Statistics (Definition)
Statistics refers to that branch of science that deals with the collection, classification, presentation, tabulation and interpretation of numerical data, collected in a systematic manner for a pre- determined purpose.
Statistics in singular sense :-
In singular sense, statistics is defined in the sense of statistical methods. In other words, in singular sense, statistics is defined as the science which deals with the methods of collecting, presenting, comparing and interpreting numerical data, collected in a systematic manner for a pre-determined purpose.
Statistics in plural sense :-
In plural sense, statistics is defined as the aggregate of numerical facts which are expressed, enumerated or estimated in a systematic manner for a predetermined purpose.Characteristics of statistics:-
The characteristics of statistics are as follows:-a. Statistics are aggregates of facts.
b. Statistics are affected to a market extent by multiplicity of causes.
c. Statistics are numerically expressed.
d. Statistics are enumerated or estimated according to reasonable standards of accuracy.
e. Statistics are collected in a systematic manner.
Limitations of statistics:-
Two important limitations of statistics are:-
1. Statistics deals with aggregates of facts, the study of individual measurement lies outside the scope of statistics.
2. Statistics are numerical statements of facts. The characteristics which cannot be expressed in numbers are incapable of statistical analyses.
Importance of statistics in economic planning:-
Statistics is of great importance in economic planning. Statistical data are used in framing suitable economic policies for solving various economic problems such as poverty, unemployment, disparities in the distribution of income and wealth. Statistics help the government to bring about changes in its fiscal and monetary policy.
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