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Statistical Methods: Ratio, Rates, Percentage and Mean
Systematic presentation we reduce the meaningless mass of statistical data through the tables, charts etc.
- Sometimes we need to compare one table with another table and one frequency distribution with another frequency distribution.
- At that time, we require tools or methods to make such comparisons.
- One set of statistical tools found in ratio, rates and percentages.
- Another set of statistical tools is found in the averages or measures of central tendency.
Ratio
- Comparing two numerical values by division is the ratio method of comparison.
- Ratio is the relationship between two quantities which called terms.
- It is necessary to determine (a) What is compared (First term) and with which it is to be compared (Second term) .
- Calculated by dividing the first term by the second term.
- Expressed in words, symbol and fraction.
- Ratio will be reverse when first and second terms are interchanged.
Ratio
For example:
Forms of Expression of Ratio
- In words: The ratio of ₹ 6 to ₹ 2
- In symbol: ₹ 6: ₹ 2
- In fraction:
Examples of Certain Ratios Used in Economics
Ratio of national income to population | Input-output Ratio |
Ratio of population to land areas | |
Ratio of consumption to Income |
Rates
- In economic rates like rate of economic growth, rate of growth of population, birth rate, death rate, agricultural rate is calculated.
- For example: Rate of yield per hectare of a crop.
- Rate of yield (in kg.) per hectare of crop
Rates vs. Ratio
- Rate and ratio calculation method are generally same.
- Rate is the ratio between two magnitudes shown over a period of time.
- Rate can be expressed besides per unit, per 100,1000, lakh etc. and even higher.
Need for Arbitrary Base in Rate
- Value of ratio per unit sometimes is so small.
- Small base fails to convey importance of the rate or ratio.
- Need to raise the base.
- Arbitrary higher base for calculation of rate is chosen when:
- Value of ratio is very small
- Need to avoid fractions in comparisons
Percentage
- Percentage is type of rate or ratio with base 100.
- Every ratio per unit when multiply by 100 is converted into percentage.
Percentage
Mean
Measures of Central Tendency
- Clustering of items values in the central part of the distribution is known as central tendency.
- Measure of central tendency means a value where the concentration of the items or values is found to be greatest.
- Average also called measures of central tendency.
- It is a value which is typical or representative of a set of data.
- Average can be obtained by using 5 different measures of central tendency:
- Average will help to compare its various sections according to their performance.