How are statistical data applied
1)In construction of economy
2)In planning
3)In evaluation of policies of the government
4)To level the structure of an economy
Hi,
The statistical data is indispensable because it makes available information that is not otherwise extensively available. The application of statistical data can be explained in reference to the following points.
(i) In construction of an economy: Statistical data helps in understanding the major problems faced by an economy. Thereby, helps in identifying the areas that require improvement and building a strong economy.
(ii) In planning: Planning for future is always done on the basis of past trends. The information related to various economic variables is made available through data supplied by statistics.
(iii) In evaluation of policies of the government: The government is primarily engaged in decision-making of most sensitive and important matters. For example, poverty measures, population, agriculture etc. The policy measures announced by the government are based on thorough analysis of statistical facts and figures.
(iv) To level the structure of economy: The data supplied by statistics helps in identifying the areas that require prime focus and attention. Thereby, promoting development of economy as a whole.
The statistical data is indispensable because it makes available information that is not otherwise extensively available. The application of statistical data can be explained in reference to the following points.
(i) In construction of an economy: Statistical data helps in understanding the major problems faced by an economy. Thereby, helps in identifying the areas that require improvement and building a strong economy.
(ii) In planning: Planning for future is always done on the basis of past trends. The information related to various economic variables is made available through data supplied by statistics.
(iii) In evaluation of policies of the government: The government is primarily engaged in decision-making of most sensitive and important matters. For example, poverty measures, population, agriculture etc. The policy measures announced by the government are based on thorough analysis of statistical facts and figures.
(iv) To level the structure of economy: The data supplied by statistics helps in identifying the areas that require prime focus and attention. Thereby, promoting development of economy as a whole.