Subject - Statistics

Statistics refers to Quantitative Information i.e. Information in terms of numbers or information in terms of numerical data. (In plural sense)

Statistics means the Science of Statistics, or Statistical Methods. (In singular sense)

Statistics refers to Techniques or Methods relating to Collection, Classification (Organisation), Presentation, Analysis & Interpretation of quantitative data.

Statistical Tools involves Census or Sample methods for collection of data; Array of data & Tally Bars / Tally Marks for classification and organization of data; Statistical Tables, Graphs, Diagrams for presentation of data; Percentages, Averages, Correlation & Regression Coefficient for analysis of data; Magnitude of Percentages & Averages for interpretation of data.

Indeed, statistics has become the world’s lifeline.

Econometrics has been emerged as the most popular in Economics.

Statistics as the science of data has gaining the importance in the modern world due to following reasons:

  • Quantitative Expression of Economic Problem
  • Inter-Sectoral & Inter-Temporal Comparisons
  • Working Out Cause & Effect Relation
  • Construction of Economic Theories or Models or Laws
  • Economic Forecasting
  • Formulation of Policies
  • Economic Equilibrium
  • Econometrics

Surely, Statistics is the HUB of the Wheels of Economics.

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