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  Business Statistics – Naval Bajpai Chapter 1 Introduction to Statistics  Business Statistics  – Naval Bajpai Learning Objectives Upon completion of this chapter, you will be able to:  Understand why statistics is important for managers  Understand the need for data  Understand scales of measurement  Make a comparison between the four levels of data measurement  Understand some of the basic concepts of statistics  Begin working on MS Excel, Minitab, and SPSS  Business Statistics  – Naval Bajpai Why Statistics Is Important for Managers Now a days a manager has to develop  statistical thinking .Statistical thinking can be defined as, the ability to collect, tabulate (present and describe), analyze and interpret data . Statistical thinking provides support indecision making.  Business Statistics  – Naval Bajpai Roadmap to Learning Statistics  To understand how to present and describe information.  To understand how a conclusion can be drawn from a sample of small size (taken from a large population).  To understand the concept of process improvement.  To understand how to obtain a reliable forecast of statistical variables of interest.
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