What is the importance of statistics in economic explain any three s?
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Statistics play a major role in this field and they feed into each since both are largely number- and fact-based. Three primary uses that show the importance of statistics in economics include analyzing data, collecting information and testing hypotheses.
For example, statistical information is used to determine supply and demand for exports and imports. The United States Census Bureau is another good example. They collect information to determine a variety of statistical information, such as the number of people living in a specific state.
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For example, statistical information is used to determine supply and demand for exports and imports. The United States Census Bureau is another good example. They collect information to determine a variety of statistical information, such as the number of people living in a specific state.
hope you understand
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Answer:The main objective of statistical quality control (SQC) is to achieve quality in production and service organizations, through the use of adequate statistical techniques. The following survey relates to manufacturing rather than to the service industry, but the principles of SQC can be successfully applied to either.
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