Quantitative aspects of data management.
To convert random data into understandable information and aid in strategic business decision making.
Derived from the Latin word 'Status', Italian word 'Statista', and German term 'Statistik', all meaning 'Political State'.
To meet the requirements of the State primarily.
In two senses: Plural Sense and Singular Sense.
Only numerical facts that can be expressed in numerical terms.
Data must be consistent and homogeneous to draw conclusions.
For varied purposes and decision-making support.
Estimating demand and supply, studying seasonal changes, understanding trade cycles, consumer profiling, and product life cycle analysis.
It helps establish assumptions and measures economic aggregates.
It is considered both; as a science, it studies statistical data, and as an art, it uses data to solve real-life problems.
Circumstances and conditions under which conclusions are made must be studied; otherwise, results may give a wrong impression.
Descriptive statistics and Inferential statistics.
It describes the data and consists of methods and techniques to explain characteristics of data.
Rise in prices due to reduction in supply, increase in demand, or rise in input costs.
Because the data is not related.
Inspection plans and control charts.
Governments resort to planning based on statistical data to enhance economic development.
It is immensely useful for analyzing economic problems such as wages, prices, and time series.
Only experts can make good use of statistics; unqualified individuals may find it difficult to apply it.
The misuse of statistics to seek particular results is possible, especially when it is not easily understood.
Organizing the collected data to make it comparable and simple.
Estimating credit growth, risk analysis, portfolio management, and establishing appropriate premiums.
It will only be a numerical value and not considered statistics.
Because it plays a crucial role in economic development and is essential for effective planning.
By statistics, we mean quantitative data affected to a marked extent by multiplicity of cause.
As the collection, presentation, analysis, and interpretation of numerical data.
The science which deals with the collection, classification, and tabulation of numerical facts for explanation, description, and comparison of phenomena.
By expanding the horizons of individual knowledge and understanding.
For formulating policies and analyzing existing social problems.
By extrapolating present data to predict likely future changes.
Numerical statements of facts related to any field of enquiry, such as income, expenditure, and population.
Statistical results express tendencies and are true on an average, not absolutely.
It refers to the science dealing with techniques and methods for collecting, classifying, presenting, analyzing, and interpreting data.
To express facts in numbers and interpret the results with certainty.
By presenting complex data in formats like aggregate, average, percentage, graphs, and diagrams.
Statistics that are affected by multiple causes.
To make the data intelligible, brief, and attractive.
Data that is mutually related and comparable.
Statistics are intimately related to mathematics, with advancements in statistical techniques stemming from mathematical applications.
No, no conclusion is possible from a single piece of data.
No, statistics is not the only method and may not suggest the best solution for each problem.
Collection of data - deciding how, where, when, and what kind of data to collect.
By a multitude of factors, not just one.
A reasonable degree of accuracy.
It is widely used for inequality control and to determine if products conform to specifications.
Statistics are numerical statements of facts in any department of enquiry placed in relation to each other.
Statistics studies aggregates and not individual units.
Aggregation of facts; a single number does not constitute statistics as no conclusion can be drawn from it.
Statistics are expressed in numbers; qualitative data cannot be termed statistics.
Graphical or computational methods.
By analyzing and interpreting data to ascertain the precise nature of problems.
Comparison and conclusions presented in simple and easy language.
Statistical tools are used for the collection and incidence of diseases and the results of various drugs and medicines.
As a tool for production control and for understanding customer demand and preferences.
They rely on statistical techniques to study market trends and customer desires.
It facilitates the comparison of data and identifies interrelations between large sets of data for drawing inferences.
To draw conclusions using different methods such as central tendency and correlation.
Haphazardly collected data will not provide conclusive evidence.
It deals with methods that describe characteristics of a population or make decisions concerning a population based on sample results.
By testing their laws and establishing their assumptions, such as in economics.
By estimation for vast fields or enumeration for smaller sets.
