Statistics in Business Management

Statistics in Business Management

Author Name : Aneesh B Aniyan

ABSTRACT

Statistics is a method used by the whole world. It is helps to reduce or simplify the complex situation in our life. Statistics causes the human mind to become more attractive and to take decision without error. Statistical study is deep study of a subject. This study examines how, when, for what reason, and what may be future. Decision will be based on the data of current year or the year immediately preceding the start of the study. The decision of the future will be effect the changes of environment at that time and the decision may be positive or negative. So that, Statistics is treated as a probability or possibility. Statistics can only help to learn one thing at a time. Statistically reliability is depending upon the data. Therefore statistical report quality changes as data quality changes. Statistics is  not a substitute to common sense. When all facts expressed in numbers the fact / data can be used for formulating the policies to solve problems. Statistics makes use of raw facts for drawing meaningful inferences. Statistics is continuous process; it starts with data collection and with end result. That means data move for further changes like a data collection, classification, selecting alternatives, presentation, analysis, interpretation and implement ting the decision in appropriate time. The word of statistics derived from the Latin word status or German word statistic. Each word means a “political state”. A collection of facts about the people in the state for administration or political purpose was known as statistics. Thus the subject of statistics has developed as a” science of state craft”. It covers a lot of things like meaning and definition, importance, function, limitation, process for statistical reports.

Key words: Meaning and definition, importance, function, process for statistical report.