions

1 . 10 Answers to SAQs and TQs

Answers to Self Assessment Questions

Answers to Fatal Questions

1 ) 11 Recommendations

1 . one particular Introduction

Meet to the unit on Stats. In this device, you will examine about Figures, which relates to gathering, organising and examining data.

Stats plays a crucial role in about any facet of individual life. In the industry context, managers are required to justify decisions based on data. They require statistical types to support these decisions. Record skills allow managers to get, analyse and interpret data and make relevant decisions. Statistical principles and statistical thinking allow them to: п‚·

Solve challenges in nearly every domain


Support their particular decisions


Reduce guesswork

1 . 1 . 1 Learning objectives

Right at the end of this device, you should be able to:


Illustrate the opportunity of Stats


Distinguish between statistical info and nonstatistical data

Sikkim Manipal School

Page No . 1

Figures for Supervision




Unit 1

Understand the capabilities of Figures

Recognise the constraints of Stats

Recall the computer programs used for analysing Statistics

1 . 1 . 2 Importance of Statistics in modern business environment Due to advanced communication network, quick changes in buyer behaviour, various expectations of variety of customers and new market openings, modern managers have a difficult task of making quick and appropriate decisions. Therefore , there exists a need for these to depend more upon quantitative techniques like mathematical versions, statistics, businesses research and econometrics.

Caselet 1

The modern General Manager Mr. Ravi of a manufacturing company is involved about the dwindling income of the firm. The Advertising Production Managers identifies the key reason why as ensure period given to customers, because the product needs to be replaced if this fails within guarantee period. This replacement lowers the company‟s profits and also triggers loss of popularity. The General Administrator is now pondering in terms of lowering the percentage of failure of units within a year. Which means that he should take action to enhance the life from the unit. Following preliminary studies he determines to

We. Estimate the typical life of the units and their variation. II. Take action to improve the life.

3. Lower the replacement cost as far as possible.

As you can see, what the General Supervisor is doing this is using Statistics to solve a problem and to increase profits.

Decision making is a crucial part of the day-to-day your life. Even when we wish to get a television, we all like to know the price, quality, durability, and maintainability of various brands and models before buying one. Unsurprisingly, in this scenario we are collecting data and making the best possible decision. Quite simply, we are using Statistics.

Once again, suppose a firm wishes to introduce a brand new product, it needs to collect data on industry potential, buyer likings, accessibility to raw materials, feasibility of producing the item. Hence, data collection is definitely the back-bone of any making decisions process.

Sikkim Manipal College or university

Page Number 2

Stats for Management

Unit you

Many organisations find themselves data-rich but poor in pulling information via it. Therefore , it is important to build up the ability to draw out meaningful details from uncooked data for making better decisions. Statistics enjoy an important function in this factor.

Statistics is usually broadly broken into two main categories. Figure 1 . 1 illustrates the 2 categories. Both the...

 Analysis of «Fight» by Laurel Blossom Essay

Analysis of «Fight» by Laurel Blossom Essay

Complete opposite attract, as being a magnet. Even so at times, it might not always workout for the best. In " Fight” by poet Laurel Blossom, the distinction between…...

 Demand and Supply Analysis Analysis Paper

Demand and Supply Analysis Analysis Paper

Theory of cost: Types of Costs • Fixed cost – Fixed cost involves each of the expenditure performed on fixed factors of production. However , the fixed costs…...