Statistics
Topic: Economic Data: Census, NSS, Surveys and Statistical Tools · NCERT: Class 11, Ch 1 "Introduction (Statistics for Economics)"; Class 11, Ch 8 "Use of Statistical Tools"
Meaning
The word statistics has two meanings. In the plural sense, it means the numerical data themselves. In the singular sense, it means the method of handling data: collection → organisation and presentation → analysis → interpretation. Statistics makes facts precise. It condenses a large mass of data into a few summary measures, and it helps find and test relationships between variables.
Example
"310 people died in the Kashmir earthquake" is a statistical fact, while "hundreds died" is not. Likewise, no one can remember thousands of incomes, but anyone can remember one average income.
Don't confuse with
- Economic data: data are the raw facts. Statistics as a method is the whole process of collecting and making sense of them.
Related concepts
- Economic data
- Economic analysis
- Economic policy
- Quantitative data
- Qualitative data
- Statistical prediction
- Statistical methods are no substitute for common sense
- Project report
- Target group