What is the importance of Statistics in the present era? State the importance of Statistics in Economics.
Answers
Answer:
Statistical knowledge helps you use the proper methods to collect the data, employ the correct analyses, and effectively present the results. Statistics is a crucial process behind how we make discoveries in science, make decisions based on data, and make predictions.
Answer:
Importance of Statistics in the Present Era In the era of modem civilization, the importance of statistics is constantly increasing. There is hardly any area of life where statistics is not used in some form. That is why statistics is used to solve economic, social and political problems. Not only this, in the scientific, administrative and other analysis also, statistics is playing a significant role.
I. Dr. Bowley has clearly stated the knowledge of statistics is like the knowledge of a foreign language or Algebra, that can useful at any time or at any given situation. The statement of Prof. Walker is seemingly true that, “Our culture has become a statistical culture to a shocking state.”
Clarifying the importance of statistics, Sakraist has stated, “There is hardly any problem related to trade, social policy or state, which do not require statistics to deal with”.
II. Importance of Statistics in Economics :
Statistics has an important place in economics. Statistical methods prove to be very useful in understanding, analyzing and finding the solution of various economic problems. Statistical policies also have a lot of use in the creation of various rules of economics. Explaining its significance in economics, Marshall has said that “Data refers to those particles, using which just like every economist, I also have to make bricks”. With the help of statistics different problems of each sector of economics consumption, exchange, distribution, and revenue are studied and their solutions are searched.