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Chapter-1

Introduction: Statistics is considered an important field of study and its importance in management can never be ignored. Statistics models are used in making significant decisions of the company. All forms of data available to the company can be organized by using the statistical tools and statistical formulas can be used to analyze and interpret the data. Once the conclusions are drawn by using the statistical techniques, the management can make important decisions. Decisions related to new product launch, business extension, product diversification, and investment decisions are usually made based on statistical methods. Some of the common statistical methods include probability distribution, regression analysis, and graphical analysis etc. Origin: This is a report comes from our MSC- subject. The course instructor Mr. Asaduzzaman Chowdhury orally authorized the task of preparing the report to a group of student. He gave this report to learn the importance of Statistics in management. To follow the syllabus of our subject so we have to do some relevant study based on our report. Thats why this topic comes forward. Methodology: At first we have studied on Statistics. After having a clear concept about the methods and necessary of information, we analyze the statistics importance in management. Limitation: We faced some barriers while preparing this report. All the necessary data was not available. For this we assume some data to complete the report. Finally, another limitation was arisen with group consulting that was reduced to make this report a better one. Scope: We have collected some report about statistics from internet and analyze the importance of statistics in management and made the report. All data collected from internet.

Chapter-2
Definition of Statistics: 1. Statistics can be defined as the collection presentation and interpretation of numerical data.Croxton and Crowed. 2. Statistics are numerical statement of facts in any department of enquiry placed interrelation to each other.- Bouly. 3. Statistics are measurement, enumerations or estimates of natural or social phenomena systematically arrangement to exhibit their inner relation.- Conner. 4. By Statistics we mean quantitative data affected to a marked extend by a multiplicity of causes. Youle and Kendal. 5. The science of Statistics is essentially a branch of applied mathematics and can be regarded as a mathematics applied to observation data.- R.A fisher. The Importance of Statistics in Management Decision Making Whether designing new products, streamlining a production process or evaluating current vs. prospective customers, todays business managers face greater complexities than ever before. Running a shop on instinct no longer suffices. Statistics provide managers with more confidence in dealing with uncertainty in spite of the flood of available data, enabling managers to more quickly make smarter decisions and provide more stable leadership to staff relying on them. Focusing on Big Picture Statistical analysis of a representative group of consumers can provide a reasonably accurate, cost-effective snapshot of the market with faster and cheaper statistics than attempting a census of very single customer a company may ever deal with. The statistics can also afford leadership an unbiased outlook of the market, to avoid building strategy on uncorroborated presuppositions. Backing Judgments Statistics back up assertions. Leaders can find themselves backed into a corner when persuading people to move in a direction or take a risk based on unsubstantiated opinions. Statistics can provide objective goals with stand-alone figures as well as hard evidence to substantiate positions or provide a level of certainty to directions to take the company. Making Connections Statistics can point out relationships. A careful review of data can reveal links between two variables, such as specific sales offers and changes in revenue or dissatisfied customers and products purchased. Delving into the data further can provide more specific theories about the

connections to test, which can lead to more control over customer satisfaction, repeat purchases and subsequent sales volume. Ensuring Quality Anyone who has looked into continuous improvement or quality assurance programs, such as Six Sigma or Lean Manufacturing, understands the necessity for statistics. Statistics provide the means to measure and control production processes to minimize variations, which lead to error or waste, and ensure consistency throughout the process. Conclusion: Statistic is playing an important role in management. There are so many decision made in management without statistic it is not possible. So statistics play an important role in management decision making process.

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