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1. MBA Super Notes© M S Ahluwalia Sirf Business
Version 1.0
Introduction to Statistics

2. MBA Super Notes© M S Ahluwalia Sirf Business
MBA SUPER NOTES
Statistics

3. MBA Super Notes© M S Ahluwalia Sirf Business
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4. MBA Super Notes© M S Ahluwalia Sirf Business
Statistics • The subject concerned with scientific method for collecting, summarizing,
presenting and analyzing data as well as drawing conclusions or making
predictions on the basis of such analysis
• A statement of numerical facts that can be subjected to further analysis and
that forms the basis for management decision making*.
Definition and types
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Decision making: In an environment of uncertainty, a decision making process leads a manager to one optimum
solution amongst the alternatives available, within the constraints of the available resources, such that the
manager optimizes the value of the objective function and simultaneously minimizes the risk involved.
Descriptive statistics
• Branch of Statistics, which seeks to
describe and analyze any data.
• Ex: Tabulation and graphical and
numerical summarization of the
statistical data published in magazines,
journals, and research papers to make it
convenient for the reader to understand.
Inferential statistics
• Branch of Statistics dealing with drawing
conclusions about the population with
the help of the analysis of a sample,
drawn from it
Types

5. MBA Super Notes© M S Ahluwalia Sirf Business
Phases of a statistical study2
Define objective(s)
Specify population and its
characteristic(s)
Plan and conduct data collection -
census vs. sampling
Compile data
Statistical analysis

6. MBA Super Notes© M S Ahluwalia Sirf Business
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7. MBA Super Notes© M S Ahluwalia Sirf Business
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