functions of stats

Statistics refers to collection, presentation, analysis and interpretation of numerical data.

Functions of statistics are:-

1. Simplification of data- Statistics simplifies data by taking out averages, percentage etc

2. Comparison- With help of various statistical tools like average, percentage, ratios etc comparison of data of different time periods and regions are done

3. Forecasting- Economists use statistics in predicting future market, weather forecast is also done with help of statistics.

4. Policy formulation- Various policies on wages, production etc are formulated with the help of statistics.

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