3. 1. History of Statistics
The word “Statistics” was first used by German
Scholar Goti-fried Achenwall about the middle of
18th Century.
The word “statistics” is derived from the Latin word
“status”, Italian word “Statista” and the german
word “Statistik”.
All the words have same meanings “An organized
political state” .
4. 2. Definition of Statistics:
Statistics is defined as the science of collection,
presentation analysis and interpretation of numerical
data.
Statistics is concerned with scientific methods for
collecting, organizing, summarizing, presenting and
analyzing data as well as deriving valid conclusions
and making reasonable decisions on the basis of this
analysis. Statistics is concerned with the systematic
collection of numerical data and its interpretation.
6. Statistics in Economics:
Statistical data and techniques of statistical tools are
immensely useful in solving many economic problems such
as wages, prices, production, distribution of income and
wealth and soon. Statistical tools like Index numbers, time
series Analysis, Estimation theory, Testing Statistical
Hypothesis are extensively used in economics.
7. Statistics in Banking:
Banking is an industry that handles cash, credits, and other
financial transactions. All the people who deposits their
money with the banks does not withdraw it at the same time
from the commercial bank. The Bank earn profits out of these
deposits by landing in to others on interest by using
statistical techniques.
8. Statistics in Education:
Statistics in education is the practice of teaching and
learning of statistics along with the scholarly research.
Statistics is both the formal Science and practical theory of
scientific inquiry and both aspects are consider in statistics
education.
9. Statistics in Industry:
Statistics is widely used in many industries. In industries,
control charts are widely used to maintain a certain quality
level. In production engineering, to find whether the product
is conforming to specifications or not, statistical tools, namely
inspection plans, control charts, etc., are of extreme
importance.
10. Statistics in Agriculture:
Analysis of variance (ANOVA) is one of the statistical tools
developed by Professor R.A. Fisher, plays a prominent role in
agriculture experiments. In analysis of variance, we are
concerned with the testing of equality of several population
means.
11. Statistics in Medical Science:
In Medical sciences, statistical tools are widely used. In order
to test the efficiency of a new drug or medicine, t - test is
used or to compare the efficiency of two drugs or two
medicines, t - test for the two samples is used.
12. 4. LIMITATIONS OF STATISTICS:
Statistics is not suitable to the study of qualitative
phenomenon.
Statistics does not study individuals.
Statistical laws are not exact.
Statistics table may be misused.
Statistics is only, one of the methods of studying a
problem.
