largely to Statistics? -> Which are the different tools of Statistics? ->How to apply Statistics?
Definition of Statistics: A.L. Bowley defined statistics as“Statistics is the science of counting” “science of averages” Secrist has given a detailed definition of statistics “Statistics are the numerical statement of facts capable of analysis and interpretation and the science of statistics is the study of the principles and the methods applied in collecting, presenting, analysis and interpreting the numerical data in any field of inquiry.”
Need of Statistics To approve or disapprove any economic theory. To reveal the structure of the economy. To Plan a strategy. To access the success of programmes and policies of the government.
Different Statistical Software's used in companies:- SAS MATLAB MINITAB R(freely downloadable from net) SPSS SYSTAT MYSTAT
Limitations Statistical laws are not exact. Statistics measures the variability of a measurement, not the accuracy of a measurement. Statistics analyses quantitative data. As a matter of fact, qualitative phenomenon like honesty, poverty, beauty, intelligence etc, cannot be expressed numerically and any statistical analysis cannot be directly applied on these qualitative phenomenon. Statistical techniques may be applied indirectly by first reducing the qualitative expressions to accurate quantitative terms. For example, the intelligence of a group of students can be studied on the basis of their marks in a particular examination.