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Free solved assignment answer of mba103 Q. Give the meaning of the word Statistics. Mention the characteristics of Statistics.

Answer: The word statistics refers to "numerical facts systematically arranged". In this sense, the word statistics is always used in the plural. We have, for instance, statistics of prices, statistics of road, accidents, statistics of crimes, statistics of births, statistics of educational institutions, etc. In all these examples, the word statistics denotes a set of numerical data in the respective fields. This is the meaning the man in the street gives to the word statistics and the most people
usually use the word data instead

Characteristics of Statistics: Statistics are numerically expressed and are estimated with varying degrees of accuracy. Statistics are collected in a systematic manner and for pre-determined purposes.

1. Statistics deals with aggregate of facts: Single figure cannot be analysed. Thus, the fact „Mr Kiran is 170 cms. tall cannot be statistically analysed. On the other hand, if we know the heights of 60 students of a class, we can comment upon the average height and variation.

2. Statistics gets affected to a huge extent by multiplicity of causes: The Statistics of yield of a crop is the result of several factors such as fertility of soil, amount of rainfall, quality of seed used, quality and quantity of fertilizer used.

3. Statistics are numerically expressed: Only numerical facts can be statistically analysed. Therefore, facts as „price decreases with increasing production cannot be called statistics. The qualitative data such as the categorical data cannot be called as statistics. For example, the eye color of a person or the brand name of an automobile.

4. Statistics are enumerated or estimated with required degree of accuracy: The facts should be collected from the field or estimated (computed) with the required degree of accuracy. The degree of accuracy differs depending on the purpose.

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