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Characteristics and Functions of Statistics - Economics | Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail |

Chapter: 12th Economics : Introduction to Statistical Methods and Econometrics

Characteristics and Functions of Statistics

Statistics presents facts in a definite form.

Characteristics and Functions of Statistics

i) Statistics are an aggregate of facts. For example, numbers in a calendar pertaining to a year will not be called statistics, but to be included in statistics it should contain a series of figures with relationships for a prolonged period.

ii) Statistics are numerically enumerated, estimated and expressed.

iii) Statistical collection should be systematic with a predetermined purpose: The purpose of collection of statistics should be determined beforehand in order to get accurate information.

iv) Should be capable of being used as a technique for drawing comparison: It should be capable of drawing comparison between two different sets of data by tools such as averages, ratios, rates, coefficients etc.

Functions Of Statistics

·            Statistics presents facts in a definite form.

·            It simplifies mass of figures.

·            It facilitates comparison.

·            It helps in formulating and testing.

·            It helps in prediction.

·            It helps in the formulation of suitable policies.



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