Meaning, scope, and importance of statistics Flashcards
What do you mean by qualitative variables?
These variables cannot be expressed numerically. Eg: honesty, beauty intelligence. They can be ranked according to quality of their attributes.
Rank 1: Most intelligent
Rank 2: Second most intelligent
What are quantitative variables?
Variables that can be expressed numerically. Eg: marks, height.
Statistics is defined in a _____ and a _____
Plural sense and singular sense
Statistics in plural sense means?
A collection of numerical facts
Statistics in singular sense deals with:
- Collection.
- Organisation.
- Presentation.
- Analysis.
- Interpretation.
Statistics is an aggregate of facts. This means?
This means that statistics focuses on a collection of facts, not a single fact. Facts are usually expressed in numbers for clear analysis. The aggregated numerical data provides meaningful summary and clear conclusions.
When can a single figure be called statistics?
A single figure can be called statistics when it represents an average or a sum of various observations
Statistics in plural sense possesses which characteristics?
- Aggregate of facts.
- Affected by multiplicity of causes.
- Statistics and numerically expressed.
- Should be collected with reasonable standard of accuracy.
- Statistics are selected for predetermined purpose.
- Collected in a systematic manner.
- Comparability.
Data is affected by a ______
Variety of factors
Any facts to be called statistics must be _______ expressed
Numerically
Statistics always has to be a large aggregate. True or false?
False
Why can statistics also begin with small and numerical facts?
This is because they may have the potential of aggregation, comparison or analysis
When we say statistics should be collected with reasonable standard of accuracy, we mean that the data must be
Enumerated or estimated
What do you mean by enumerated?
Something that has been measured precisely and has high accuracy. Eg: there are 60 students in a class.
What do you mean by estimated?
It is the approximate value. Eg: 5000 people attended the rally. It is an estimation.
But it must be close to reality and not exaggerated
Why should the purpose of collecting statistical data be decided in advance?
It must be decided in advance in order to make the data useful
When does the reliability of data deteriorate?
If the figures are collected in a haphazard manner
When do figures collected lose most of their significance?
If they are not comparable
For the purpose of comparison, data must be _______
Homogeneous
What are the five stages of statistics in singular sense?
- Collection.
- Organisation.
- Presentation.
- Analysis.
- Interpretation.
What is the technique of collection of data depend on?
The technique of collection of data depends on the objective of the study
The data that is collected should be from which sources?
Reliable and authentic sources
What does organisation of data include?
Organisation of data in a proper form which involves editing and classification
After organisation data can be presented in which form?
In the form of text, table, diagram or graph
Analysis of data includes which techniques?
Central tendency, measures of dispersion, correlation, etc
What do we get from interpreting the data?
The interpretation provides the final conclusions drawn from the analysed data.
Statistics in plural sense deals with ______ whereas in singular sense statistics is ______
- Numerical information.
- A body of various methods and tools.
Statistics in plural sense is _______ in nature
Descriptive (describe Karta Hai)
In singular sense, statistics is basically?
A tool for analysis
When is the data in raw state?
Statistics in plural sense is often in the raw state
What does statistics in singular sense help in?
It helps to process the raw data and make analysis
Statistics in plural sense is quantitative, but in singular sense, it is ______
An operational technique
What is empirical analysis?
It is about studying and analysing real world data
How is data gathered for an empirical analysis?
By experiments, surveys etc
What is quantitative analysis?
Analysis which focuses on mathematical and statistical tools to interpret economic data and predict outcomes
Example of empirical analysis
Analysing how tax increase affects consumer by observing data from previous tax changes
Example of quantitative analysis
Calculating inflation or unemployment figures using numerical data
What is the main function of statistics?
Comparison of facts
What does statistics do to complex data?
Statistical methods present great mass of complex data into simple and understandable form
Three example of statistical methods simplifying complex data
Mean, median , correlation
Statistics present facts in definite form. Explain.
Quantitative facts can be easily believed and trusted in comparison to abstract and qualitative facts. Statistics summarise the generalised facts and presents them in a definite form.
What is inter-sectoral?
Inter-sectoral means comparison across different sectors of economy. Eg: size of unemployment across the rural and urban sectors.
What is intertemporal comparison?
This means comparison across different time periods
How does stats help facilitate planning and policy formation?
Statistics helps in analysing economic problems and creating policies to address them . By studying numerical data policy makers can shape effective strategies.
What are the seven functions of statistics?
- Simplify complex facts.
- Presents facts in definite form.
- Comparison of facts.
- Facilitates planning and policy formation.
- Helps in forecasting.
- Formulation and testing of hypothesis.
- To enlarge individual knowledge and experience.
Give one example of helping in forecasting
Time series analysis
Correct forecasting _______
Reduces uncertainties
How does statistics enlarge individual knowledge and experience?
It helps people think logically, analyse problems, and develop new ideas or concepts
Give five limitations of statistics.
- Does not deal with individuals.
- Can be misused.
- Its results are only true on average.
- Data must be homogeneous and uniform.
- It does not study qualitative attributes.
What is the meaning of statistics?
Statistics is the systematic presentation of quantitative information
