Tag: definition, scope, importance and limitation of statistics

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Questions Related to definition, scope, importance and limitation 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

Which of the following are the characteristics of statistics?

  1. Numerically expressed

  2. Affected by multiplicity of causes

  3. Aggregate of facts

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

Statistics are numerically expressed as it solely deals with quantitative data. They are aggregate of facts as a single numerical fact cannot be termed as statistics, and only then can these facts be compared and conclusion drawn about the aggregate general facts.

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

Both descriptive and inferential statistic is used to change data into information that in turn is converted into_______that lead to better decision making. 

  1. Knowledge

  2. A process

  3. A forecast

  4. A parameter
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The progression in data analysis is data to information, and information to knowledge. Knowledge is what allows 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

Inferential statistics is a process that involves all of the following EXCEPT?

  1. Estimating a parameter

  2. Estimating a statistic

  3. Test a hypothesis

  4. Analyze relationships
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Inferential statistics involves using sample statistics to estimate population parameters and test hypotheses. Estimating a statistic is a descriptive process, not an inferential one, as the statistic is already calculated from the sample.

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 general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

  1. Statistics

  2. Descriptive statistics

  3. Qualitative descriptive

  4. Measurement of statistics
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Statistics is broadly defined as the science of collecting, organizing, summarizing, analyzing, and interpreting data to make decisions.

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.