Welcome to Business Education

My purpose to create this blog is to provide help to Pakistani students for business education. Business education is quite common in all over the world. But in Pakistan, due to the education systems the students are not up to the mark to understand things from International Authors. Keeping in mind the students with low English skills , I've tried to put the things simple for them.

As I am a student of Business Studies, I will post whatever I've understood but in simple and clean language so every one should be able to grasp the basic concept behind it.

hope you people will appreciate my effort.

Thanks

Introduction to Statistics

Business Statistics
What is Statistics?

In general, “numerical facts or information collected about a person, a group of persons, an institution, a province etc… is known as statistics”.
e.g. The statistics of Javed Miandad, the statistics of an automobile company etc…

“Statistics is defined as the plural of statistic.”
Statistic: Any numerical value such as mean, median, mode, variance etc… calculated from sample data is known as statistic.

As a subject, Statistics is defined as “the collection of methods used to collect, summarize and analyze the information to draw conclusions and make decisions.”

Branches of Statistics

Statistical methods are divided into two broad categories:

1. Descriptive Statistics:
It is branch of statistics which consist of methods of summarizing and presenting data in such a way that main features of the data become apparent.
Frequency Distribution, charts, measures of location, measures of dispersion etc…

2. Inferential Statistics:
The branch of statistics which consist of methods of analyzing the data and draw conclusions from it. The process of hypothesis testing is part of inferential statistics.

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