3. STATISTICS AS STATISTICAL METHOD
(SINGULAR SENSE):
Definition by Croxton and Cowden:
“Statistics may be defined as the science of
collection, presentation, analysis and
interpretation of numerical data.”
5. FUNCTIONS OF STATISTICS
To present facts in a
proper form.
To simplify the complex
data.
To provide the
technique for making
comparison.
To formulate policies in
different fields.
To study relationship
between different
phenomena.
To forecast future
values.
To measure uncertainty.
To test a hypothesis.
To draw valid
inferences.
6.
7. Use of Statistics in Business and Management
Marketing
Production
Finance
Banking
Investment
Purchase
Accounting
Control
8. LIMITATIONS.
Statistics deals
only with the
quantitative
characteristics.
Statistics does
not deal with
individuals.
Statistical laws
are not exact.
Statistical
results are true
only on an
average.
Statistics is only
one of the
methods of
studying a
problem.
Statistics can be
misused.