Data is available from three important sources, namely: Primary Sources, Secondary Source, Internal Records. We can either have primary data or secondary data or internal data depending on the source. […]
statistical data is a sequence (collection) of observations made on a group of items that are part of a population sample. Statistical data or data can be presented in the following two forms- […]
Nature of Statistics: Is statistics a science or an art? Statistics is a science, as well as an art. Scientific and artistic viewpoint … […]
Normally, distrust in anything arises when one is mislead by it due to a difference between its promises and its performance. […]
The biggest limitation of statistics is that it can be manipulated or it can be misused. There are a number of reasons why statistics are misused. […]
Statistics are numerical statements of facts. Statistical analysis is not possible for characteristics that cannot be expressed in numbers. […]
Statistics are used in almost every aspect of business and industry, including manufacturing, financial analysis, distribution analysis, market research, personnel planning, research and development, and accounting, to name a few. […]
Statistics has so many applications that it is often said, “Statistics is what statisticians do.” Governments, businesses, and people collect statistical data required in order to perform their activities efficiently and effectively. […]
Statistics can also forecast how events will occur in the future. On the basis of statistical estimates, we can make future policy decisions. […]
The characteristics of statistics are as follows: (1) Statistics are an aggregate of facts. Since single and isolated figures are … […]
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