In the ancient times, statistics was regarded only as the science of statecraft and used to collect information relating to crimes, population, wealth, military strength etc. for devising military and fiscal policies. But in modern times, statistical methods are used in every sphere of life such as metrology, sociology, education, economics etc. where statistical tools are not applicable.
1) Statistics in the Planning
Science ancient times the ruling king and chiefs have relied heavily on statistics in framing suitable military and fiscal policies. Most of the statistics such as that of crimes military strength, population, etc. that were collected by them were a by-product of administrative activity. Statistical data and statistical methods are of great help in promoting human welfare. These statistics help in farming suitable policies. All monitories and departments of the government whether they be finance, food, commerce, agriculture etc. depend heavily on factual data for their efficient functioning.
Statistics are so significant to the stage that the government is most of countries is the biggest collector and user of statistical data. Such data is of immense help to many institutions and research scholars. Who further process, it is useful for conclusion and help in decision-making.
2) Statistics in Economics
The statistics in economics are as follows:-
(i) Measures of gross national product and input-output analysis have greatly advanced overall economic knowledge.
(ii) Studies of competition and monthly required statistical comparison of market prices, costs and profits of individual firms.
(iii) Financial statistics are basic in the field of money and banking, short term credit, consumer finance and public finance.
(iv) In solving various economic problems such as poverty, unemployment, disparties in the distribution of income and wealth, statistical data and statistical methods play a vital role.
(v) Statistical method provide a valuable assistance for the study and solution of the economic problem as well as in the formulation of economic policies.
(vi) World wide markets forces include cultural and environmental differences in our managerial discussions about what, where, when and how to produce and distribute output.
3) Statistics in Business
With the growing rise and ever-increasing competition the problems of the business enterprises are becoming complex and they are using more and more statistics in decision-making. Business indeed runs on estimates and probabilities. The higher and degree of accuracy of a businessmen's estimates, the greater is the success attending on his business. Similarly, statistics help business man in the formulation of policies with regard to business by making valid forecasts about the future trends and tendencies of business based on post reports.
Business activity can broadly be grouped under these heads: production sale, purchase, finance, accounting, quality control etc.
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