what are the basis of classifying statistical information in economics
Answers
Answer:
Under this classification, data are classified on the basis of some attributes or qualities like honesty, beauty, intelligence, literacy, marital status etc. For example, Population can be divided on the basis of marital status as married or unmarried etc.
Answer:
It is the process of arranging data into homogeneous (similar) groups according to their common characteristics.
Raw data cannot be easily understood, and it is not fit for further analysis and interpretation. This arrangement of data helps users in comparison and analysis.
For example, the Population of town can be grouped according to sex, age, marital status etc.
Classification of data
The method of arranging data into homogeneous classes according to some common features present in the data is called classification.
A planned data analysis system makes fundamental data easy to find and recover. This can be of particular interest for legal discovery, risk management and compliance. Written methods and set of guidelines for data classification should determine what levels and measures the company will use to organise data and define the roles of employees within the business regarding input stewardship. Once a data-classification scheme has been designed, security standards that stipulate proper approaching practices for each division and storage criteria that determine the data’s lifecycle demands should be discussed.
Explanation: