What is Statistics?

Definition:
Statistics is may be defined as the science of
collection ,presentation, analysis and
interpretation of numerical data.
 What is Statistics (cont.)
• Statistics may be called the science of
counting.
• Statistics may be called as science of average.
• Statistics is the science of estimates and
probabilities.
• Statistics is the science of decision making in
the field of uncertainty.
 Characteristics of Statistics:
Statistics
•are aggregate or population of facts
•must be numerically expressed.
•must be comparable and homogeneous
•are to enumerated with reasonable accuracy
•should be collected in a systematic manner
 Importance of Statistics
• Statistics is vital in policy formulation and in making sound
decision
• Statistics helps in proper understanding of any problem
affecting human welfare
• Statistics is indispensable in social studies
• Statistical methods have got their application in natural
sciences also
• Statistics is indispensable in government administration
• Statistics is indispensable in economic analysis also
• Statistics is indispensable in business and commerce
• Statistics helps in the formulation of organizational policy
and managerial planning.
 Limitation of Statistics
• Laws of Statistics are true only in the long run.
Statistical expressions are in terms of average,
approximation, and probabilities
• It can provide a group average without revealing the
individual characteristics
• Statistics is applicable only in quantitative study
• Statistics may produce faulty decision either due to
deliberate manipulation or due to inappropriate use
• Statistics has the chance of being misused
• Statistics only provide the raw material and tool for
making judgment and inferences but they do not
constitute inferences for any study.