Advantages And Disadvantages Of Statistics

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RESEACH ASSIGNMENT MBA I Sem. (1st Shift Sec. B) September, 2016 Paper Code: MS-103 Subject: Decision Sciences Max. Marks: 10 Batch : 2016-18 Roll number- 41015903916 Q. Define statistic. Bring out the applications of Statistics in economic and business administration. Also point out any two limitations of statistics. Ans. The practice or science of collecting and annalysing numerical data in large quantities, especially for the purpose of inferring propotions in a whole from those in a representative sample. A collection of quantitative data is called statistics . The origin of the word statistics may be traced to the latin word ‘status’ or the italian word ‘statista’ from or the german word ‘ statistics’ meaning political state. As time progressed the idea behind the word statistics has undergone a phenomenal change. Today statistics as a separate discipline from mathematics is closely associated with almost all branches of education and human endeavour which are mostly numerically representable. Statistics refers to classified facts that represents the conditions of the people in a state especially those facts which can be stated in numbers or in any tabular or classified arrangements . One of the widely accepted definitions came from Horace secrets. He defines that By statistics we mean aggregate of facts , affected to a marked extent by a multiplicity of causes
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