DEFINITION OF STATISTICS, IMPORTANCE & LIMITATIONS
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How does the Indian Statistical Institute define statistics?
Statistics is defined as the science of collection, presentation, analysis, and interpretation of numerical data to assist in making better decisions.
Who coined the term 'statistics' and from which Latin word is it derived?
Gottfried Achenwall; derived from Latin word 'status' meaning state.
What distinguishes statistics as a 'science' rather than mere data collection?
Statistics is a science because it follows systematic methods and logical reasoning to draw valid inferences from numerical data, not just accumulate numbers.
What is the definition of statistics given by Bowley?
Statistics is the science of counting and measurement of social phenomena.
What is the plural sense of the term 'statistics'?
In its plural sense, statistics refers to numerical facts or data themselves, such as data on NPAs, credit growth, or inflation rates collected by RBI.
According to Croxton and Cowden, what is the scope of statistics?
Statistics is the science of collection, presentation, analysis, and interpretation of data.
What is the singular sense of the term 'statistics'?
In its singular sense, statistics refers to the discipline or subject that deals with methods of collecting, organizing, analyzing, and interpreting data.
What is the primary distinction between descriptive and inferential statistics?
Descriptive summarises data; inferential draws conclusions about populations from samples.
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