Nature, Scope, Functions and Limitations of Statistics
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This document defines statistics and discusses its uses and limitations. Statistics is defined as the collection, organization, analysis, and interpretation of numerical data in a systematic and accurate manner to draw valid inferences. It is used in business and management for marketing, production, finance, banking, investment, purchasing, accounting, and control. While statistics is useful for simplifying complex data and facilitating comparison, it has limitations in that it only examines quantitative aspects on average, not individuals, and statistical results may not be exact.
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- 1. CHARACTERISTICS AGGREGATE of FACTS. AFFECTED to a marked extent by a MULTIPLICITY of CAUSES. NUMERICALLY EXPRESSED. ENUMERATED or ESTIMATED.
- 2. CHARACTERISTICS… REASONABLE STANDARD OF ACCURACY. SYSTEMATIC MANNER. PREDETERMINED PURPOSE. PLACED IN RELATION WITH EACH OTHER
- 3. STATISTICS AS STATISTICAL METHOD (SINGULAR SENSE): Definition by Croxton and Cowden: “Statistics may be defined as the science of collection, presentation, analysis and interpretation of numerical data.”
- 4. INFERENCES…. Collection of Data. Organisation and Presentation of Data. Analysis of Data. Interpretation of Data.
- 5. FUNCTIONS OF STATISTICS To present facts in a proper form. To simplify the complex data. To provide the technique for making comparison. To formulate policies in different fields. To study relationship between different phenomena. To forecast future values. To measure uncertainty. To test a hypothesis. To draw valid inferences.
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