In simple
sense "collection of numerical information is called statistics."
The word
"statistics" derived from Latin word 'status', German 'statistik',
Italian 'statista'. Each of these means 'political state'.
In ancient
time government used to collect the information regarding the population and
the property of the state.
In broader
sense "the science of collecting, presenting, analyzing and interpreting
data to assist in making more effective decisions."
Business
statistics is the science of good decision making in the face of uncertainty
and is used in many disciplines such as financial analysis, econometrics,
auditing, production and operations including services improvement, and
marketing research.
