Business Statistics
The word 'statistics' is used in two senses: plural and singular. In the plural
sense, it represents a set of figures. Hence we have facts and figures on
sales, profits, working hours etc. In the singular sense, Statistics refers to
the various tools that are used to collect these figures, present them,
analyse them and draw conclusions.
'Statistics' has been defined differently by different authors. Spiegal
defines Statistics as “Statistics is concerned with the scientific method for
collecting, organising, summarising, presenting and analysing data as
well as drawing valid conclusions and making reasonable decisions on the
basis of such analysis.”
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