MR. Sridhar Venkataraman, M.Sc (Tech), M.S explained reliance on the statistical details of customer facing companies on 28 Oct

Statistics involves the processes of gathering, analyzing, making conclusions from data. This report is on the reliance on statistical data of customers by consumer facing companies. Development of statistics: The standard deviation was developed in the year 1900 and sampling was developed in the year 1915 and the correlation was developed in the year 1928 and data mining and the use of statistical analysis tools were developed in the recent years. Statistical analysis involves the processes of data collection and data organization and data interpretation. Data collection involves data and samples using sampling method. Data organization involves the process of presenting the data in a more efficient way. Data interpretation includes formulae, measures of distribution, measures of dispersion, measures of central tendency and descriptive and inferential statistics. Descriptive means showing the characteristics of the data. Inferential statistics refer to the derivation of conclusions. Inferential statistics involves t-test, ANOVA, regression analysis, chi square analysis. Statistical analysis is a component of data analysis. Business intelligence (BI) is involved in statistical analysis. Data must be representative for an ideal example. Applications of statistics is used is used in real world applications, interpreting scores, conducting surveys. Statistics also involves impartial conclusions. Statistics are commonly used in many organizations, in profit motive companies and non-profit organizations also. It can be used to enrich the profit margin in businesses and also to increase productivity in manufacturing industries and factories.