Statistics Summary Day-1

 "LIFE IS VERY UNPREDICTABLE.WHEN YOU ARE VERY SURE OF WHAT NEXT IS GOING TO HAPPEN IN YOUR LIFE,IT LANDS YOU SOMEWHERE UNEXPECTED, TEACHING YOU ONE OF THE MOST BEAUTIFUL WAY TO LIVE IT."

These lines are enough to introduce our first lecture on Business Statistics.What comes to our mind,when we hear the term "STATISTICS". Is this subject as superficial as restricted to graphs,diagrams,charts,etc...or it is as deep as teaching the fundamental principle of life that

"LIFE IS NOT ONLY ABOUT OBSERVING THINGS AND KNOWING FACTS,BUT TRYING TO FIND OUT REASONS BEHIND IT."

Our Statistics lecture started as a brain storming session, getting acquainted to some bizarre facts like Why volume of coke can is 330ml,instead of being in some round figure? Why there is difference in position of buttons on shirts of males and females, etc. STATISTICS IS THE STUDY OF THE COLLECTION, ORGANISATION,ANALYSIS, INTERPRETATION AND PRESENTATION OF DATA. We classified techniques as-

(I) Univariate(analysis of single variable)

(II)Bivariate(simultaneous analysis of two variables) 

(III)Multivariate(simultaneous analysis of three or more variables).

 Techniques are also classified as 1st level analysis & 2nd level analysis.

 Then, we learned about

a) Cross-Tab: Used often with Bivariate data

                      Conventionally- independent variables across top in column

                                              -dependent variables in rows below

b)OLAP ANALYSIS: a tool used to easily and readily analyse business opportunity and make prompt, effective business decisions.

Data are of two types-

(a)Primary Data-> Collected by the investigator himself

(b)Secondary Data->Already available somewhere or derived from primary data

There are 4 steps involved in any kind of data analysis-

(1)ANALYSIS

 (2)OBSERVATION

(3)INTERPRETATION

(4)STRATEGY.

There are 2 kinds of rules of analysis-

 (i)Rules of data analysis

(ii)General rules of analysis.

 Then we got to know various types of variables.Variables can be classified as

(i)Continuous
(ii)Category.

Continuous variables can further be classified as

(a )continuous continuous  (b)continuous discrete.

There are 4 ways of data measurement-

(1)NOMINAL-These numbers are just for name sake and add no meaning,eg-numbers written on back of  t-shirts of cricket players,mobile no-last 5 digits

(2)ORDINAL-These numbers have a order but magnitude of difference unknown,eg- top 10 richest businessmen in the world

(3)SCALE-Has order and magnitude of difference is known

 (4)RATIO-Highest level of measurement.Have order,magnitude of difference known,have absolute zero,ratio of two numbers is meaningful.With this ended our 1st session .

                After lunch, started our 2nd session, in which we learned the basis of SPSS software.SPSS stands for Statistics Package For Social Sciences. In this, basic data is entered with different variables and we define the variables. Then a real time data is used to understand the different component of software.We learned how to interpret the data,the difference between processing and analysis and how there is correlation between different variants of data like frequency.After that the basics of the normal distribution curve, were learned with respect  to historical representation of data.Box plot was the new concept which was touched upon.A box plot is a way of depicting gaps of numerical data through their quartiles. Box plot may have lines extending vertically from boxes which indicates variability outside the upper and lower quantities.

                      Thus in these two sessions ,we got to learn various basic concepts of statistics.With this ended our first meet with our new friend "STATISTICS".Hope our next meet would be as interesting as first one.

Written By: Pallavi Bizoara

Team Members: 1) Nidhi 

                          2) Nitesh Singh Patel
                          3) Nitin Boratwar

                          4) Palak Jain