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Unformatted text preview: conomic study. Both in economic theory and practice,
statistical methods play an important role.
Alfred Marshall said, “ Statistics are the straw only which I
like every other economist have to make the bricks”. It may also be
noted that statistical data and techniques of statistical tools are
immensely useful in solving many economic problems such as
wages, prices, production, distribution of income and wealth and so
on. Statistical tools like Index numbers, time series Analysis,
Estimation theory, Testing Statistical Hypothesis are extensively
used in economics.
1.6.5 Statistics and Education:
Statistics is widely used in education. Research has become
a common feature in all branches of activities. Statistics is
necessary for the formulation of policies to start new course,
consideration of facilities available for new courses etc. There are
6 many people engaged in research work to test the past knowledge
and evolve new knowledge. These are possible only through
1.6.6 Statistics and Planning:
Statistics is indispensable in planning. In the modern world,
which can be termed as the “world of planning”, almost all the
organisations in the government are seeking the help of planning
for efficient working, for the formulation of policy decisions and
execution of the same.
In order to achieve the above goals, the statistical data
relating to production, consumption, demand, supply, prices,
investments, income expenditure etc and various advanced
statistical techniques for processing, analysing and interpreting
such complex data are of importance. In India statistics play an
important role in planning, commissioning both at the central and
state government levels.
1.6.7 Statistics and Medicine:
In Medical sciences, statistical tools are widely used. In
order to test the efficiency of a new drug or medicine, t - test is
used or to compare the efficiency of two drugs or two medicines, ttest for the two samples is used. More and more applications of
statistics are at present used i...
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This note was uploaded on 01/18/2014 for the course BUS 100 taught by Professor Moshiri during the Winter '08 term at UC Riverside.
- Winter '08