BUSINESS STATISTICS | BBA | UNIT-1 FULL EXPLANATION SEM-2 OSMANIA UNIVERSITY | ‎⁨@shivanipallela⁩

[00:00:00]Hello students, welcome back to our channel. So, here in this video we are going to discuss about business statistics of BBA semester two unit number one explanation. So, as you all know, unit number is completely theory.

[00:00:16]You are not having any problematic in unit number one and it is a very scoring unit to the students who want to score O grade, who want to get passed in the subject because absolutely you can score 16 marks because 12 marks long and four marks short. Sometimes four four two four marks questions they will ask. That time your weightage will become 24. So, that's why passing is 32. Means more than half of your passing marks will be secured from this particular theory unit. So, that's why I suggest every student that you should not skip unit number one. Basically, it is a easy unit. Okay. Now, this one video whatever you are watching here, it will be more than enough to attempt whatever the kind of questions theory they might be asking in the examination. Clear? So, now let's get into the video and this is my notes which is available in our Telegram group for free of cost. Okay, no need to pay anything and all the Telegram group link and WhatsApp and Instagram link everything is in the description box. Clear? Let's get into the video from unit number one.

[00:01:23]Unit number one is introduction and data presentation. Okay? So, what is the first question here we are discussing is define statistics, explain its scope, importance and limitations etc. Advantages anything they might be asking about the statistics. This is one of the most important and the expected question in the examination paper. Compulsory every student should learn about the meaning of statistics and any question they might be asking regarding this.

[00:01:53]Now, whatever that I'm explaining that you need to write it. Okay? And one more thing, ma, try to draw the flow charts and diagrammatical representation of the answer is also one of the main important thing to attempt in the examination. So, first introduction what you will write in. Statistics is one of the most important subject in business, economics, governor government, education, everything. Means that means this statistics subject whatever you are having, it is useful in the mathematics, government, and business, education, economics, everything, research, everything. This subject is alone useful for these many sectors, okay? It helps in collecting, organizing, analyzing, and interpretating the numerical data for better decision making. If you want to take a better decision making, no, this statistical will be very helpful to collect the numerical data. It will collect the data, it will organize data data, it will store the data, okay? It will analyze the data and it will give you the report also. So, to take a proper decision making, this statistics is one of the main important tool you can use it in the business or any kind of thing. Yes? So, what is the meaning of statistics? Exactly like this only you need to write in the examination, ma. The word statistics comes from the Latin word status. It is original word for the statistics is status from the Latin word, ma. It is meaning of state or a political state. What is the meaning of status? State or a political state. Statistics is science of collecting, organizing, presenting, analyzing, and interpretating the numerical data.

[00:03:26]Okay, it will collect the data, it will organize data data, it will present the data, it will analyze, and it will interpret it also, okay? Everything it will do in the numerical forms, okay?

[00:03:38]It is not in a theoretical way. It will It is in a numerical form, okay? So, numerical data it will be collecting like 70% of the people are agreeing for this color, 75% of the people are agreeing to the situation like that, it will collect the numerical data. Clear, ma? So, this is the meaning and introduction of the statistics.

[00:03:59]Compulsory, you need to write it. And coming back to the definition point of view, according to the Croxton and Cowden, okay? According to the Croxton and Cowden, statistical is the science of collecting, presenting, analyzing, and interpreting of numerical data.

[00:04:14]Same, whatever we have done We have explained in the meaning, same that only you have to do write it in the definition, also. Definition is also one of the main important thing.

[00:04:23]Definitely, you need to write it, ma.

[00:04:25]That is also it is uh securing the marks, okay? If you skip the definition, you'll not get the marks.

[00:04:31]Coming back to the features, what is the features? This is like a side heading point of view. In the examination, you can write elaborate. You can inside the matter. You can elaborate here, ma.

