Statistics: Meaning and scope

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Characteristics of Statistical Data (Plural Sense)

  • Aggregates of facts:

    • Single and isolated quantitative figure is not statistics.

    • Group of figure becomes statistics.

    • Through, that we can compare, analyses and give conclusion.

  • Numerically expressed:

    • Quantitative statement such as Per capita income of India is low is not statistics.

    • Statics are in numbers and quantities.

    • For ex. Population of India increased from 36.1 crore in 1951 to 84.6 crore in 1991.

  • Collected in systematic manner:

    • Proper planning of data collection is to be made in advanced.

    • Data collection in a haphazard or disorderly manner may lead to wrong conclusion.

  • Accurate figures to a reasonable degree or standard:

    • Data can be enumerated or counted with a reasonable level of degree of accuracy if the area of our study is small.

    • If the rea become wider chances of mistakes in collection of data increase.

  • Collected for a predetermine purpose:

  • It’s requiring to define purpose, specific aims and objectives before we collect dat.

Stages of Statistical Method (Singular Sense)

Step1: Collection of data

  • Collect data to study a problem.

  • Data can be collected by the investigator himself.

  • Obtain data from the primary, secondary and other sources also.

  • Some example of published data are:

  • Reserve Bank of India Bulletin

  • Census of population of India

Step2: Presentation of data

  • Arrange data in a systematic manner.

  • Present data in various forms such as frequency distribution in form of tables, graphs, diagrams and pictures.

Step 3: Analysis of data

  • It is undertaken to derive conclusion from them.

  • Analysis of an economic or other problem is not possible without the use of certain statistical tools such as measures of central tendency.

Step 4: Interpretation of data

  • Interpret the data derive some conclusions in order to formulate certain policies.

  • Interpretation must be done carefully.

  • Wrong interpretation will lead to formulation of wrong policies and harmful.