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5 Cards in this Set
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numerical information expressed in quantitative terms. |
BUSINESS STATISTICS |
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SUMMARY |
MEANING AND DEFINITIONS OF STATISTICS |
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SUMMARY |
In a summarized manner, ‘Statistics’ means numerical information expressed in quantitative terms. As a matter of fact, data have no limits as to their reference, coverage, and scope. At the macro level, these are data on gross national product and shares of agriculture, manufacturing, and services in GDP (Gross Domestic Product). At the micro level, individual firms, howsoever small or large, produce extensive statistics on their operations. The annual reports of companies contain variety of data on sales, production, expenditure, inventories, capital employed, and other activities. These data are often field data, collected by employing scientific survey techniques. Unless regularly updated, such data are the product of a one-time effort and have limited use beyond the situation that may have called for their collection. A student knows statistics more intimately as a subject of study like economics, mathematics, chemistry, physics, and others. It is a discipline, which scientifically deals with data, and is often described as the science of data. In dealing with statistics as data, statistics has developed appropriate methods of collecting, presenting, summarizing, and analysing data, and thus consists of a body of these methods. |
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mean |
x = ∑x/n, where x is simple mean. |
It may be noted that the Greek letter μ is used to denote the mean of the population and n to denote the total number of observations in a population. Thus the population mean μ = ∑x/n. The formula given above is the basic formula that forms the definition of arithmetic mean and is used in case of ungrouped data where weights are not involved. |
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UNGROUPED DATA-WEIGHTED AVERAGE In case of ungrouped data where weights are involved, our approach for calculating arithmetic mean will be different from the one used earlier. |
UNGROUPED DATA-WEIGHTED AVERAGE In case of ungrouped data where weights are involved, our approach for calculating arithmetic mean will be different from the one used earlier. |
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