Discuss the functions and importance/utility of Statistics.

4 years ago
Business Statistics

Statistical methods are used not only in the social, economic and political fields but in every field of science and knowledge. Statistical analysis has become more significant in global relations and in the age of fast developing information technology.

According to Prof. Bowley, “The proper function of statistics is to enlarge individual experiences”.

Following are some of the important functions of Statistics :

  1. To provide numerical
  2. To simplify complex
  3. To enlarge human knowledge and
  4. Helps in formulation of
  5. To provide
  6. To establish mutual
  7. Helps in
  8. Test the accuracy of scientific
  9. To study extensively and

The use of statistics has become almost essential in order to clearly understand and solve a problem. Statistics proves to be much useful in unfamiliar fields of application and complex situations such as :-

  1. Planning
  2. Administration
  3. Economics
  4. Trade & Commerce
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Surya Bikram Bhandari
Surya Bikram Bhandari
Nov 12, 2021
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