Both in economic theory and practice statistical

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

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 statistics. 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...
View Full Document

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.

Ask a homework question - tutors are online