Question

Answer in detail−

What is meant by statistics? Explain the features of statistics.

Answer 1

Statistics refers to the aggregates or averages that define certain relationships based on the collection, presentation and observation of data. The meaning of statistics can be understood in two ways: in the plural sense and in the singular sense. In the plural sense, statistics refers to the systematic collection of numerical facts. On the other hand, in the singular sense, statistics refers to the science of studying statistical methods.
The following are some of the main features of statistics.

i. Aggregate of facts: Statistics is an aggregate of numerical facts and figures. A single value does not represent statistics.
ii. Collected in a systematic manner: Statistical data is collected in a systematic and planned manner. Data collected without any order or system is unreliable.
iii. Expressed numerically: All statistical data, whether qualitative or quantitative, is expressed in numerical terms.
iv. Affected by a multitude of causes: Statistical data is affected by a multitude of causes. For instance, the demand for a commodity is affected by a number of factors such as price, incomes of consumers, tastes and preferences.
v. Scientific collection of data: Statistics involves the collection of numerical data in a scientific manner, so that the data collected pertains to the subject matter.