Discuss various Function of Statistics.
Functions of Statistics:
Statistics presents facts in a definite and precise form: Statistics presents statements of facts in a precise quantitative and definite For example, the statistical technique of index numbers presents the expression into a form which can be easily understood.
Statistics simplifies mass of figures: The complex mass of data are made simple and understandable with the help of statistical methods. Statistics reduces a large mass of facts into few significant figures.
Statistics facilitates comparison: For ex. we can compare the a population of India in 2007 with the population of China in the same year.
Statistical methods help in the formation and testing of hypothesis and to develop new theories: For ex. hypothesis like whether credit control is effective in controlling inflation can be tested by using appropriate statistical tools.
Statistical methods provide means to predict future events: Regression technique and time series are helpful in this regard. A businessman can predict his sales or production with the help of these techniques.