What is the scope of statistics?

Statistics is indispensable in this modern age aptly termed as the age of planning. The governments of most countries around the world are constantly researching to improve its economic development. Statistical data and techniques of statistical analysis are immensely useful in solving economic problems such as wages, price, time series analysis and demand analysis. It is an irreplaceable tool of production control. Business executives are relying more and more on statistical techniques for studying the preference of the customers. Industry statistics are widely used in equality control. In production engineering, statistical tools such as inspection plan, control chart, etc. are extensively used to find out whether the product is confirming to the specifications or not. Statistics are useful to banker, insurance companies, social workers, labour unions, trade associations, chambers and to the politicians.

0 Upvotes 0 Upvotes 0 Downvotes

• • Report Abuse
• Comment