Statistics is defined as the collection, organization, analysis, and interpretation of numerical data. It involves aggregating facts that are affected by many influences and expressing them quantitatively with a reasonable degree of accuracy in a systematic way for a specific purpose, and relating the data to other facts. Statistics is important for understanding economic performance, different sectors of the economy, regional balances, the government's role, and planned development. It also aids in comprehending basic economic principles and research. However, statistics has limitations as it does not consider individual observations, analyze qualitative factors, or ensure generalizations are always true.

1. Meaning ,Scope and
Importance of
Statistics

2. Meaning of Statistics
Statistics
STATISTICS
Numerical
Facts
Statistical
methods

3. Statistics as numerical Facts
It means numerical statements of facts in
connection with any fields of knowledge or
inquiry.
Statistics as statistical methods
It is a science which relate to the methods
of collection ,classification, presentation,
description ,analysis and interpretation of
numerical facts or data.

4. Plural Definition of Statistics
• According to Horace Secrist
“Aggregates of facts affected to a marked
extent by multiplicity of causes, numerically
expressed ,enumerated or estimated
according to reasonable standards of
accuracy , collected in a systematic manner
for a pre-determined purpose and placed in
relation to each other.”

5. Plural Definition of Statistics
• According to Yule and Kendall:
“Quantitative data affected to a marked
extent by multiplicity of causes.”
• According to A. L. Bowley:
“Numerical Statements of facts in any
department of enquiry placed in relation to
each other.”

6. Characteristics of Statistics
• Statistics are aggregate of facts.
• Statistics has to be numerically expressed.
• Statistics is data affected by multiplicity of causes.
• Statistics must be enumerated or estimated
according to reasonable standard of accuracy.
• Statistics is collected in a systematic manner.
• Statistics is collected for a pre-determined
purpose.
• Statistics is to be placed in relation to each other.

7. Singular Definition of Statistics
• According to Croxton and Cowden
“Statistics may be defined as collection,
presentation , analysis and interpretation
of numerical data.”

8. Importance of statistics in Economics
• Understanding the performance of
Economy.
• Understand the importance of various
Sectors of the Economy.
• Studying the Regional Balances and
Imbalances.
• Studying the role of government in the
Economy.

9. Importance of statistics in Economics
• Statistics for planned Development.
• Better comprehension of the basic
principals of Economics.
• Statistics is helpful in research.
• Statistics methods are used for functioning
of an economy and the basic laws of
Economics .

10. Limitation of Statistics
• Not Concerned with individual Observation.
• Does not analyse Qualitative Phenomenon.
• Statistics Generalization are true only on
average.
• Improper use of Statistics