functions of stats
Solution:
Statistics refers to collection, presentation, analysis and interpretation of numerical data.
Functions of statistics are:-
1. Simplification of data- Statistics simplifies data by taking out averages, percentage etc
2. Comparison- With help of various statistical tools like average, percentage, ratios etc comparison of data of different time periods and regions are done
3. Forecasting- Economists use statistics in predicting future market, weather forecast is also done with help of statistics.
4. Policy formulation- Various policies on wages, production etc are formulated with the help of statistics.
Statistics refers to collection, presentation, analysis and interpretation of numerical data.
Functions of statistics are:-
1. Simplification of data- Statistics simplifies data by taking out averages, percentage etc
2. Comparison- With help of various statistical tools like average, percentage, ratios etc comparison of data of different time periods and regions are done
3. Forecasting- Economists use statistics in predicting future market, weather forecast is also done with help of statistics.
4. Policy formulation- Various policies on wages, production etc are formulated with the help of statistics.