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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. 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).

particular class and make a summation of items belonging to each class. The ... and highlighting the latent characteristics present in a set of numerical data. It not ... and also makes them amenable to further discussion, analysis, and interpretations. The first step in any scientific inquiry is to collect data relevant to the problem in

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