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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
the purchasing power of money
STATISTICAL TECHNIQUES
USED IN BUSSINESS
ORGANISATIONS
 Carrying out Time & Motion studies
   Marketing Decisions
   Investment
   Personnel Administration
   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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posted:7/26/2010
language:English
pages:12