characteristics of statistics, write down the important characteristics of statistics

characteristics of statistics, write down the important characteristics of statistics

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Definition: Statistics can be defined as a part of applied mathematics that is concerned with the collection, classification, interpretation, analysis or the numerical and categorical data and facts, and drawing conclusions, so as to present the same in a systematic manner.

It involves a wide variety of methods which facilitates data analysis, for decision making purpose.

Main Characteristics of Statistics,Characteristics of statistics

Aggregate of Facts: Single and non-connected facts or figures are not statistics, rather when the facts are aggregates, they are said to be statistics, as they can be compared

Affected to a substantial extent by a variety of reasons: This means that statistics are influenced to a substantial extent by a number of factors that operate together. For example, The statistics of rice production is based on various factors like a method of cultivation, climatic conditions, seeds, fertilizers and manures, etc.

Numerical expression: Statistics are expressed in terms of numbers. Therefore, qualitative expressions such as happy, sad, right, wrong, good, or bad do not amount to statistics. For example: ‘Production of ABC ltd. has risen’ is not statistics, but ‘Production of ABC ltd. has risen from 92000 units in 2020 to 110000 units in 2021’ is statistics.

Characteristics Of Statistics

Enumerated and Estimated as per reasonable standard of accuracy: Reasonable accuracy needs to be there in the statistical data, as it acts as a basis for the field of statistical enquiry. This is because, if the scope of the inquiry is narrow, then by using the method of actual counting, the data can be collected, whereas if the scope of inquiry is wide then the data collection will be based on estimate and estimates can be inaccurate.

Data collection is carried out in a systematic manner: The collection of statistics should be performed in a systematic as well as planned manner, because in the absence of any system, the data collected can be unreliable and inaccurate, which may also lead to misleading conclusions. Further, the purpose for its collection needs to be stated beforehand to keep its usefulness intact.

Data must be placed in relation to one another: Data collection is performed for the purpose of comparison and so the basis must be homogeneous. Because when the basis of two units is heterogeneous, the comparison is not possible.

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Business statistics with answers to all questions

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