ABS1 Amity Business School Programme : MBA(G) Course : Quantitative Techniques in Management Faculty : Pro ! " SharmaABS Data and StatisticsData Sources Data SourcesDescriptive Statistics Descriptive StatisticsStatistical Inference Statistical InferenceComputers and Computers andStatistical Analysis Statistical AnalysisABSApplications of Statistics Accounting

Economics EconomicsPublic accounting frms usestatisticalsampling proceduresPublic accounting frms usestatisticalsampling procedures when conductingaudits for their clients. when conductingaudits for their clients.Economists use statisticalinformationinmaingforecastsEconomists use statisticalinformationinmaingforecasts about the future of the economy or some aspect of it. about the future of the economy or some aspect of it.ABS

Applications of Statistics Applications of StatisticsA variety of statistical !uality control charts are used to monitor A variety of statistical !uality control charts are used to monitorthe output of a production process. the output of a production process.

Production ProductionElectronic point"of"sale scanners atretail checout counters are Electronic point"of"sale scanners atretail checout counters areused to collect data for a variety of #aretingresearchused to collect data for a variety of #aretingresearch applications. applications.#areting #areting$inance $inance$inancial advisors use price"earnings ratios and dividend$inancial advisors use price"earnings ratios and dividend yields to guide their investment recommendations. yields to guide their investment recommendations.ABS Growth and Development of StatisticsThe views commonly held about statistics are numerous, and has different meanings to different people depending on its use. For eample, !i"for a cric#et fan, statistics refers to numerical information or data relating to the runs scored by a cric#eter$ !ii" for an environmentalist, statistics refers to information on the %uantity of pollution released into the atmosphere by all types of vehicles in different cities$ !iii" for the census department, statistics consists of information about the birth rate per thousand and the se ratio in different states$ !iv" for a share bro#er, statistics is the information on changes in share prices over a period of time$ and so on. ABS GrowthandDevelopmentof Statistics&ommonly statistics is perceived as various types of graphs, tables and chartsshowingtheincreaseand'ordecreaseinpercapitaincome, wholesale price inde, industrial production, eports, imports, crime rate and so on. Thesourcesofsuchstatisticsarenewspapers,maga(ines')ournals, reports'bulletins,radio,andtelevision.Therelevantdataarecollected, numbersmanipulatedandinformationpresentedwiththehelpof figures, charts and diagrams$ ABS&hapter 1 * Statistics+ An ,verview1-./0'11'11StatisticalThinkingandAnalysis. Statistical thin#ing can be defined as the thought process that focuses on ways to identify, control, and reduce variations present in all phenomena. Abetterunderstandingofaphenomenonthroughstatisticalthin#ingand useofstatisticalmethodsfordataanalysis,enhancesopportunitiesfor improvement in the %uality of products or services. Statistical thin#ing also allows to recogni(e and ma#e interpretations of the variations in a process.ABS Steps Of Statistical Thinking S p e c i f y t h e A i m o f t h e S t u d y2 n d e r s t a n d 3 o w t h e 4 r o c e s s 5 o r # sA s s e s s t h e & u r r e n t 4 r o c e s s 4 e r f o r m a n c e6 d e n t i f y S t r a t e g i e s f o r 6 m p r o v e m e n tT e s t t h e 7 f f e c t i v e n e s s o f t h e 4 r o p o s e d S t r a t e g yS u c c e s s f u l 89 e s6 m p l e m e n t t h e S t r a t e g y: oFlow &hart of 4rocess 6mprovementABSStatistics DefinedAsStatistical Dataitreferstoaspecialdisciplineoracollectionof proceduresusefulingatheringandanalysisofnumericalinformation for the purpose of drawing conclusions and ma#ing decisions.The classified facts respecting the condition of the people in a state .. . especially those facts which can be stated in numbers or in tablesof numbers or in any tabular or classified arrangement.;5ebsterABS Statistics DefinedAsStatisticalMethods itreferstothecollectionandanalysesof statisticaldataforthepurposeofdrawingconclusionsandma#ing decisions .There are two branches of statistics+ !i"