Statistics means numerical information expressed in quantitative terms. This information may relate to objects, subjects, activities, phenomena, or regions of space. At the micro level, individual firms, howsoever small or large, produce extensive statistics on their operations. The annual reports of companies contain variety of data on sales, production, expenditure, inventories, capital employed, and other activities. With this basic understanding about statistics, you are required to describe any ten important terminologies used in managerial statistics.