Statistics for Management and Economics Answers

Introduction to statistics for the management and economics answers:

                    Statistics for the management and economics answers deals with the statistics mechanisms which is used to plot the data in a tabularized form and the term economics deals with the production and consumption, the data used in the economics are represented using the statistical methods so that we can manage the economical easily. In this article we deal with the statistics for the management and economics answers.

Statistics for the Management and Economics Answers:

Managing the data:
    The economical data are represented using statistical methods like graphs, charts like tables, charts, graphs or in a standard format and also in finding the probability of the random variables using the different probability distributions like poisson,binomial we can manage the economical data.

The following are the points that represents the importance  of statistics to economics, they are

• Quantitative expression of economic problem
• Inter sectoral and inter temporal comparisons
• working out  cause and effect relationship
• construction of economic theories and models
• economic forecasting
• Formulation of policies
• economic equilibrium

Example Problems - Statistics for the Management and Economics Answers

Some of the statistical methods to manage the data are given below,
Here we will see how the sample problems are solved using the different types of graphs like bar graph, histogram, pie- chart,line graph, scatter plot graphs.
Depends on the types of data, we can select the types of graphs.
Example problem 1- statistics for the management and economics answers
Let us consider the following organised data given in the table, Manage the given organised data using statistical graphs.
The following table shows, the numbers of visitors in the bank in a week.Solve the organised data.

Days	Visitors
1	35
2	65
3	24
4	60
5	71
6	42
7	96

Solution:
The given data can be solved using the statistical graphs. The given days and number of visitors can be plotted using the bar graph where the x axis takes the days and y -axis takes the visitors range.

Example problem 2 - statistics for the management and economics answers
Calculate the value of the Poisson probability distribution in which the , value is 4, x value is 7 and e = 2.718
Solution:  
Step 1: Given:

  = 4

x = 7

Step 2: Formula:

Poisson probability distribution =  

Step 3: To find e:

e^-4 = (2.718)^-4

     = 0.01831

Step 4: Solve:

  = 4

   x = 7

= (4)⁷  = 16384

Step 4: Substitute:

  =

                    =

                     = 0.06

Result: Poisson probability Distribution = 0.06

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