Question

Statistics’ means numerical information expressed in quantitative terms. This information may relate to objects, subjects, activities, phenomena, or regions of space. At the micro level, individual firms, howsoever small or large, produce extensive statistics on their operations. The annual reports of companies contain variety of data on sales, production, expenditure, inventories, capital employed, and other activities. With this basic understanding about statistics, you are required to describe any ten important terminologies used in managerial statistics.

Answer 1

The managerial statistics is an important branch of the statistics. The following is the important terminology used in managerial statistics;

1) Population: The whole group under a study, for example, all consumers of a city.

2) Sample: Part of the population under study, for example, 1000 consumers out of all consumers of a city.

3) Parameter: The attributes of the population that the observer is trying to study, for example, the proportion of total consumers purchasing a specific product.

4) Statistic: The attributes of the sample that the observer is trying to study, for example, the proportion of the 1000 consumers buying specific goods.

5) Variable: Any attribute which can be measured or counted such as sex, weight, race, income, and place of birth, etc.

6) Mean:  Decision-making tool that shows the average, for example, the average age of the consumers buying specific goods.

7) Standard deviation: An important tool that depicts the deviation from the average.

8) Sampling error: The error occurring in the results of the study due to the size of the sample.

9) Non-sampling error: Errors that can't be removed even after modifying the size of the sample.

10) Surveys: Process of collecting the data from the population/ sample.