Write a few applications of Statistics. (minimum 5)
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Statistics help in providing data as well as tools to analyze the data. Some powerful techniques are index numbers, time series analysis, and also forecasting. These are immensely useful in the analysis of data in economic planning. Further, statistical techniques help in framing planning models too.
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Statistical analysis experts help collect, study and extract relevant information from vast and complex data. This information is then applied to validate and further research, make sound business decisions and drive public initiatives.
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