Business Statistics - Short Question Answer

Here in this section of Business Statistics Short Questions Answers, We have listed out some of the important Short Questions with Answers which will help students to answer it correctly in their University Written Exam.

1. Explain the scope of statistics?

1) Statistics and planning :- Statistics in indispensable into planning in the modern age which is term as " the age of planning'. Almost all over the world the govt are re-storing to planning for economic development.

2) Statistics and economics:- Statistical data and technique of statistical analysis have to immensely useful involving economical problem. Such as wages price, time series analysis, termed analysis.
3) Statistics and business :- Statistics is an irresponsible tool of production control. Business executive are relying more and more on statistical technique for studying the much and desire of valued customers.
4) Statistics and industry :- In industry is widely used inequality control. In production engineering to find out whether the product is confirming to the specification or not. Statistical tools, such as inspection plan, control chart etc.
5) Statistics and Mathematics :- Statistics are intimately related recent advancement in statistical technique are the outcome of wide application of Mathematics.
6) Statistics and Modern science :- In medical science the statistical tools for collection and incidence of diseases and result of application various drugs and Medicines are of great importance.  
2. What are the Limitations of Statistics?

The main Limitations of Statistics are the following: 

  1. Statistics is unable to explain individual items
  2. Statistics are unable to study qualitative characters
  3. Statistical results are not accurately correct
  4. Statistics deal with average
  5. Statistics is only one of the methods of studying a given problem
  6. Statistics is liable to be misused
  7. Qualitative Aspect Ignored
  8. Many methods to study problems
  9. Results are true only on average
  10. Statistical laws are not exact