In the singular sense, statistics refers to the science of studying statistical methods. It indicates the techniques or methods of collecting, organizing, presenting, analyzing, and interpreting data.
Statistics in Singular Sense
Collection of data:Â It is the first step in any research or study. Thus, utmost care must be taken during the collection of data. Data can be collected by the investigator herself or from reliable sources such as published and unpublished data.
Organizing of data: The collected data must be organized properly by editing, classifying, and tabulating the same.
Presentation of data: The organized data cannot be used for analysis unless it is presented in a proper and systematic manner. Data can be presented in the form of tables, graphs, charts, diagrams, etc.
Analysis of data: Various tools and methods can be used for data analysis. Examples include averages, dispersion, correlation, and regression.
Interpretation of data:Â The last step in any research or study is data interpretation. A study is complete only when proper and meaningful conclusions or inferences are drawn from the data.
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Statistics
Statistics refers to the aggregates or averages that relate to certain inquiries or relationships. The meaning of statistics can be understood in two ways: in the plural sense and in the singular sense.
Scope of Statistics in Economics
Statistical tools and methods have wide applicability across various fields. The following are the Scope of Statistics. Business firms use statistics to study market fluctuations