The main limitation of using statistics to make decisions is that it can be difficult to accurately interpret the data and draw meaningful conclusions. Additionally, statistics can be subject to bias and errors, which can lead to incorrect decisions.

(i) Characteristics of Statistical Data (a) Statistics are aggregate of facts (b) Statistics must be numerically expressed. (c) Statistics are collected for a pre-defined purpose (d) Statistics should be collected in a systematic manner. (e) Statistics are placed in relation to each…

Tabulation is a method of presenting numeric data in rows and columns in a logical and systematic manner to aid comparison and statistical analysis. It allows for easier comparison by putting relevant data closer together, and it aids in statistical analysis…

The probability is the measure of the likelihood of an event to happen. It measures the certainty of the event. The formula for probability is given by; P(E) = Number of Favourable Outcomes/Number of total outcomes.

The classification of statistical data is done after considering the scope, nature, and purpose of an investigation and is generally done on four bases; viz., geographical location, chronology, qualitative characteristics, and quantitative characteristics.

The term business refers to an organization or enterprising entity engaged in commercial, industrial, or professional activities. The purpose of a business is to organize some sort of economic production of goods or services.

Business statistics helps predict future sales more accurately using past data. This is called forecasting. For example, a cafe can estimate how many customers may visit next month based on last year’s customer data. This helps plan better – they can…

Mean is the average of the observations. Median is the central value when observations are arranged in order. The mode determines the most frequent observations in a data set. Variation is the measure of spread out of the collection of data.

The results could be presented through tables, graphs, or charts to make them easy to understand and interpret. So, that’s it! The four phases of a statistical investigation are pose a question, collect data, analyze the data, and interpret the results.

The two major areas of statistics are known as descriptive statistics, which describes the properties of sample and population data, and inferential statistics, which uses those properties to test hypotheses and draw conclusions. Descriptive statistics include mean (average), variance, skewness, and…