Answer: The field of Statistics deals
with collection, organisation, analysis, interpretation and presentation of data
. Statistics plays a vital role in understanding economic data such as the relationship between the quantity and price, supply and demand, economic output, GDP, per capita income of nations etc.
What are the importance of Statistics?
Statistical
knowledge helps you use the proper methods to collect the
data
, employ the correct analyses, and effectively present the results.
Statistics
is a crucial process behind how we make discoveries in science, make decisions based on
data
, and make predictions.
What is the importance of Statistics in economy?
Statistics for economics concerns itself with
the collection, processing, and analysis of specific economic data
. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc.
What is the importance of Statistics in economic planning class 11?
Statistics helps in
economic planning by collecting data of national resources both human and natural
. For drawing a plan of their use we need the help of Statistics. Statistics helps in analysing different economic problems which needs immediate attention.
What are the four importance of Statistics?
(1) Statistics helps in providing a better understanding and accurate description of nature’s phenomena. (2) Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. (3)
Statistics helps in collecting appropriate quantitative data
.
What are the two importance of statistics in economics?
Answer: The field of Statistics deals with
collection, organisation, analysis, interpretation and presentation of data
. Statistics plays a vital role in understanding economic data such as the relationship between the quantity and price, supply and demand, economic output, GDP, per capita income of nations etc.
What are the function and importance of statistics in economics?
Forecasting: Statistical data are
useful to forecast the changes in the factors which influence other factors
. This information enables economists to formulate polices and suggestions to overcome the problem. Formulation of policies: Statistical data is essential for formulating policies of economic development.
What is statistics and its uses?
Statistics is
the study and manipulation of data, including ways to gather, review, analyze, and draw conclusions from data
. The two major areas of statistics are descriptive and inferential statistics. Statistics can be used to make better-informed business and investing decisions.
What is the use of statistics in our daily life?
It is
used to monitor and improve the quality of products and processes within a business organization
. Statistical analysis is essential for the development of social science theories, being used to test their validity through a robust analysis of real-world data.
What is statistics in your own words?
Statistics is a branch of applied mathematics that deals with collecting, organising, analysing, reading and presenting data. Descriptive statistics make summaries of data. … In addition to being the name of a field of study, the word “statistics” can also
mean numbers that are used to describe data or relationships
.
Who is the father of economics?
Adam Smith
was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is most famous for his 1776 book, “The Wealth of Nations.”
What are the main features of statistics?
- It consists of aggregates of facts: …
- It is effected by many causes: …
- It should be numerically expressed: …
- It must be enumerated or estimated accurately: …
- It should be collected in a systematic manner: …
- It should be collected for a predetermined purpose:
How is statistics important to the government?
Government statistics are
essential for a democratic government
and they serve to advance businesses and the well-being of its citizens. Statistical agencies provide accurate, timely, and credible information, which informs current and future policies.
What is the importance of statistics in students?
Statistics
helps in the individual comparison of students differing in respect of their ages, abilities and intelligence levels
. It is statistics which tells us why thus students who are similar in every other respect yet do not show similar achievement is one particular subject.
What are the 3 types of statistics?
- Descriptive statistics.
- Inferential statistics.
Who uses statistics and why?
Statistical methods are also commonly used in business practice, e.g. to forecast demand for goods and services or to determine the most efficient method of operation.
Actuaries
use statistical methods to assess risk levels and set premium rates for the insurance and pension industries.
