ECONOMICS: Remedial class ( Definition of Statistics)

Definition of Statistics . Singular and Plural sense

Date :19.5.2020
Sub : Economics
Class : 11

Learning Outcomes

Students will learn what is Statistics
Definition of Statistics in Plural and Singular sense
Characteristics of Statistics in Plural sense

A very good afternoon students.

Today we are going to take up the Definition of Statistics both in Singular and Plural sense.

Before taking up the above topic we need to understand What is Statistics ?

Unlike a layman ,a student of Economics cannot relax taking Statistics just as a pool of quantitative information.Instead he is also to look into the method or techniques relating to its collection,classification,presentation and analysis as well as interpretation.

We need to understand the above terms:

Collection :Data collection is the process of gathering and measuring information on variables of interest, in an established systematic fashion that enables one to answer stated research questions, test hypotheses, and evaluate outcomes.

Classification :

It is the process of arranging data into homogeneous (similar) groups according to their common characteristics.
Raw data cannot be easily understood and it is not fit for further analysis and interpretation. This arrangement of data helps users in comparison and analysis.
For example, the Population of town can be grouped according to sex, age, marital status etc.

Presentation :Once data has been collected, it has to be classified and organised in such a way that it becomes easily readable and interpretable, that is, converted to information. Before the calculation of descriptive statistics, it is sometimes a good idea to present data as tables, charts, diagrams or graphs. Most people find ‘pictures’ much more helpful than ‘numbers’ in the sense that, in their opinion, they present data more meaningfully.

Analysis : It’s the science of collecting, exploring and presenting large amounts of data to discover underlying patterns and trends. Statistics are applied every day – in research, industry and government – to become more scientific about decisions that need to be made. For example:

Manufacturers use statistics to weave quality into beautiful fabrics, to bring lift to the airline industry and to help guitarists make beautiful music.
Researchers keep children healthy by using statistics to analyze data from the production of viral vaccines, which ensures consistency and safety.

Interpretation: Interpretation is the process of making sense of numerical data that has been collected, analyzed, and presented.

In view of such vastness of the subject matter ,Statistics is defined both in Singular and Plural sense.