Business Statistics I Introduction to Statistics I Theory Explanation I Khans Commerce Tutorial
Hasham Ali Khan・2 minutes read
Statistics is the collection, analysis, and interpretation of data for decision-making, with a long history of use by governments and various definitions. The scope of statistics has expanded, serving as both a science and an art with functions including simplification, prediction, and relationship study, while collecting primary and secondary data sources involves various methods and considerations.
Insights
- Statistics encompass the collection, analysis, and interpretation of data to aid decision-making processes, with a rich history of governmental use and varying definitions that underscore its importance in simplifying, predicting, and studying relationships, despite limitations and widespread distrust due to data quality concerns.
- The distinction between primary and secondary data sources is crucial in statistical investigations, as primary data, though more reliable and relevant, is costly and time-consuming to collect and process, while secondary data, already processed and less expensive, requires caution to ensure its relevance to the study, with various methods such as personal interviews, questionnaires, and schedules aiding in data collection and classification for effective analysis.
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Recent questions
What is the scope of statistics?
It has expanded due to advancements in the field.
Why is statistics considered both a science and an art?
It combines rules and creativity.
What are the functions of statistics?
Include simplification, hypothesis testing, prediction, policy formulation, relationship study, uncertainty measurement.
What are the limitations of statistics?
Focus on quantitative data, averages, potential misuse, contextual application.
Why is there distrust in statistics?
Due to quality, incomplete or manipulated data, misuse as a tool.
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