Question

3 "Statistics affects everybody and touches
life at many points." Discuss. ( 6 marks)​

Answer 1

Answer:

Statistics are numerical statements of facts in any department of enquiry placed in relation to each other. Statistics is both a science as well as an art. As a science, it studies numerical data in a systematic manner and as an art it makes use of the data to solve the problems of real life.  

Significance of statistics:

i. Administration: every administrator has to depend on statistics fr effective adminstration. Finance mininster makes use of of data relating to revenue and expenditure to prepare the budget and to formulate poicies.

ii. Business: A successful business man estimates demand for and supply of teh good based on the relavant data.

iii. It is useful for politicians, socila reformers, science and research field, banking, insurance companies, economic planning and in the fied of education.