Download App

Introduction — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsIntroduction6 Marks
Question
Statistics is indispensible in every field. Explain.
✓

Answer

It is absolutely right to say that statistics is indispensible in every field of life.
  1. Statistics and planning: Statistics in indispensable in planning in the modern age which is termed as "the age of planning". Almost all over the world the government is re-storing to planning for economic development.
  2. Statistics and economics: Statistical data and techniques of statistical analysis are immensely useful in solving economical problem. Such as wages, price, time series analysis, demand analysis.
  3. Statistics and business: Statistics is an indispensible tool of production control. Business executives are relying more and more on statistical techniques for studying the wants and desires of the valued customers.
  4. Statistics and industry: In industry statistics is widely used in quality control. In production engineering to find out whether the product is confirming to the specifications or not. Statistical tools, such as inspection plan, control chart etc.
  5. Statistics and mathematics: Statistics 5 and Mathematics are intimately related recent advancements in statistical technique are the outcome of wide is applications of mathematics.
  6. Statistics and modern science: In medical science the statistical tools for bat collection, presentation and analysis of observed facts relating to causes and incidence of diseases and the result of application of various drugs and medicine are of great importance.
  7. Statistics, psychology and education: In education and psychology statistics has found wide application such as, determining or to determine the reliability and validity to a test, factor analysis etc.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "6 Marks Question" from Introduction→Introduction — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

What do you understand by consumer's equilibrium? Give logical reasoning as to how he reaches his state of equilibrium.
→
Calculate mean deviation from median from the following data:
X 5 10 15 20 25
Frequency 2 3 7 6 2
→
Explain how change in price of the substitute commodity-Y (related to commodity-X) would affect market equilibrium with respect to commodity-X.
→
A batsman is to be selected for a cricket team. The choice is between X and Y on the basis of their scores in five previous tests which are:
X
25
85
40
80
120
Y
50
70
65
45
80
Which batsman should be selected if we want,
  1. A higher run getter.
  2. A more reliable batsman in the team?
→
Define index number. Discuss various problems in the construction of index numbers.
→
In the previous question, calculate the relative measures of variation and indicate the value which, in your opinion, is more reliable.
→
What is a statistical enquiry? What are the steps in collection of data?
→
Calculate the coefficient of variation for the following data:
weight (kg.): 0-20 20-40 40-60 60-80 80-100
No. of Persons: 81 40 66 49 14
→
How is value of correlation interpreted?
→
Discuss the importance of Statistics in Economics.
→