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Importance and Limits - Meaning & Scope of Statistics Video Lecture | Economics Class 11 - Commerce
FAQs on Importance and Limits - Meaning & Scope of Statistics Video Lecture - Economics Class 11 - Commerce
| 1. What is the importance of statistics? |  |
Ans. Statistics is important because it helps in making informed decisions by providing a systematic way to collect, analyze, interpret, and present data. It enables us to understand trends, patterns, and relationships in data, which is crucial for various fields like business, economics, research, and healthcare.
| 2. How does statistics help in decision-making? | |
Ans. Statistics helps in decision-making by providing objective evidence and insights. It allows us to analyze data and identify patterns, trends, and correlations, which can be used to make informed decisions. For example, businesses can use statistical analyses to determine market trends, identify customer preferences, and make strategic decisions based on data-driven insights.
| 3. What are the limits of statistics? | |
Ans. While statistics is a powerful tool, it has certain limitations. One limitation is that it can only provide information about a sample of a population, and there is always a margin of error involved. Additionally, statistics cannot prove causation, only correlation. It is also limited by the quality and accuracy of the data collected and the assumptions made during analysis.
| 4. How does statistics help in research studies? | |
Ans. Statistics plays a crucial role in research studies. It helps in designing experiments, collecting and analyzing data, and drawing meaningful conclusions. Researchers use statistical methods to determine sample sizes, test hypotheses, measure the significance of results, and make generalizations about the population based on the data collected from a sample.
| 5. Can statistics be misinterpreted? | |
Ans. Yes, statistics can be misinterpreted if not used correctly. Misinterpretation can occur due to various reasons, such as misrepresenting data or not considering the limitations of the statistical methods used. It is important to understand the context, assumptions, and potential biases in statistical analyses to avoid misinterpretation and ensure accurate conclusions.
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