Why are Statistics useful ?

Business statistics is the science of good decision making in the face of uncertainty and is used in many disciplines such as quality assurance, financial analysis, econometrics, government, auditing, production and operations including services improvement, and marketing research.

Statistics not only apply to business. Statistics are widely used in application software designed for the benefit of engineering, medicine, physics, astronomy, information technology, biology, social sciences and many other fields of research.

 

Introduction to Statistics

In applying statistics to a problem, one begins with a process or population to be studied.

When a process observed at various times; data collected about this kind of "population" constitute what is called a time series.

For practical reasons, rather than compiling data about an entire population, one usually instead studies a chosen subset of the population, called a sample. Data are collected about the sample in an observational or experimental setting. The data are then subjected to statistical analysis, which serves two related purposes: description and inference.

Descriptive statistics can be used to summarize the data, either numerically or graphically, to describe the sample. Basic examples of numerical descriptors include the mean and standard deviation. Graphical summarizations include various kinds of charts and graphs.

 

Inferential statistics is used to model patterns in the data, accounting for randomness and drawing inferences about the larger population. These inferences may take the form of answers to yes/no questions (hypothesis testing), estimates of numerical characteristics (estimation), descriptions of association (correlation), or modelling of relationships (regression). Other modelling techniques include ANOVA, time series, and data mining.

Statistical Services

Statistical Research

Statistical Analysis

Statistical Problem Solving

Statistical Modelling

 

Software Tools used for Statistical Analysis:

Microsoft Excel

For intelligent spreadsheet analysis of statistical data, and the development of statistics focused applications software.

Statistics

Statistics is the science of collecting, organizing, presenting, analyzing, and interpreting numerical data for the purpose of assisting in making more effective decisions.

 

General Statistics

Frequency Distribution

 

Measures of Central Tendency

 

Measures of Dispersion and Skewness

 

Probability Concepts

 

Discreet Probability Distributions

 

Sampling Methods and Sampling Distribution