3. Statistics as numerical Facts
It means numerical statements of facts in
connection with any fields of knowledge or
inquiry.
Statistics as statistical methods
It is a science which relate to the methods
of collection ,classification, presentation,
description ,analysis and interpretation of
numerical facts or data.
4. Plural Definition of Statistics
• According to Horace Secrist
“Aggregates of facts affected to a marked
extent by 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.”
5. Plural Definition of Statistics
• According to Yule and Kendall:
“Quantitative data affected to a marked
extent by multiplicity of causes.”
• According to A. L. Bowley:
“Numerical Statements of facts in any
department of enquiry placed in relation to
each other.”
6. Characteristics of Statistics
• Statistics are aggregate of facts.
• Statistics has to be numerically expressed.
• Statistics is data affected by multiplicity of causes.
• Statistics must be enumerated or estimated
according to reasonable standard of accuracy.
• Statistics is collected in a systematic manner.
• Statistics is collected for a pre-determined
purpose.
• Statistics is to be placed in relation to each other.
7. Singular Definition of Statistics
• According to Croxton and Cowden
“Statistics may be defined as collection,
presentation , analysis and interpretation
of numerical data.”
8. Importance of statistics in Economics
• Understanding the performance of
Economy.
• Understand the importance of various
Sectors of the Economy.
• Studying the Regional Balances and
Imbalances.
• Studying the role of government in the
Economy.
9. Importance of statistics in Economics
• Statistics for planned Development.
• Better comprehension of the basic
principals of Economics.
• Statistics is helpful in research.
• Statistics methods are used for functioning
of an economy and the basic laws of
Economics .
10. Limitation of Statistics
• Not Concerned with individual Observation.
• Does not analyse Qualitative Phenomenon.
• Statistics Generalization are true only on
average.
• Improper use of Statistics