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14 vizualizări52 paginiAn breif introduction of business statistics like mean , median mode weighted average
measures of disperssion
measures of central tendency.

Apr 13, 2019

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An breif introduction of business statistics like mean , median mode weighted average
measures of disperssion
measures of central tendency.

© All Rights Reserved

14 vizualizări

00 voturi pozitive00 voturi negative

An breif introduction of business statistics like mean , median mode weighted average
measures of disperssion
measures of central tendency.

© All Rights Reserved

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By:-

Shabana Shaikh 52

MMS -1 year

st

ACKNOWLEGDEMENT

Iwould like to express my special thanks of

gratitude to Prof-NADEEM M. who gave us the

golden opportunity to do this project of

Business Statistics. He helped us with valuable

suggestions and guidance in completing our

project. We came to know about so many new

things, we are really thankful..

INDEX

INTRODUCTION TO STATISTIC

MEASURES OF CENTRAL TENDENCY.

MEASURES OF DISPERATION.

DEFINITION OF STATISTIC

collection, interpretation, and presentation

of masses of numerical data.

A collection of quantitative data.

ADVANTGES OF STATISTIC

They are familiar to library staff and managers.

They can be analysed relatively quickly.

Information is collected in a standardised way.

They are usually straightforward to analyse.

They overcome the difficulties of encouraging participation by

users.

They are often required and respect by decision makers within

the institution and beyond eg- funders, government.

They support qualitative data obtained from questionnaires,

interviews etc with “hard facts”.

They are useful for benchmarking purposes.

ADVANTGES OF STATISTIC

issues in great depth and identify ways to solve

problems highlighted.

They are not suitable to evaluate user opinions, needs or

satisfaction with services.

It may be time consuming to arrange methods of data

collection eg- contacting vendors, liaising with IT

departments.

NATURE OF A STATISTIC STUDY

Formation of the problem.

Objectives of the studies.

Determining source of data.

Designing data collection forms.

Conducting the field survey.

Organizing the data.

Analyzing the data.

Reaching the statistical findings.

Presentation of findings.

STATISTIC IN BUSINESS

Business Statistics refers to the application

of statistical tools and techniques

to business and managerial problems for

the purpose of decision

making. Statistics is simply the study of

numerical data, facts, figures and

measurements.

IMPORTANCE OF STATISTIC IN

BUSINESS

Mutual funds.

Expenditure on advertising sales.

Relevance in banking and insurance.

Statistical quality control method.

Export marketing.

Maintenance of cost records.

Planning the operation.

The setting up of standards.

Limitation of statistic

Statistic does not study qualitative phenomenon.

Statistic does not study individuals.

Statistic data is only approximately and not

mathematically correct.

Statistic is only one of the methods of studying a

problem.

Statistic can be misused.

Misuse of statistic

Statistic

is like a clay of which one can

make a god or devil.

Statistics are the liars of first orders.

Statistic can prove or disprove anything.

SUBDIVISIONS WITHIN STATISTIC

and describe the used to make

characteristic of inferences about

set of data. population character

tics on the basis of

sample results.

MEASURES OF CENTRAL TENDENCY

MEASURES OF CENTRAL TENDENCY

MEANING

A measures of central tendency is a single value that

attempts to describe a set of data by identifying the central

position within that set of data. As such, measures of central

tendency are sometimes called measures of central

location.

The mean, median and mode are all valid measures of

central tendency but, under different conditions, some

measures of central tendency becomes tendency more

appropriate to use then others.

MEASURES OF CENTRAL TENDENCY

about typical or average values of a data set.

Mean, Median and Mode are the most commonly used

measures of central tendency.

It is unique that a data set has one and only one mean.

The value of the mean is influenced by all observations

in the data set.

SUB- TOPICS

Calculation of Weighted Average Price.

Arithmetic Mean in case of Grouped Data.

Calculation of Arithmetic Mean by Direct Method.

Calculation of Arithmetic Mean by Short-Cut Method.

Calculation of Arithmetic Mean by Step-Deviation

Method

CALCULATION OF A WEIGHTED MEAN

CALCULATION OF WEIGHTED AVERAGE

PRICE

ARITHIMETIC MEANIN CASE OG GROUPED

DATA

CALCULATION OF ARITHMETIC MEAN BY

DIRECT METHOD.

CALCULATION OF ARITHMETIC MEAN BY

SHORT-CUT METHOD

CALCULATION OF ARITHMETIC MEAN BY

STEP-DEVIATION METHOD

ARITHMETIC MEAN

ARITHMETIC MEAN

ADVANATAGES DISADVANATGES

Itsconcept is familiar It

is affected by the extreme

to most people. values in the data set.

Everydata set has Itsis tedious to calculate for

one & only one mean. large data.

Its

is useful for Itscannot be calculated for

comparison. grouped data with opened

classes.

MEAN

DEFINATION:-

The Mean is the Mathematical Average.

It is defined as the summation(addition) of

all the scores in your distribution divided by

the total number of scores.

Statistically, it is represented by M.

EXAMPLE

Median

DEFINATION:-

Median is a measure of central tendency

which gives the value of the middle most

observation in the data.

For finding the median of ungrouped data

we first arrange the data values of the

observation in ascending order and count

the total number of observations.

