Question

. “Statistics may be defined as a science of collection, presentation,
analysis and interpretation of numerical data.” Elaborate.

Answer 1

Answer:

Statistics and Economics: Statistics is widely used in economics study and research. The subject of economics is mainly concerned with production and distribution of wealth as well as with saving and investment. Some of the areas of economic interest in which statistical tools are used are as follows:

1. Statistical methods are extensively used in measuring and forecasting Gross National Product

(GNP).

2. Economic stability is primarily judged by statistical studies of business cycle.

3. Econometric models which involve applications of statistical methods are used for optimum utilisation of resources available.

4. Financial statistics are necessary in the fields of money and banking including consumer

saving and credit availability.

Explanation:

Answer 2

Answer:

Data science is an inter-disciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from many structural and unstructured data. Data science is related to data mining, machine learning and big data.

Explanation: