Commerce Exam > Commerce Videos > Economics Class 11 > Functions & Scope of Statistics
Functions & Scope of Statistics Video Lecture | Economics Class 11 - Commerce
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75 videos|274 docs|46 tests
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FAQs on Functions & Scope of Statistics Video Lecture - Economics Class 11 - Commerce
| 1. What is the scope of statistics in commerce? |  |
Ans. Statistics plays a vital role in commerce by providing a framework for collecting, analyzing, and interpreting data. It helps in making informed business decisions, evaluating market trends, forecasting sales, and measuring financial performance.
| 2. How can statistics be applied in commerce? | |
Ans. Statistics can be applied in commerce in various ways. It can be used to conduct market research, analyze consumer behavior, determine pricing strategies, assess the effectiveness of advertising campaigns, and monitor inventory levels.
| 3. What are the functions of statistics in commerce? | |
Ans. The functions of statistics in commerce include data collection, summarization, analysis, interpretation, and presentation. It helps in identifying patterns, trends, and relationships within data, enabling businesses to make data-driven decisions.
| 4. How does statistics assist in financial analysis in commerce? | |
Ans. Statistics assists in financial analysis in commerce by providing techniques to analyze financial data, such as calculating averages, measures of dispersion, correlation coefficients, and regression analysis. These tools help in evaluating financial performance, identifying risks, and making forecasts.
| 5. Can statistics help in risk management in commerce? | |
Ans. Yes, statistics can help in risk management in commerce. It provides methods for analyzing and quantifying risks, such as probability distributions, hypothesis testing, and decision analysis. By using statistical techniques, businesses can assess and mitigate potential risks, ensuring better decision-making and minimizing financial losses.
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Nov 03, 2024 Last updated |
Video Description: Functions & Scope of Statistics for Commerce 2024 is part of Economics Class 11 preparation.
The notes and questions for Functions & Scope of Statistics have been prepared according to the Commerce exam syllabus.
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Video Lecture & Questions for Functions & Scope of Statistics Video Lecture | Economics Class 11 - Commerce - Commerce full syllabus preparation | Free video for Commerce exam to prepare for Economics Class 11.
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