IDOL Institute of Distance and Online Learning ENHANCE YOUR QUALIFICATION, ADVANCE YOUR CAREER.
M.B.A 2 All right are reserved with CU-IDOL Quantitative Techniques for Managers Course Code: MBA602 Semester: First SLM Units: 1 E-LESSON : 1 www.cuidol.in Unit-1 (MBA602)
Introduction to Statistics 33 OBJECTIVES INTRODUCTION Student will be able to : Understand the major concepts of Statistics . In this unit we are going to learn about the basic concepts of data. Basic theoretical and applied principles of statistics. Under this unit you will learn the terminology and special notation of statistical analysis. Learn about the various types of data. In this unit you will learn how statistical Analyze the primary and secondary sources of data techniques fit into the general process of and their applications in research. science www.cuidol.in Unit-1 (MBA602) INASllTITriUgThEt aOrFeDreISsTeArNveCdE AwNitDh OCNUL-IIDNOE LLEARNING
TOPICS TO BE COVERED 4 > Introduction to Statistics > Statistics in Business Decision Making > Types of Statistics > Statistical Inference > Types of data www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
WHAT IS STATISTICS ? 5 Statistics is defined as collection , compilation analysis and interpretation of numerical data . A. L. Bowley has defined statistics as : (i) statistics is the science of counting, (ii) Statistics may rightly be called the science of averages, and (iii) statistics is the science of measurement of social organism regarded as a whole in all its manifestations. www.cuidol.in Unit-1 (MBA602) https://www.investopedia.com/terms/s/statistics.asp All right are reserved with CU-IDOL
WHY STATISTICS? 6 To develop an appreciation for variability and how it effect product, process and system. It is estimating the present and predicting the future. Study methods that can be used to solve problems, build knowledge. Statistics make data into information. Develop an understanding of some basic ideas of statistical reliability, stochastic process (probability concepts) . Statistics is very important in every aspects of society (Govt., People or Business). www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
TYPES OF STATISTICS 7 Descriptive Statistics :use to organize and describe a sample /population. These are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire or a sample of a population. Descriptive statistics are broken down into measures of central tendency and measures of variability Inferential Statistics :use to extrapolate (estimate ) from a sample to larger population. These are techniques that allow us to use these samples to make generalizations about the populations from which the samples were drawn. It is, therefore, important that the sample accurately represents the population. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
CONCEPTS OF STATISTICS Census: In a census, data about all individual units (e.g. people or households) are collected in the population.8 POPULATION: The set of data (numerical or otherwise) corresponding to the entire collection of units about which information is sought. SAMPLE: In statistics and quantitative research methodology, a sample is a set of individuals or objects collected or selected from a statistical population by a defined procedure. The elements of a sample are known as sample points, sampling units or observations. STATISTICAL INFERENCE: Drawing Conclusions (Inferences) about a Population Based on an examination of a Sample taken from the population. PARAMETER: parameter is a characteristic of a population. A statistic is a characteristic of a sample. Inferential statistics enables you to make an educated guess about a population parameter based on a statistic computed from a sample randomly drawn from that population www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
SCOPE OF STATISTICS 9 Thus the scope of statistics can be extended to the following areas: Social Science: Such as for manpower planning, crime rates, income and wealth analysis of the society for various segments of people. It is now extensively used for pricing, production, consumption, investments and profits etc. Planning: Most useful and affective tool for planning in all spheres of life, whether for business, economics or government’s future planning for economic development. Economics: Today statistics is an integral part of any economic development theory and plans. The time series analysis is extensively used for future forecasts. Business Management: The old days of limited production have gone past long back www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
STATISTIC OF DATA 10 Data is collection of any number of observations pertaining to a happening. When we say /that there are 60 students in a class and 25 of them belong to Delhi, it is collection of data for the purpose of knowing how many students in a particular class belong to the city of Delhi. The statistical data can be broadly classified into two categories: 1. Published data 2. Unpublished data Data collection has the following preliminary requirements: (i) Objectives and the scope of data collection (ii) Source of information (iii) Method of data collection and (iv) Degree of accuracy required for the final result. Published data can be in the form of monthly publication on monetary and banking parameters, which can become the indicators of economic health of the business or country, such as those published by the Reserve Bank of India. Economic Surveys brought out by the Ministry of Economic Affairs also speak of the economy indicator. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
LIMITATIONS OF STATISTICS 11 • Sources of data not given https://www.assignmentpoint.com/business/business-statistics/limitations-of-statistics.html • Defective data • Unrepresentative sample • Inadequate sample • Unfair Comparisons • Unwanted conclusions • Confusion of correlation and causation www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
TYPES OF DATA 12 1. PrimaryData https://blogs.oracle.com/datascience/4-types-of-data-analytics 2. Secondary Data 3. Qualitative Data Unit-1 (MBA602) All right are reserved with CU-IDOL 4. Quantitative Data www.cuidol.in
