Managerial Statistics Presentation Transcript

1. an overviewBy Jairaj Gupta 2. there are three kinds of lies: lies, damned lies and statistics. Benjamin Disraeli By Jairaj Gupta 3. Statistics Statistics is a art and science pertaining to the collection, analysis, interpretation or explanation, and presentation of data. By Jairaj Gupta 4. Utility of Statistics To understand the reason for variation of a data and its causes to take better decision about a phenomenon that produced it. By Jairaj Gupta Personnel Finance Production Marketing 5. Statistics in business management By Jairaj Gupta 6. Levels of Measurement nominal Categories, e.g. sex Ranking, 4 main ordinal e.g. good/average/poor types Scale with equally spaced interval intervals e.g. temperature Scale with a true zero ratio e.g. height The measurement level determines the type of descriptive statistics you can use 7. Concept of sample and population Population is the total group of respondents that the researcher wants to study. Populations are too costly and time consuming to study in entirety. Sample is a section of the population that we are actually going to survey. It is important to have a sample that will represent our entire population in order to minimize biases. E.g.: You want to know how American citizens feel about the war in Iraq. Your population: The United States. Your sample: 500 citizens selected randomly from each state. By Jairaj Gupta 8. Concept of Statistics & Parameter Characteristic of a sample is called statistics and characteristic of a population, which is inferred on the basis of the sample statistics is called parameter. By Jairaj Gupta 9. Types of statistical methods Descriptive InferentialDescriptive statistics includes With inferential statistics, westatistical method involving the are trying to reach conclusionscollection, presentation & that extend beyond thecharacterization of a set of data immediate data alone. Forin order to describe its variousfeatures. They provide simple instance, we use inferentialsummaries about the sample statistics to try to infer from theand the measures. Together sample data what thewith simple graphics analysis, population parameter might be.they form the basis of virtuallyevery quantitative analysis ofdata. By Jairaj Gupta 10. It does not study qualitative phenomenon. Limitations of statistics It can be misused. It does not study individual fact or observation. Statistical results are true only on an average. By Jairaj Gupta Data are collection of any number of related 11. Data A collection of data is called a data set, and a single observations. observation data point. By Jairaj Gupta 12. Qualitative & quantitative data Qualitative Deals with descriptions. Quantitative Deals with numbers. Data can be observed but Data which can be not measured. E.g. color, texture, smell, measured. E.g. length, height, area, beauty etc. volume, speed etc. By Jairaj Gupta 13. Concept on Discrete & Continuous dataA type of data is discrete if there Continuous data can take upare only a finite number of any numerical value. This is avalues possible or if there is a type of data that is usuallyspace on the number line associated with some

sort ofbetween each 2 possible values. physical measurement.Ex. A 5 question quiz is given in Ex. The height of trees at aa Math class. The number of nursery is an example ofcorrect answers on a students continuous data. Is it possiblequiz is an example of discrete for a tree to be 76.2" tall? Sure.data. The number of correct How about 76.29"? Yes. Howanswers would have to be one of about 76.2914563782"? Yesthe following : 0, 1, 2, 3, 4, or 5. By Jairaj Gupta 14. Sources of data Secondary data: Primary source: source that itself collects the data. source that uses available data which were collected by some other agency. By Jairaj Gupta Data 15. Primary Data Advantage: find data you need never gathered before or first hand data. to suit your Disadvantage: usually more costly and time purpose consuming than collecting secondary data By Jairaj Gupta 16. Indirect Direct personal interview Methods of collecting primary data Mailed questionnaire Information from correspondents oral interviews Schedules sent through enumerators method By Jairaj Gupta 17. Direct personal interview There is face to face contact of the Respondent feels encouraged to surveyor with the respondent.Merits: Information obtained is more correct as the interviewer can answer. clear up the doubts pertaining to certain questions & can even cross- Sensitive questions can be cleverly dealt after examine. analyzing the Language of communication psychology of the respondent. Chances of personal Costly could be adjusted if required.Demerits: prejudice & bias is higher compared to other Interviewer methods. Time consumingSuitability: where needs to be an expert in his area intensive study of a limited field is desired By Jairaj Gupta 18. Indirect oral interview Here the interviewer contacts third party capable of supplying necessary information. It is generally adopted in those cases where the information to be obtained is of complex nature and the informants are reluctant to respond if approached directly. E.g. information regarding addiction to drug, alcohol, visiting prostitutes etc. By Jairaj Gupta 19. Information from correspondent Here the investigator appoints local agents or correspondents in different place to collect information. Newspaper agencies generally adopt this method. However the information may be affected by the personal prejudice and bias of the correspondent. By Jairaj Gupta 20. Schedules sent through enumeratorsSchedules (is the name usually applied to a set of questions which are asked and filled in a face-to-face situation with another person) are sent through interviewers or enumerators to get replies of the Illiterate questions in the schedule from the respondents.Merit: Rate of can participate as questionnaire is filled by enumerators. response is high as respondents are contacted personally.Demerits: Training and expertise of enumerator Time consuming Involves high cost is required By Jairaj Gupta 21. Mail questionnaire method Here a list of questions pertaining to the survey is prepared Most and sent to the various informants by post.Merits: suitable when field of investigation is vast and informants are spread Respondents Relatively cost effective. over wide geographical area. can fill it in her own preferred time & may consult others if Respondent needs to be literate, cant be used for required.Demerits:

Information may be Involves uncertainty about response. illiterates. wrong & may be difficult to verify the accuracy. By Jairaj Gupta 22. Secondary Data Secondary data is data collected by someone other than the user. Common sources of secondary data for social science include censuses, surveys, and organizational records. By Jairaj Gupta 23. Advantages and Resource implications Disadvantages of secondary data:Advantages: usually easier to gather than primary Cost data & time effective Deficiencies & gaps can be identified easily and rectification Quality and permanence of data measures could be take to overcome them. Cost and access Suitability eg. government surveysDisadvantages: may still be difficult in spite of resource Validity of advantages some secondary data (eg. Internet sources) By Jairaj Gupta 24. Constructing the QuestionnaireSelect the correct open ended harder to score but get richer types of questions: closed ended, dichotomous offer two either/or information responses multiple choice select one or more (true/false; yes/no; for/against scaled response gather range of values (strongly than one disagree, somewhat disagree, neutral, somewhat agree, strongly agree By Jairaj Gupta 25. Important characteristics of Gather demographic Plan a user-friendly format. good questionnaires data age, gender, etc., when necessary. Guarantee anonymity (without name). Ensure ease of tabulation. Ask well-phrased and unambiguous questions that can be answered. Develop for completeness get all the data. Pilot test the instrument. By Jairaj Gupta