Scope or Importance of Statistics - Economics Notes Grade XI

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Scope or Importance of Statistics - Economics Notes Grade XI

Scope or Importance of Statistics

Scope or Importance of Statistics:

In ancient times, statistics was regarded as the science of statecraft and was used to collect information related to military force, population, wealth, etc. But in modern times, the use of statistics is broad. It is not only the device for collecting sound techniques for handling analysis and drawing valid conclusions. Statistics play a significant role in the solution of problems related to planning, economics, business, management, mathematics, etc. which are as follows:

  1. Statistics in economics:
    Statistical data and techniques are useful in economic analysis. Statistical analyses are used in solving different economic problems such as consumptions, production, distribution, investment, unemployment, etc. Index no. , Time series analysis, demand analysis, forecasting techniques, etc, are some tools in statistics which are frequently used in economics.
  2. Statistics in planning:
    Planning is a logical combination of vision, goals, objectives, strategies, policies, etc. Efficient planning is needed for efficient working. Statistics helps to get the necessary information about the planning. The success of any planning depends upon the current and sound analysis of statistical data. Efficient planning can’t be imagined without statistics.
  3. Statistics in business:
    Statistics plays an important role in business. A successful businessman must be very quick and accurate in decision making. Statistics helps a businessman to plan production, according to the test of the customers. The businessman can also make the correct decision about the location of the business, marketing the product, financial resources, etc, based on the statistical information.
  4. Statistics in state management:
    Statistics may be taken as the science of statecraft. Different policies of the government to get the knowledge of National condition to keep their records and allocate its resources in various sectors. Thus, statistics are the eyes of the state.
  5. Statistics in pure science and other social science:
    Statistics is also a helpful tool in pure science like biology, physics, astronomy, medical science, etc. and also other social science such as environmental science, geographical science, etc. In these fields, different types of information and numerical facts and figures are required to study. Without using statistical tools in these subjects, the study becomes incomplete as well as difficult.

Statistics are useful in every sphere of life and activities. The methods and ideas of statistics are so widely used nowadays that we can’t imagine our life and different activities without statistics.

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