[00:04:40]Lopata matter elaborate cheyalsindi untadi, okay na? So, basically, statistics is a numerical data. It deals with only the numerical data like 1 2 3 4s like that only. It will deal with that, okay? That is the statistical thing. And next one, it is consisting of the collection of fact. Whatever the present collection of facts we are having, it will based on that facts only, okay? That is nothing about It is a collection of facts. Next one, ma. It is collected for a specific purpose. For example, if you are having a statistics If you are dealing with a statistics, what is the purpose of your doing this research? What is the purpose of that, okay? So, a specific purpose you will have to do this statistical terms. Okay?

[00:05:23]Sorry. Next one, it is used for the comparison. If you want to do any comparison, the statistical is also very helpful. And it will be very accurate and liable, okay? It is a whatever the data you have providing, based on that, it will give the accurate results. And it will be helpful for the decision making, also. If they are asking about the statistical features, this is how you You to write it, ma.

[00:05:45]Pick any five to six points and inside the matter only whatever you know, whatever just now I have explained. So, that only you need to write it in inside the matter. No need to by heart anything. We didn't by heart just see but they got going right as in a western lady. Okay, by own you should write it. Okay, then what is the scope of the statistics means in first one statistics will be helpful for the business. How it will be helpful for the business? It will like in future how many sales will be there, how much production we need to plan in the future, what is the inventory control.

[00:06:20]For this sake, the statistical will be helpful in the business. Whereas coming back to the economics, it will be helpful for the national income, it will control the inflation and it will able to identify the unemployment issues also. Okay, so next one, ma.

[00:06:37]It will be useful for the government also. How it will be useful for the government? It will be useful for the sensors, budget preparation and welfare schemes. For that also, our government or any government will be useful this statistics. In our India, there are 1.3 billion people are there.

[00:06:56]It is just a statistical data. Okay, it is just an estimation, nearby estimation like that. Okay, and it will be helpful for the banking also like for example loan analysis, for financial planning, for any kind of risk risk assessment.

[00:07:10]For this kind of things, this will be helpful. And again, it will be useful for the insurance also. Why it will be useful for the insurance? For premium calculation, okay, risk measurement. It will be helpful for the examination education also like for exam results. In exam results, sem one and sem two on an average how we will having your grade.

[00:07:29]Yes, average marks how we use with the help of statistical formula only. So, statistics will be useful in every departments, in every sector like agriculture, medical, education, government, welfare schemes, etc. Everything everything in business, economics, everything this statistics is one of the most important subject, okay?

[00:07:50]If they are asking about the importance or advantages of the statistics, means it will be helpful for the decision making. It will be helpful for the planning the production in the organization of the business. It will be helpful for to predict forecast is nothing about prediction. In future, how many sales you can do, like that. Okay, it will be helpful to understand the market research. Yes, and it will be able to control your quality in the organization. Product quality is one of the main important thing. So, according to the statistics, you can able to collect the quality also. And it will be helpful for the financial analysis, like preparation of the budgets and financial management, financial statements, for that also the statistics will be useful. And it will be helpful to measure your performance evaluation also, etc. So, like that, there are so many advantages there are so many importance we are having with the help of this statistics, okay? Next one, my limitations. Limitations mean disadvantages. Statistics is only using the numerical data, so that is also one of the main thing.

[00:08:52]It cannot study individual data. For example, it will only study about the bulk related of the data. Individual study it will not do, that is also one of the main disadvantage. It only depends on the quantity. It It will not depends on the quality. But quality is one of the main important thing than quality, no? Than quantity, no? So, that's why it is also one of the main disadvantage. It can be misused. It cannot be exactly same science. And it It should require the skilled um interpretation, okay? It does not reveal the complete truth. Okay?

[00:09:26]So, like that, there are so many negative things you are having, so many limitations or disadvantages you are having in the statistics. If they are specifically asking about the disadvantages, then only you can write it. If they're asking about the scope, nature, importance, role, functions, objectives, anything related to the statistics, just know whatever the points I have discussed, pick up any seven to eight points, ma.