MEDIAN

ADVANTAGES DISADVANTAGES

Application of Qualitative

and Quantitative data. It is not based on every

observations.

It is not influenced by

present of extreme values. Its is not capable of algebraic

treatment.

It is especially useful in case

of continues series because Tends to be rather unstable

mid point is not used for value if the number of

calculation. observations is small.

Mode

The score in the distribution that occurs most frequently.

Least used of the measures of central tendency provides the

least amount of information.

MODE

ADVANTAGES DISADVANATGES

Easy to calculate & Some time no mode or

understand. more then one mode in

a given set of

Not effected by

distribution.

extreme value.

Not commonly used

Mode can be find by

Not used for further

qualitative and

quantitative. mathematically

calculation.

COMPARISION OF THE MEAN

MEDIAN MODE

MEASURES OF DISPERSION

DEFINITIONS

the items”.

INTRODUCTION

scatter or variability in observations. The variability, in

an observation, is often measured as its deviation from

a central value. A suitable average of all such

deviation is called the measure of dispersion. Since

most of the measures of dispersion are based on the

average of deviations of observations from an

average, they are also known as the average of

second order. As opposed to this, the measures of

central tendency are known as the averages of first

order.

CHARACTERTISTIC OF MEASURES OF

DISPERATION

It should be easy to Calculate & Understand.

It

should be Rigidly defined & based on all the

observation.

Itshould be capable of further mathematical

treatment.

It

should not be unduly affected by extreme

observations.

Itshould not be much affected by the fluctuations of

sampling.

RANGE

between its two extreme observations, the

difference between the largest and smallest

observations. Symbolically, R=L-S Where R

denotes range, L and S denotes largest and

smallest observations, respectively. R is the

absolute measures of range. A relatives

measures of range, also termed as the

coefficient of range.

RANGE

ADVANTAGES DISADVANTAGES

It is easy to understand and It cannot be calculated for

easy to calculate. a distribution with open

It gives a quick measure of ends.

variability. It is not based on all the

observations and it is very

much affected by extreme

observations.

It is not not capable of

being treated

mathematically.

INTERQUARTILE RANGE OR THE

QUARTILE DEVIATION

Interquartile range is used as measures of

dispersion. Interquartile range is the range of

middle 50% of observations. If the observations

of a distribution are more densely concentrated

around median, interquartile range will be less

than half of the range.Furthr, if they do not have

any concentration around median then

corresponding interquartile range will be wide

and will tend to be equal to half of the range.

QUARTILE DEVIATION

ADVANTAGES DISADVANTAGES

It is rigid defines and it It is very much affected by

is easy to understand. the fluctuations of sampling.

It is easy to compute. It is not capable of being

It can be calculated treated mathematically.

even for a distribution It is based on all the

with open ends. observation, not a reliable

measures of dispersion.

INTERFRACTILE RANGE

The interfractile range indicates the spread of the given data

between two fractiles in a frequency distribution. It may be

noted that different names are given to fractiles on the basic of

the fraction or division of the data they measure.

MEAN DEVIATION

The mean derivation is also known as the average deviation.it

is the average of absolute amounts by which the individual

items deviate from the mean. Since the positive deviations

from the mean are equal to the negative deviations, while

computing the mean deviation, we ignore positive and

negative signs.

MD- MEAN DEVIATION

|x|= deviation of an item from the mean * ignoring positive

and negative signs

n= the total number of observation

MERITS OF MEAN DEVIATION

is simple to understand and easy to calculate.

The values of extreme items have less effect on

the value of the mean deviation

As deviations are taken from a central value, it is

possible to have meaningful comparisons of the

formation of different distributions.

LIMITATION OF MEAN DEVIATION

It is not capable of further algebraic treatment.

Strictly on mathematical considerations, the method is

wrong as it ignores the algebraic signs when the deviations

are taken from the mean.

At times it may fail to give accurate results. The mean

deviation gives best results when deviations in the items,

median is not a satisfactory measures.

STANDARD DEVIATION

used measures of dispersion.

The values of the mean deviation and the

standard should be relatively similar.

It is the square root of the variance.

Has the same units as the original data.

Shows variation about the mean.

STANDARD DEVIATION

ADVNTAGES DISADVANTAGES

Possible to calculate the Compare to other it is

combines standard difficult to compute.

deviation.

Itgives more weight to

Based on every item of

distribution. extreme values and

It is used most

less to those which

prominently in further near to mean.

statistics work.

RELATIVES DISPERATION

as Coefficient of dispersion, are obtained as

ratio or percentages. These are pure numbers

independent of the units of measurement and

used to compare two or more sets of data

values.

IMPORTANT RELATIVE MEASURES OF

DISPERATION

Co-efficient of Range.

Co-efficient of Quartile deviation.

Co-efficient of Mean deviation.

Co-efficient of Standard deviation.

COEFFICIENT OF VARIATION

deviation as a percentage of the mean.

It is not strictly a measure if dispersion as it

combine central tendency and dispersion.

For any set of data, the co efficient variation is

given by

Formula write

STANDARDISED VARIABLE

A variable that has mean “O” variance “I” is called as

standard variable.

Values of standardized variable are called as standard

scores.

Values of standard variable i.e standard scores are unit

less.

Construction

Z= VARAIABLE – MEAN OF VARAIBLE

/STANDARD DEVIATION OF VARIABLE

THANK YOU

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