MODEL ANSWER TO NATURE AND SCOPE OF STATISTICS

´DISCUSS THE NATURE AND SCOPE OF STATISTICS

´  BUSINESS STATISTICS

´  ORIGIN - STATISTICS

´  THE WORD “STATISTICS” DERIVED FROM THE LATIN WORD STATUS MEANING A STATE IS FOUND USED IN SINGULAR AS WELL AS PLURAL SENSE.

´  ITALIAN WORD STATISTIA MEANS A PERSON WELL VERSED IN THE STATE MATTERS BUT OCCUPYING A SUBORDINATE POSITION. OR GERMAN WORD STATISTIK.

´  ORIGINALLY THE WORD STATISTICS WAS USED FOR COLLECTION OF DATA CONCERNING STATES BOTH HISTORICAL AND DESCRIPTIVE.

´  MEANING

´  THE TERM STATISTICS IS USED IN TWO SENSE:

•                 FIRST PLURAL SENSE MEANING A COLLECTION OF NUMERICAL FACTS OR ESTIMATES IN FIGURES

•                 SECONDLY IN SINGULAR NOUN THE TERM STATISTICS DENOTES THE VARIOUS METHODS ADOPTED FOR THE COLLECTION,ANALYSIS AND INTERPRETATION OF THE FACTS NUMERICALLY PRESENTED

´  DEFINITION

´  SINGULAR AND PLURAL SENSES

´  IN SINGULAR SENSE,” STATISTICS IS USED TO DESCRIBE THE PRINCIPLES AND METHODS WHICH ARE EMPLOYED IN COLLECTION, PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA.

´  A. L BOWLEY,” STATISTICS MAY BE RIGHTLY CALLED THE SCIENCE OF AVERAGES

´  MEANING –SINGULAR SENSE

´  DEFINITION

´  CROXTON AND COWDEN DEFINED,” STATISTICS AS THE COLLECTION, PRESENTATION,ANALYSIS AND INTERPRETATION OF NUMERICAL DATA.

´  ELEMENTS

1. COLLECTION OF DATA
2. CLASSIFICATION OF DATA
3. PRESENTATION
4. COMPARISON
5. ANALYSIS AND INTERPRETATION

´  MEANING – PLURAL SENSE

´  HORACE SECRIST,” BY STATISTICS WE MEAN AGGREGATE OF FACTS, AFFECTED TO A MARKED EXTENT BY MULTIPLICITY OF CAUSES, NUMERICALLY EXPRESSED, ENUMERATED OR ESTIMATED ACCORDING TO REASONABLE STANDARDS OF ACCURACY, COLLECTED IN A SYSTEMATIC MANNER FOR A PREDETERMINED PURPOSE AND PLACED IN RELATION TO EACH OTHER.

´  CHARACTERISTICS

1. AGGREGATE OF FACTS: A SINGLE FIGURE RELATING TO PRODUCTION,BIRTH,SALE ETC WOULD NOT BE STATISTICS. IT SHOULD BE COLLECTION OF FIGURES.
2. AFFECTED BY MUTIPLICITY OF CAUSES:-WE NEED TO STUDY THE FACTS OF ALL THE FACTORS. PRODUCTION IS AFFECTED BY CLIMATE,SOIL,FERTILITY,QUALITY OF RAW MATERIAL ETC
3. NUMERICALLY EXPRESSED: IT MUST CONTAIN NUMERICAL DATA. QUALITTIVE DATA IS NOT STATISTICS.
4. ENUMERATED OR ESTIMATED:IN CASE THE NUMERICAL STATEMENT ARE PRECISE AND ACCURATE THEN THEY ARE ENUMERATED OTHERWISE IN LARGE DATA THEY ARE ESTIMATED-
5. REASONABLE STANDARD OF ACCURACY
6. COLLECTED IN A SYSTEMATIC MANNER
7. PREDETERMINED PURPOSE
8. CAPABLE OF BEING PLACED IN RELATION TO EACH OTHER

´  SCOPE OF STATISTICS

I.        SUBJECT MATTER OF STATISTICS

II.        NATURE OF STATISTICS

´  SUBJECT MATTER OF STATISTICS

´  STATISTICAL METHODS

a.    DESCRIPTIVE APPLIED STATISTICS

b.    SCIENTIFIC APPLIED STATISTICS

´  APPLIED METHODS:-

I.        INDUCTIVE OR INFERENTIAL STATISTICS

II.        ANALYTICAL STATISTICS

´  STATISTICAL METHODS

´  STATISTICAL DATA INCLUDE ALL TYPES OF GENERAL PRINCIPLES WHICH ARE USED IN COLLECTION, ANALYSIS AND INTERPRETATION OF DATA RELATING TO ANY ASPECT OF THE INQUIRY.

