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Statistics Concepts for Management

This document contains statistical concepts and formulas. It discusses various measures of central tendency including the trimmed mean, median, geometric mean, and mode. It also covers measures of dispersion like range, standard deviation, and coefficient of variation. Finally, it introduces probability concepts such as sample space, sample point, classical, relative frequency, and subjective approaches to probability, as well as mutually exclusive events, joint probability, and the addition rule.

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Prateek Chitambare
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58 views2 pages

Statistics Concepts for Management

This document contains statistical concepts and formulas. It discusses various measures of central tendency including the trimmed mean, median, geometric mean, and mode. It also covers measures of dispersion like range, standard deviation, and coefficient of variation. Finally, it introduces probability concepts such as sample space, sample point, classical, relative frequency, and subjective approaches to probability, as well as mutually exclusive events, joint probability, and the addition rule.

Uploaded by

Prateek Chitambare
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

STATS(lect-1)

Statistics for management Levin and rubin


trimmed mean in a data set having very high and very low values
the extreme values are discarded from computing the mean(extremes
are called as outlier)
mean is affected by extreme values whereas the median is not
median generally when the values given have a huge deviation from
each other median is used(we dont ignore the outliers while taking
median)

geometric mean used to find the average rate of growth of a quantity


over time
GEOMEAN formula in excel
growth factor(GF) = final val/initial val
GF>1 increase in growth rate vice versa
Mode a data set can have multiple modes but only one mean and
median
Range max value min value
STATS(lect-2)
Standard deviation (SD)
Average variation from the mean.It is an indication of how closely the
data points are clustered about the mean.Greater the SD
Data set that has all values the same have 0 SD
It is represented as the average distance of the data point form the
mean of the data set(always examine the mean and the SD of a data
set before coming to any conclusion)
STDEV(formula in excel)
Variance = square of SD

Coefficient of variation (CV)- No unit


Cv=sd/mean
Higher dispersion indicates greater risk
Probability a likelihood of an event to occur,laws of probability hold
for large values
Sample point (SP) - basic outcome of an event
Sample space set
Types of probability
1 classical approach getting the probability without performing the
experiment
2 relative frequency approach probability calculated using the prior
results
3 subjective approach
probability of an event(P) = no of outcomes where event occurs/total
no of outcomes
mutually exclusive events
Joint Probability
P(AB) = P(A) * P(B)
Addition rule
P(AB) = P(A) + P(B)

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