[00:09:46]Inside the matter, you should write it by your own. And examination, you need to write it under three sides, okay? For 12 marks in the part B, you need to write three sides, okay? Understood? So, coming back to the conclusion, statistics plays a vital role in the business by helping in the planning, organizing, forecasting, relation making everything. So, whatever you are having, it will be helpful for you to achieve your great results. Like that, you can conclude your answer.

[00:10:13]What is the second answer I have given, ma? What is the second question? First question is most important. Second question is classification and tabulation of data with suitable examples, okay? So, what is meant by introduction about this classification and tabulation? So, after collecting the data, it must be arranged in a systematical manner. For example, if I have collected the data, I need to arrange it in a order wise. Only systematical order. Whereas, classification and tabulation will be helpful to organize data data to understand easily, to maintain the data to be arranged in a systematic order.

[00:10:45]For that case, this what we can say, this classification and tabulation will be helpful. This is a introduction. Then, first, what is meant by classification of data?

[00:10:56]Classification of data is nothing about division of your data. That means, classification means arranging the data into different groups or classes based on the common characteristics. For example, if all are degree students, one degree student is B.Com, one is another from BBA, one is from BA, one is from BSc, like that. So, you're classifying, you're dividing the data based on some groups. What is the definition that is called classification? Classification is nothing about a process of grouping the similar data into different categories. You all are degree students only, but from different courses. So, that's why I am just making you to a similar group for the different categories of the students. Okay, what is the objectives we are having here means for this it will simplify the data. It will make the comparison easily. It will save your time. It will make the helpful for the analysis also. It improves the understanding also. For that case, this will be useful. Okay, the statistical classification will be useful. Next What is the types of classifications we are having means first one more qualitative classification. Qualitative classification. Qualitative classification is nothing about based on the qualities. Like for example, male or female. Male members will be in different category. Female members will be different category like that. That is called quality. What kind of quality based on the seeing the quality they are doing. Next one is quantity based.

[00:12:23]Quantity is nothing about the numerical values. If high number of >> [clears throat] >> people are there, it will be in one group. For example, >> [snorts] >> 0 to 10 years age group in one group. 11 to 20 years in second group. 21 to 30 years third group like that. You are depending on the quantity. This is the second type. Third type is about the geographical classification based on the place. If they are from Telangana one group. If they are from Andhra Pradesh second group. If they are from Karnataka third group. If they are coming from the Delhi, they should be fourth group like that. It is depends on the geographical way. Okay. Next one chronological order. Chronological order is nothing about the years based on the time. 2023 sales, then 24, then 25. What are the different sales we are having here? That is called chronological order. Okay, this is the three types of classifications we are having. Sorry, four types of classifications. This is a fourth one. Okay, this is a mistake.

[00:13:21]Okay. Now second one tabulation also we need to discuss about that. Tabulation is nothing about presenting your data in table. In table what you will have in table you will have rows and columns, yes? Tabulation is nothing about arranging the data in a form of systematical table. For example, in a parts of table what you will have in a table you will have the table number, you will have the title, you will have the head note. Okay, in a table you will have the head note, you will have the captions, you will have the row, you will have the body, footage, footnote and sources. Like that there are different parts of the table you are having like some of them I have explained here. Examination also like this only you need to write it, ma. What is the advantages of this tabulation means same. It will be easy to understand, it will save your time, it will easy for the comparison, it will be helpful for the statistical analysis, it will be helpful for the presentation attractive. So, everything this tabulation also will be helpful. Both the classification and tabulation will make your task easy, it will make the data simple, systematic and easy to understand also, okay? So, it will be very essential for the statistical analysis as well as the business decision making. Like this you can conclude your answer. Clear? Understood?

