Tag: meaning and definition of statistics

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Questions Related to meaning and definition of statistics

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Business managers also need statistics for planning as _______________.

  1. decisions can not be made on trial basis

  2. systematically organized data help in developing decision policies

  3. both A & B

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Statistics carries out analysis of past data, which allows a trend line to be constructed, and thus the company has a higher chance of success as data regarding past performance is available. The data that is collated has to be accurate and systematically organized to help in the formation of developing decision policies. 

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

For data to be statistics it should ________________.

  1. be numerically expressed

  2. be estimated

  3. have predetermined purpose

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The data collected should be numerically expressed as statistics deals with quantitative data. should be collected with a purpose in order to for it to be accurate. Data should also be useful and sufficient to make estimations and draw conclusions.

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

In statistics the facts _______________.

  1. should be expressed numerically

  2. should be related to other facts for comparison

  3. can't be estimated

  4. both A & B
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The data collected should be numerically expressed and collated in a way that enables to draw conclusions. Data should be collected with a purpose in order for it to be accurate. It can be estimated to a degree as it may be highly impossible to collect data for the entire population, thus data that has reasonable accuracy is sufficient. Statistics is not concerned with a single observation, and has to be related to aggregate facts to be comparable and carry meaning. 

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Objectives and significance of statistical averages are _____________.

  1. to present huge mass of data in a summarized form

  2. to facilitate comparison of different sets of data

  3. to help in decision making

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statistical averages (measures of central tendency) are used to summarize large data sets, allow for comparisons between different groups, and provide a basis for informed decision-making.

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

We use inferential statistic to generalize from our samples and descriptive statistics to describe our samples.

  1. True

  2. False

  3. Partially true

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

This statement is correct. Descriptive statistics summarize the sample data, while inferential statistics use that sample to make generalizations about the larger population.

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Statistics is indispensable function of State as ________________.

  1. suitable policies are to be formed

  2. it is dispensable if applied only to Central Government

  3. it helps to improve the working of the system

  4. Both A & C
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The computation of statistics is immensely helpful in the planning of policies as the government can now see how its progressing and implement targeted policies to improve the situation. E.g.: if the unemployment level is higher than average the government can choose to have targeted employment schemes in that area of the country. 

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Select the principles and methods used in Statistics __________.

  1. organization of data

  2. collection of data

  3. interpretation of data

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statistics encompasses the entire lifecycle of data, including collection, organization, analysis, and interpretation.

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

The commonly found limitations to statistics are  ________________.

  1. it deals with individual elements

  2. statistics gives precise and accurate information

  3. results of statistics are based on assumptions.

  4. all of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

It is usually either impossible or impractical (eg: it would cost too much money for it to be efficient) to collect data from each unit of the universe, thus samples are assumed to carry the characteristics of the population, which might not exactly be true.

Multiple choice business economics and quantitative methods nature and scope of economics definition, scope, importance and limitation of statistics introduction - statistics for economics meaning and definition of statistics

Statistics in the sense of numerical data basically refers to ______ aspects.

  1. qualitative

  2. quantitative

  3. mental

  4. social
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Statistics is a scientific method used to draw conclusions through data analysis. Statistics uses quantitative data to draw conclusions and find evidences to prove the formulated hypothesis. Statistics cannot analyse qualitative phenomenon. Things like goodwill, beauty, integrity cannot be quantitatively measured and thus is statistical methods are not useful.