Introduction to Business Statistics

We know that Management consists many positive features  of Psychology , Anthropology, Economics, Mathematics and Statistics so Statistics plays an important role for the success  of manager in 21st century.

Statistics is the systematic study of Data.

In other words we can say that statistics is the systematic study of Data collection ,analysis ,interpretation into information.

Different authors have defined  'Statistics'in different ways . Some ways are as follow-

1.According to Prof.Horace Secrist:- "Statistics is the aggregate of facts affected to a marked extent by the multiplicity of cause,numerically expressed,enumerated or estimated according to reasonable standards of accuracy ,collected in a systematic manner for a predetermined purpose and placed in relation to each other."

2.According to A.L. Bowley:-"Statistics are a numerical statements of facts in any department of inquiry placed in relation to each other."

3According to Secrist's- Of all the definitions ,Prof.Horace Secrist's definition seems to be the most comprehensive as it includes all the aspects of statistics.

4.According  to Boddington- "The science of statistics is the method of judging collective,natural or social phenomenon from the results obtained from the results obtained from the analysis or enumeration or collection of estimates."

5.According to me Statistics is the science and art of collection presentation analysis and interpretation of data into information.