´  STAGES IN STATISTICAL ENQUIRY:-

I.        COLLECTION

II.        ORGANIZATION

III.        PRESENTATION

IV.        INTERPRETATION

´  APPLIED STATISTICS

´  APPLIED STATISTICS DEALS THE APPLICATION OF STATISTICAL METHODS TO SPECIFIC PROBLEMS

´  CLASSIFICATION OF APPLIED STATISTICS

A.    DESCRIPTIVE APPLIED STATISTICS:-DEAL WITH THE EXISTING DATA WHICH ARE KNOWN  AND RELATED TO PAST AND PRESENT.POPULATION STATISTICS EXPLAINS THE NATURE,NUMBER AND CAUSING POPULATION IN DIFFERENT PERIOD.

B.    SCIENTIFIC APPLIED STATISTICS:-DEALS WITH THE FORMULATION OF OF PHYSICAL AND PSYCHOLOGICAL LAWS ON THE BASIS OF DESCRIPTIVE APPLIED STATISTICS.

C.    INDUCTIVE OR INFERENTIAL STATISTICS:-USED FOR THE PURPOSE OF FORECASTING

D.    ANALYTICAL STATISTICS:-APPLICATION OF ANALYTICAL TOOL OF STATISTICS TO COMPARE THE RESULTS OF TWO MORE PHENOMENON.

´  NATURE OF THE STATISTICS

´  IT IS CONTROVERSIAL SUBJECT WHETHER STATISTICS IS A SCIENCE OR AN ART

´  SCIENCE REFERS TO A SYSTEMATIZED BODY OF KNOWLEDGE. IT DEALS WITH THE CAUSE AND EFFECT

´  KARL PEARSON,”THE CLASSIFICATION OF FACTS,THE RECOGNITION OF THEIR SEQUENCE AND RELATIVE SIGNIFICANCE IS THE FUNCTION OF SCIENCE,IT IS IN THIS CONTEXT THAT IT CAN BE SAID THAT STATISTICS IS SCIENCE.IT ESTABLISHES CAUSE AND EFFECT RELATIONSHIP AMONG COLLECTED DATA AND DRAWS INFERENCES AND CONCLUSIONS.

´  STATISTICS IS ALSO CONSIDERED AS AN ART. ART IS AN ACTION AND APPLICATION OF SCIENTIFIC LAWS IN PRACTICE.

´  RELATION WITH OTHERS ( SCOPE OF STATISTICS )

´  STATISTICS AND STATE

´  STATISTICS IN BUSINESS MANAGEMENT:-PROVIDES A SUMMARY PICTURE OF CURRENT OPERATIONS WHICH IMPROVES THE FACTUAL BASIS FOR MAKING VALID DECISIONS:-

i.        MARKETING

ii.        PRODUCTION

iii.        FIANCE

iv.        BANKING

v.        INVESTMENT

vi.        PURCHASE

vii.        ACCOUNTING

viii.        CONTROL

ix.        CREDIT

x.        PERSONNEL

´  STATISTICS IN ECONOMICS:-STATISTICAL METHODS HELP NOT ONLY IN FORMULATION APPROPRIATE ECONOMIC POLICIES

´  STATISTICS AND PHYSICAL SCIENCE

´  STATISTICS AND NATURAL SCIENCE

´  STATISTICS AND RESEARCH: HELPS IN INTERPRETING AND ESTABLISHING SIGNIFICANT RELATIONS

´  LIMITATION OF STATISTICS

i.        DEALS WITH ONLY QUANTITATIVE DATA

ii.        DOES NOT STUDY INDIVIDUAL EVENTS

iii.        TRUE ON AN AVERAGE AND BASED ON ESTIMATES AND APPROXIMATION

iv.        LIABLE TO BE MISUSED

v.        APPLIED FOR SPECIFIC PURPOSE

vi.        BASED ON SAMPLE STUDY

vii.        ONLY MEANS NOT AN END

viii.        NO CAUSE AND EFFECT RELATION