Podcast
Questions and Answers
Who is known as the 'Father of Statistics'?
Who is known as the 'Father of Statistics'?
Statistics is only used in business decision making.
Statistics is only used in business decision making.
False
What is the primary role of business statistics?
What is the primary role of business statistics?
To gain insights into business operations, market dynamics, and customer behavior and make informed decisions.
According to Professor R A Fisher, statistics is essentially a branch of applied ______________________.
According to Professor R A Fisher, statistics is essentially a branch of applied ______________________.
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What is the main goal of using statistical techniques in business?
What is the main goal of using statistical techniques in business?
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Kazi Motaher Hossain is known as the 'Father of Statistics in Bangladesh'.
Kazi Motaher Hossain is known as the 'Father of Statistics in Bangladesh'.
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Match the following definitions with their respective authors:
Match the following definitions with their respective authors:
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What is the benefit of using statistical methods in business?
What is the benefit of using statistical methods in business?
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Study Notes
Importance of Statistics
- Data are abundant and statistical techniques are used to make decisions that affect our lives
- Regardless of career, understanding statistical methods is essential for making effective professional decisions involving data
Definition of Statistics
- Statistics is the science of collecting, organizing, classifying, presenting, analyzing, and interpreting numerical data to derive valid conclusions and make reasonable decisions
- Sir Ronald Aylmer Fisher is known as the 'Father of Statistics'
- Kazi Motaher Hossain is known as the 'Father of Statistics in Bangladesh'
- According to R A Fisher, statistics is a branch of applied mathematics, applied to observational data
- According to W I King, statistics is the science of decision making in the field of uncertainty
Definition of Business Statistics
- Business Statistics is the systematic practice of collecting, analyzing, interpreting, and presenting data relevant to business operations and decision making
- It serves as a critical tool for organizations to gain insights into their performance, market dynamics, and customer behavior
- Business statistics involves applying statistical methods and techniques to uncover patterns, trends, and relationships within data
- Business statistics helps businesses understand their present situation and make future projections, enabling them to make informed decisions, set goals, and optimize processes
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Description
Learn why statistics is crucial in making informed decisions in your career and everyday life. Understand the role of statistical methods in data analysis and interpretation.
