How do you define statistics?

Statistics is the science concerned with developing and studying methods for collecting, analyzing, interpreting and presenting empirical data. Any measurement or data collection effort is subject to a number of sources of variation.

What is statistics according to different authors?

According to Prof. “Statistics is the aggregate of facts affected to a marked extent by the multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standards of accuracy, collected in a systematic manner for a pre-determined purpose and placed in relation to each other.”

What is the meaning of statistics in economics?

Definition of Statistics in Economics. Statistics, in itself, is the collation and analysis of numerical data to arrive at specific inference. This academic discipline finds application in various other branches of studies, such as Economics.

What is statistics definition and example?

Statistics are defined as numerical data, and is the field of math that deals with the collection, tabulation and interpretation of numerical data. An example of statistics is a report of numbers saying how many followers of each religion there are in a particular country.

What are the four types of statistics?

In statistics, there are four data measurement scales: nominal, ordinal, interval and ratio. These are simply ways to sub-categorize different types of data (here’s an overview of statistical data types) .

What is the important of statistics in economics?

The field of Statistics deals with collection, organisation, analysis, interpretation and presentation of data. Statistics plays a vital role in understanding economic data such as the relationship between the quantity and price, supply and demand, economic output, GDP, per capita income of nations etc.

What are the 2 types of statistics?

Two types of statistical methods are used in analyzing data: descriptive statistics and inferential statistics. Statisticians measure and gather data about the individuals or elements of a sample, then analyze this data to generate descriptive statistics.

What is the importance of statistics in business and economics?

Statistical research in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand.

How is statistics important in economics and economic planning?

Statistics is the most important tool in economic planning as for planning for the future we need current status of the economy which should of quantifiable in nature. Analysing the statistical data helps in deriving results of the current economic status and in interpreting the future results or outcomes.

What do you mean by Statistics in your own words?

1.1 INTRODUCTION. For a layman, ‘Statistics’ means numerical information expressed in quantitative terms. This information may relate to objects, subjects, activities, phenomena, or regions of space. As a matter of fact, data have no limits as to their reference, coverage, and scope.

What are the statistics of a business?

LESSON: 01 VETTER: DR. B. S. BODLA AN INTRODUCTION TO BUSINESS STATISTICS 2 At the micro level, individual firms, howsoever small or large, produce extensive statistics on their operations. The annual reports of companies contain variety of data on sales, production, expenditure, inventories, capital employed, and other activities.

How big is the book industry in the US?

The U.S. book industry generated over 25 billion U.S. dollars in 2019. Read more about book sales figures in our analysis of the U.S. book market. Skip to main content Try our corporate solution…

How do you calculate a statistic from sample data?

From the sample data, we can calculate a statistic. A statistic is a number that represents a property of the sample. For example, if we consider one math class to be a sample of the population of all math classes, then the average number of points earned by students in that one math class at the end of the term is an example of a statistic.