# Importance & Scope

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```					STATISTICS IN ECOMOICS
USES OF STATISTICS
Helps in solving economic problems
Ex Savings, Profits,Expenditure etc
Ststistical Techniques For Economics
Consumption Statistics
Production Statistics
Income & Wealth Statistics
Exchange statistics
Used For Measuring GNP & Input & Output
Analysis

ECONOMIC LAWS
FROM STATISTICS
Engel’s Law of Consumption
Law of Distribution of Income
Powerful stastistical
tools
Index Numbers

Time Series Analysis

Forecasting Techniques

Demand Analysis
STATISTICS IN BUSSINESS &
MGMT
Tools used in Bussiness & Management
- Probability
- Expectation
- Sampling Techniques
- Test of significance
- Estimation Theory
- Forecasting Techniques
POWERFUL TOOLS
Time Series Analysis
Helps in knowing the trend in order to maintain
demand for goods
For determining the BUSSINESS CYCLE
ECONOMIC BAROMETER gives idea to business
man
STATISTICAL TECHNIQUES
USED IN BUSSINESS
ORGANISATIONS
 Carrying out Time & Motion studies
   Marketing Decisions
   Investment
   Credit Policy
   Inventory Control
   Accounting
   Sales Control
STATISTICS IN ACCOUNTS &
AUDITING
Important one is the METHOD OF INFLATION
ACCOUNTING
Tools which are used Price index numbers & Deflators
REGRESSION ANALYSIS is useful in relating
Production & Price of the product
C=F(p)
STATISTICS IN INDUSTRY
MAINLY FOR QUALITY CONTROL
Tools
 CONTROL CHARTS
 INSPECTION PLANS
STATISTICS IN INSURANCE
Probability theory is the back bone of
insurance
Importance of LIFE TABLES in
insurance
STATISTICS IN ASTRONOMY
The principle of LEAST SQUARES developed by
Gauss used o derive NORMAL LAW OF ERRORS
Gauss used normal curve to describe the theory of
accidental errors of measurements in calculation of
orbits of heavenly bodies
STATISTICS IN PHYSICAL
SCIENCES

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 views: 51 posted: 7/26/2010 language: English pages: 12