Chapter 1

Statistics: An Overview

LEARNING OBJECTIVES

After studying this chapter, you should be able to

  • present a broad overview of statistics as a subject.

  • bring out applications of statistics and its usefulness in managerial decision-making.

  • describe the data collection process.

  • understand basic concepts of questionnaire design and measurement scales.

Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write.

—H. G. Wells

1.1 REASONS FOR LEARNING STATISTICS

H. G. Wells’ statement that the ‘statistical thinking will one day be as necessary as the ability to read and write’ is valid in the context of today’s competitive business environment where many organizations find themselves data-rich ...

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