Tag: business economics and quantitative methods

Statistics are aggregate of facts, a single numerical fact can't be called statistics. Thus they only deal with groups and not individuals. Statistics only deals with quantitative data it does not deal well with qualitative data beauty, honesty, goodwil etc cant be measured. The laws of statistic are not exact and they might be used improperly to misinform. Political parties may create misleading statistics to gain favor with the people.

All three statements are related to a major limitation of statistics which is "improper use of statistics". There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. 

A major limitation of statistics which is "improper use of statistics" which is a result of the laws of statistic not being an exact science. There is a vast scope for error in the data and it may be misused by people with agendas, these people may manipulate the data to gain favour or popularity. eg. politicians publishing misleading statistics on employment and inflation to remain in power.

The law of statistical regularity states that, as the sample size is increased, the data collected from this group will reflect the data of the population, i.e., irregularities in the data begin diminishing as the size of the sample increases, as the characteristics of the group is the characteristics of the data.

Option D is correct. Preciseness and definiteness do not feature in process of data collection and analysis, rather it is an innate quality that is likely to be ensured at each stage of the data collection and refinement process. 

Statistics are numerically expressed as it solely deals with quantitative data. They are aggregate of facts as a single numerical fact cannot be termed as statistics, and only then can these facts be compared and conclusion drawn about the aggregate general facts.