Transcription of AN INTRODUCTION TO BUSINESS STATISTICS
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AN INTRODUCTION TO BUSINESS STATISTICS
1 OBJECTIVE: The aim of the present lesson is to enable the students to understand the meaning, definition, nature, importance and limitations of STATISTICS . A knowledge of STATISTICS is like a knowledge of foreign language of algebra; it may prove of use at any time under any circumstance ..Bowley. STRUCTURE: INTRODUCTION Meaning and Definitions of STATISTICS Types of Data and Data Sources Types of STATISTICS Scope of STATISTICS Importance of STATISTICS in BUSINESS Limitations of STATISTICS Summary Self-Test Questions Suggested Readings INTRODUCTION For a layman, STATISTICS means numerical information expressed in quantitative terms. This information may relate to objects, subjects, activities, phenomena, or regions of space.
3 festations. Boddington defined as: Statistics is the science of estimates and probabilities. Further, W.I. King has defined Statistics in a wider context, the science of Statistics is the method of judging collective, natural or social phenomena from the results obtained by the analysis or enumeration or collection of estimates.
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