are of extreme importance in inspection plans we

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Unformatted text preview: charts, etc., are of extreme importance. In inspection plans we have to resort to some kind of sampling – a very important aspect of Statistics. 1.6.2 Statistics and Commerce: Statistics are lifeblood of successful commerce. Any businessman cannot afford to either by under stocking or having overstock of his goods. In the beginning he estimates the demand for his goods and then takes steps to adjust with his output or purchases. Thus statistics is indispensable in business and commerce. As so many multinational companies have invaded into our Indian economy, the size and volume of business is increasing. On one side the stiff competition is increasing whereas on the other side the tastes are changing and new fashions are emerging. In this 5 connection, market survey plays an important role to exhibit the present conditions and to forecast the likely changes in future. 1.6.3 Statistics and Agriculture: Analysis of variance (ANOVA) is one of the statistical tools developed by Professor R.A. Fisher, plays a prominent role in agriculture experiments. In tests of significance based on small samples, it can be shown that statistics is adequate to test the significant difference between two sample means. In analysis of variance, we are concerned with the testing of equality of several population means. For an example, five fertilizers are applied to five plots each of wheat and the yield of wheat on each of the plots are given. In such a situation, we are interested in finding out whether the effect of these fertilisers on the yield is significantly different or not. In other words, whether the samples are drawn from the same normal population or not. The answer to this problem is provided by the technique of ANOVA and it is used to test the homogeneity of several population means. 1.6.4 Statistics and Economics: Statistical methods are useful in measuring numerical changes in complex groups and interpreting collective phenomenon. Nowadays the uses of statistics are abundantly made in any e...
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This note was uploaded on 01/18/2014 for the course BUS 100 taught by Professor Moshiri during the Winter '08 term at UC Riverside.

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