Question

How is statistics important in19 and economic planning?

Answer 1

Statics is the study of methods for quantifying the forces between bodies. Forces are responsible for maintaining balance and causing motion of bodies, or changes in their shape. You encounter a great number and variety of examples of forces every day, such as when you press a button, turn a doorknob, or run your hands through your hair. Motion and changes in shape are critical to the functionality of man-made objects as well as objects the nature.

Answer 2

Statistics are used in economic planning for the following purposes:

(i) Statistical data help us in comparing the rate of development of one country with the rate of development of the other country.

(ii) The importance of consumption, production, distribution can be known from the available statistical data.

(iii) The success that a plan achieves is measured best by the use of statistical methods.

(iv) Statistical data are used for knowing about the progress in the techniques of production, the volume of production, imports, exports and so on.

(v) Planning involves the fixation of targets and priorities. Targets which are fixed, have to be achieved within a specific period of time. It will be possible only when data are available.

Explanation:

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