[00:14:32]So, this is the second question. And coming back to the last question from the unit number one, ma. Last question, if you could read this means it will be more than enough. First question Last question is describe the construction of frequency distribution and different methods of graphic graphical representation of data. First, introduction. Large amount of data are difficult to understand. So, frequency distributions and graph what it will do means it will represent your data in a diagrammatical representation to understand the data in a simple way and a meaningful way. For example, if I could give you a thousand pages of book, will you read it? Definitely no. If I merge that information into a picture format or a graph format, we can easily understand that. So, that is about the frequency distribution.

[00:15:19]Frequency distribution is nothing about a table showing the number of times each value or class occurs. Okay, what is the definition for this frequency distribution means it is nothing about a systematical arrangement of data according to the frequency of occurrence now. Okay, what are the steps we will have in this constructing frequency distribution means first one you will have the you need to collect the data. After that you need to find the highest number to lowest number values. You need to arrange that from highest value to lowest value. For example, like if highest number is 100, okay, then 90, then 70, then 60, then 50 like that. You need to arrange from highest value to lowest value and then you need to decide the class intervals, then you need to prepare the class limits, then you need to use the tally marks, then you need to count the frequencies and lastly you need to prepare the frequency table. Like this in eight steps you will construct a construction of the frequency table will occur. In eight steps we will do. In the examination also this is the way only this like this only you should write it.

[00:16:21]>> [snorts] >> Or else write like this. Step one, this one. Again step two, this one. This is also one of the main important diagram you can use it. So, what is the graphical representation of data?

[00:16:32]Graphical representation of data means nothing about representing presenting your data with using diagrams and the graphs. What is the advantages for this you are having means easy it will be easy to understand, easy to understand, it will be having the attractive presentation. It will be having the easy comparison. It will save your time. It will be helpful for your decision making. As you could observe from first question to last question, whatever the advantages we are learning, it is having the same thing.

[00:17:01]It is saving the time. It will be helpful for the decision making. It is easy to understand. It will have the easy comparison. Same thing. So, this is the side headings. Inside the matter you can write it by your own in the examination related to the matter. Okay.

[00:17:14]Next, what are the different methods we are having in the graphical representation First one, bar diagram.

[00:17:18]We all know about the bar diagram. Like this it will be there.

[00:17:22]Yes?

[00:17:23]This is called bar diagram. Next one, pie chart. Pie chart is nothing about in the circle way. This much is rice, this much is expenses, this much is cloth, this much is shelter, like that. Okay.

[00:17:33]Next one, histogram. Histogram is nothing about continuous frequency you'll have. You can draw the diagrams also my like this.

[00:17:39]Okay, continuously you are having like this.

[00:17:42]Okay? So, that is called histogram.

[00:17:44]Okay. Next one you'll have in the frequency polygon. Frequency polygon is nothing about midpoints of histogram you'll have in in histogram you'll have the midpoints. That is called polygon.

[00:17:53]Next frequency curve is nothing about the points in the frequency polygon. And next you'll have the ogive curve. In ogive curve you'll have less than ogive curve, more than ogive curve. And last one, line graph. Okay, like this your graph will be there.

[00:18:07]Okay? So, like this there are different seven types of graphical representation you're having my. If okay means you can draw this kind of graph diagrams in the examination answers. Clear?

[00:18:19]What is the conclusion you can use it over here means frequency distributions are graphical representations are simply we can elaborate our large data into large sets of data into small identical data. It will be helpful in the analysis, comparison and it will be helpful for the decision making also.

[00:18:40]Like this you can conclude it. Okay? So, this is about the first unit my. What whatever I have explained now, that will be more than enough for the long as well as the short also. Even for short also from this only your questions will be there.

[00:18:54]So, definitely don't skip this unit and let me know whether you have listened the video till the end or not. If you could listen means make a blue heart in the comment section so that I'll understand. Okay? So, how many members are waiting for the next upcoming explanation videos of this specific subject? Do let me know in the comment section. This PDF is absolutely available in our Telegram group. See you all in next video, students. All the very best and thank you so much.