managerial statistics I and II

managerial statistics I and II model exit exam. management, accounting, economics, marketing.
statistics 1 and 2 በደንብ ተዘጋጅቶ የቀረበ

Statistics is a group of methods used to collect, analyze, present, and interpret data and to make decisions.
Statistics is broadly divided into two categories based on how the collected data are used.
Descriptive Statistics:- Descriptive statistics consists of methods for organizing, displaying, and describing data by using tables, graphs, and summary measures.
Deals with describing the data collected without going further conclusion.
Note that Descriptive statistics includes the construction of graphs, charts, and tables, and the calculation of various descriptive measures such as averages, measures of variation, and percentiles
Example 1.1: Suppose that the mark of 6 students in Statistics course for COTM students is given as 40, 45, 50, 60, 70 and 80. The average mark of the 6 students is 57.5 and it is considered as descriptive statistics.
Inferential Statistics:- It deals with making inferences and/or conclusions about a population based on data obtained from a sample of observations. It consists of performing hypothesis testing, determining relationships among variables and making predictions.
Inferential statistics includes methods like point estimation, interval estimation and hypothesis testing which are all based on probability theory
Example 1.2: In the above example, if we say that the average mark in Statistics course for Mathematics students is 57.5, then we talk about inferential statistics (draw conclusion based on the sample observation).

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