Here’s your answer in well-structured points, covering meaning, characteristics, scope, functions, role in business and management, and statistical methods useful for managerial decisions:
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1. Meaning of Statistics
Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
It helps convert raw data into meaningful information for decision-making.
It applies mathematical principles to study variability and make inferences.
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2. Characteristics of Statistics
1. Deals with Numerical Data – Focuses on quantitative information.
2. Aggregated Facts – Analyzes groups, not individuals.
3. Systematic Collection – Requires structured and planned data collection.
4. Comparison and Relationship – Facilitates comparison and establishes correlations.
5. Estimation and Forecasting – Supports predictions based on historical data.
6. Conditional Validity – Results are valid under certain conditions and assumptions.
7. Used for Analysis and Interpretation – Must be interpreted with logic and relevance.
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3. Scope of Statistics
1. Economics – National income estimation, price index, economic forecasting.
2. Business and Management – Decision-making, quality control, sales forecasting.
3. Sociology and Psychology – Surveys, behavioral analysis.
4. Medical Science – Drug trials, public health studies.
5. Education – Exam performance analysis, research evaluation.
