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.
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.
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.