Statistics and Statistical Data
The term statistics has dual meaning.
Singular Sense
In singular sense/Specific View statistic means technique or method (e.g. Mean, SD etc.) to predict some useful result from the raw data or information
Plural Sense
In plural sense/General view statistics means raw data and information. I.e. quantitative information (record of employee in a factory, income of a nation etc)
DEFINITION: We may define Statistics as the science which deals with the collection, analysis and interpretation of numerical data.
Use of Statistics : - Suppose that you are the production manager of a car manufacturing co. and you have to determine the no of car’s production this year. We may use the technique i.e. used by the TATA NANO. They collect a form with some advance deposit from their customer. This form gives them the idea of demand of NANO car in the market. Using this statistical data collection we can decide the no of car’s production in the year.
W e can use this technique to determine the average value of particular Stock (using AM) and can determine Risk of a share (using the measure of dispersion).
We can determine the relationship between two variables from the past data. Using this relation we can predict the one variable when other is known.
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