Basics of Business Statistics (College Level)

Course details

Welcome to this course Business Statistics.

Statistics are an important tool for running a business effectively. Managers, especially CFOs are required to take decisions based on data collected over time. This data is useless unless it is analyzed and interpreted; Statistics enables the business managers to analyze the data and arrive at meaningful conclusions.

Statistical analysis allows businesses to deal with the uncertainties of the business. It allows managers to make sound judgments, knowing their decisions are based on data and not on assumptions.

Statistics is not only applied in the field of Management, Commerce, Economics, Social Sciences, Mathematics and so on, but also in our life like Public Services, Defence, Banking, Insurance, Tourism, Hospitality, Police, etc.

Statistics plays a very vital role in enriching a specific domain by collecting data in that field, analysing the data by applying various statistical techniques and finally making statistical inferences about the domain.

Gone are the days, when the managers used to make decisions on the basis of hunch, intuition, trial and error. Now a days business environment is highly complex and most of the decision making process rely on quantitative techniques which are nothing but combination of statistical methods.

Accountants and Finance Managers will be making use of data on previous sales, raw materials, wages and salaries, products of identical nature of other factories, etc for analysing them to maximise the profits. So they would be using some statistical methods to maximise their profits.

By taking this course, you will understand:

a) What is Statistics?

b) Relationship of Statistics with Economics, Business Management and Commerce & Industry.

c) How to collect data? (covering Interview Method, Mailed Questionnarie Method, Observation Method and Questionnaries filled in by Enumerators)

d) How to present data? (covering Textual Presentation, Tabular Presentation and Diagramatic representation)

e) Frequency Distribution.

Based on students engagement level, second level course will be created which will cover topics like Correlation, Regression, Index Numbers, etc.

This course is presented in self paced learning style.

You will watch video lectures in black board writing and teaching model.

Take this course to understand the basics of Statistics.