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.

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