Question

In which of the following fields/ areas the use of statistics and statistical techniques can be better examined?

• A. Measurement of national income and components.
• B. Business management.
• C. Biology
• D. All of the above

Answer 1

The correct option is D All of the above

Statistics helps in grasping the meaning of certain laws of behavior in social sciences and natural sciences and lends precision to scientific inquiry. Analysts are able to collect and collate data in a precise manner to provide empirical evidence to a theory. Thus, it helps in condensing the mass of data into a few numerical measures and it enables an economist to present economic facts in a precise and definite form, or enables a scientist to draw conclusions from an experiment or allow an entrepreneur to construct a sales trendline to make the next business strategy.