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11th ISC PART B ECONOMICS STATISTICS.pptx
- 1. STATISTICS IN SINGULAR SENSE • “Statistics may be defined as the collection, presentation, analysis, and interpretation of numerical data.” —Croxton and Cowden.
- 2. STAGES OF STATISTICAL STUDIES
- 3. IMPORTANCE OF STATISTICS IN ECONOMICS • Statistics helps to present economic problems and economic facts quantitatively. • Statistics can be used for inter sectoral and inter temporal comparisons. • The finance Minister uses data to take major policy decisions. • It helps an economist to understand an economic problem. Proper understanding of the problem is needed to make policies to solve it. • It helps to find the relationship between various economic factors. For example: By analysing data, we can understand the relationship between price and quantity demanded. • It helps to make economic forecasting. • It helps to construct and verify the theories of Economics.
- 4. LIMITATIONS OF STATISTICS • Statistics deals only with quantitative facts. It does not deal with qualitative facts. • It deals with only aggregate of facts. It does not deal with individual numerical facts. • Statistical results are true only on averages. • Statistics deals with only homogeneous data. • Statistical facts can be misused. • Statistical methods can be used only by experts.
- 5. COLLECTION OF DATA • DATA: Numerical facts from which meaningful conclusions can be drawn DATA PRIMARY DATA SECONDARY DATA
- 6. Primary Data: The data collected for the first time by an investigator for a specific purpose. Example: Census of India. Secondary Data: Secondary data is the data that have been already collected by sources other than the investigator. Examples: Census, Reports of NSSO
- 7. PRIMARY DATA SECONDARY DATA It is original data It is already existing data It is collected by the investigator by himself It is collected by someone else for some other purpose. It is expensive It is less expensive It is time consuming It is less time consuming It is more accurate It is less accurate
- 8. METHODS OF DATA COLLECTION CENSUS METHOD SAMPLING METHOD
- 9. CENSUS METHOD SAMPLE METHOD Data are collected from the entire population Data are collected from a selected sample It is a time consuming method It is a time saving method It is reliable and accurate Accuracy and reliability are less It is difficult to identify errors Errors can be easily identified It is expensive It is less expensive
- 10. QUESTIONNAIRE Questionnaire refers to a set of questions prepared by the investigator in order to collect the information needed for statistical investigation.
- 12. QUALITIES OF A GOOD QUESTIONNAIRE • The questionnaire should not be very long. Number of questions should be limited. • Questions should be simple and easy to understand. • Questions should be in a proper order. • Clear instructions should be given as introduction. • Personal questions and controversial questions should be avoided. • Questions that involve mathematical calculations should be avoided.
- 13. METHODS OF COLLECTING PRIMARY DATA • Direct Personal Interview Method. • Indirect Oral Investigation Method. • Mailed Questionnaire Method. • Telephone Interview Method. • Information from local sources or correspondents.
- 14. SOURCES OF SECONDARY DATA PUBLISHED SOURCES UNPUBLISHED SOURCES Government Publications Semi Government Data collected for Publications self use by the Reports of Committees Government and and Commissions Private agencies Journals and News Papers Publications of research Institutes International Publications