Definition of Statistics, Importance & Limitations & Data Collection, Classification & Tabulation
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Free sample — 8 of 65 rapid-fire Q&A cards.
From which Latin word is the term 'Statistics' derived, and what does it mean?
Statistics is derived from the Latin word 'statisticum', meaning matters of state.
From which German word is 'Statistics' derived, and what does it mean?
Statistik, meaning numerical data of the state
What is the modern definition of Statistics?
Statistics is the science of collecting, classifying, analysing, interpreting, and presenting numerical data to support reasoned decision-making.
From which Italian word is 'Statistics' derived, and what does it mean?
Statista, meaning statesman or political affairs
What are the two broad types of data in statistics?
The two broad types are Qualitative Data (categorical, expressed in words/labels) and Quantitative Data (numerical, expressed in numbers).
What is Continuous Data, and give a banking example?
Data that can take any value within a range including decimals; e.g., outstanding loan balance ₹2,45,632.75
What distinguishes discrete data from continuous data?
Discrete data takes whole-number, finite countable values (e.g., number of customers), while continuous data can take any value within a range including decimals (e.g., outstanding loan balance).
What is Discrete Data, and give a banking example?
Data that takes whole-number finite values; e.g., number of cheques bounced in a month
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