PRIMARY DATA Primary data means original data that has been 13 collected specially for the purpose in mind. It means All right are reserved with CU-IDOL when an authorized organization, investigator or an enumerator collects the data for the first time from the original source. Data collected this way is called primary data. Primary data includes new information collected specifically for your purposes, directly from the people who know. Methods of primary data collection vary based upon the goals of the research, as well as the type and depth of information being sought. For example: Surveys and Focus group discussions. www.cuidol.in Unit-1 (MBA602)
SECONDARY DATA 14 Secondary data refers to data that is collected by someone other than the user. Common sources of secondary data for social science include censuses, information collected by government departments, organizational records and data that was originally collected for other research purposes. Sources of secondary data includes books, personal sources, journal, newspaper, website, government record etc. Secondary data are known to be readily available compared to that of primary data. It requires very little research and need for manpower to use these sources. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
QUALITATIVE DATA 15 Qualitative Data measures a quality or characteristic on each experimental unit. It is a categorical data. Examples: Hair color (black, brown, blonde, white, grey, mahogany) Make of car (Dodge, Honda, Ford, Toyota) Gender (male, female) www.cuidol.in Unit-1 (MBA602) https://blog.convert.com/qualitative-data-quantitative-data.html All right are reserved with CU-IDOL
QUANTITATIVE DATA 16 Quantitative data is a numerical measurement expressed in terms of numbers. For example: Temperature= “26 degrees\" , Height = \"1.8 meters“, Length = “2.5 feet”, Age = “9 years” Note: Quantitative data always are associated with a scale measure (degree/feet/years). Quantitative Data measure a numerical quantity on each experimental unit. Examples • For each orange tree, the number of oranges is measured.– Quantitative • For a particular day, the number of cars entering a college campus is measured.-Quantitative • Time until a light bulb burns out (4 months).-Quantitative www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
DATA COLLECTION 17 It is the process by which the researcher collects the information needed to answer the research problem The task of data collection begins after a research problem has been defined and research design chalked out. METHODS OF DATA COLLECTION Primary Data Secondary Data: https://medium.com/crowdforce-series/data-collection-in-4-simple-steps-5a89044597ef www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
PRIMARY DATA 18 Primary Data: Primary data are those which are collected for the first time and are original in character. Primary Data may be collected through: Experiments Surveys (sample surveys or census surveys) Interviews https://businessjargons.com/primary-data-collection-methods.html Observation Questionnaires Schedules www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
SECONDARY DATA 19 Secondary Data: Secondary data are those which have already been collected by someone else and which have through some statistical analysis. They are, generally, available from published source(s), though not necessarily in the form actually required. Common sources of secondary data for social science include census information collected by government departments, organizational records and data that was originally collected for other research purposes. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
MULTIPLE CHOICE QUESTIONS 1) A statistic is : 20 a sample characteristic b. a population characteristic c. unknown d. normally distributed 2) A parameter is: a. a sample characteristic b. a population characteristic b. unknown d. normal normally distributed 3) Observational studies allow: a. population inference b. causal inference b. both types of inference d. neither type of inference 4) Randomly assigning treatment to experimental units allows: a. population inference b. causal inference b. both types of inference d. neither type of inference Answers: 1.(a) , 2.(b) , 3. (d) , 4. (a) www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
SUMMARY 21 Statistics is defined as collection , compilation analysis and interpretation of numerical data In most studies, it is difficult to obtain information from the entire population because of various reasons. We rely on samples to make estimates or inferences related to the population. Drawing Conclusions (Inferences) about a Population Based on an examination of a Sample taken from the population is statistical inference. Data collection is the process by which the researcher collects the information needed to answer the research problem. Qualitative Data measures a quality or characteristic on each experimental unit. It is a categorical data. Quantitative data is a numerical measurement expressed in terms of numbers. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
FREQUENTLY ASKED QUESTIONS Q1. What is Statistical Unit? 22 Ans: A Statistical unit is the measure of variables or attributes selected for enumeration, analysis and interpretation. For further details Refer to the SLM. Q2. Explain the functions of statistics. Ans: (1)Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. (2) Statistics helps in collecting appropriate quantitative data. (3) Statistics helps in presenting complex data in a suitable tabular, diagrammatic and graphic form for easy and clear comprehension of the data. For further details Refer to the SLM. Q3. Discuss the divisions of statistics. Ans. The field of statistics is divided into two major divisions: descriptive and inferential. Each of these segments is important, offering different techniques that accomplish different objectives. Descriptive statistics describe what is going on in a population or data set. For further details Refer to the SLM. www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
REFERENCES 23 All right are reserved with CU-IDOL Black, K. (2008). Business statistics for contemporary decision making. New Delhi: Wiley India. Schiller, J., Srinivasan, R.,Spiegel, Schaum's.M(2012)..Outline Of Probability and Statistics. New Delhi: McGraw-Hill. Levin, R. I.,Rubin, D. S.(1999). Statistics for management. New Delhi: Prentice Hall of India. Webster, A. (2006). Applied statistics for business and economics. New Delhi: McGraw Hill. www.cuidol.in Unit-1 (MBA602)
24 THANK YOU For queries Email: helpdesk@cuidol.in www.cuidol.in Unit-1 (MBA602) All right are reserved with CU-IDOL
Search
Read the Text Version
- 1 - 24
Pages: