What is Business Statistics?
The qualitative information regarding various term of business communication is termed as Business statistics.
The characteristics of statistical data?
- Statistics are aggregate of facts. Single and isolated figures are not statistics for the simple reason that such figures are unrelated and cannot be compared.
- Statistics are affected to a market extend by multiplicity of causes. Generally speaking facts and figures are affected to a considerable extent by a number of forces operating together.
- Statistics are numerically expressed. All statistics are numerical statements of facts in numbers. Quantitative statements are not constitute statistics.
- Statistics are enumerated or estimated according to reasonable standards of accuracy. Facts and figures about any phenomenon can be derived in two ways by actual counting and measurement or by estimate. Estimate cannot be as precise and accurate as actual count or measured.
- Statistics are collected in a systematic manner. Before collecting statistics , a suitable plan of data collection should be prepared and the work carried out in a systematic manner. Data collected in a haphazard manner would very likely lead to fallacious conclusions.
- Statistics are collected for a pre determined purpose. The purpose of collecting data must be decide in advance. The purpose should be well defined and specific. A general statement of purpose is not enough.
- Statistics should be placed in relation to each other. If numerical facts are to be called statistics, they should be compared. Statistical data are often compared period - wise called chronological comparison or region wise called geographical comparison.
Statistical investigation method definition briefly :
The statistical investigation are mainly point out four stages , namely :
- Collection of data.
- Presentation of data.
- Analysis of data. and
- Interpret of data.
Tags
Business Research
Business Statistics
Commerce
Data Analysis
Data Collection
Data Interpretation
Data Presentation
Data Science
Methodology
Quantitative Data
Statistical Data
Statistics