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STATISTICS

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DEFINATION

The modern view of statistics is

that it is not just the art ofcollecting, sorting, classifying,summing up and using numericfacts. It is also a science thatprovides the tool and techniquethat can be used advantageouslyto measure and analyze facts in

any sphere of human knowledge.

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STATISTICS AND COMPUTER

The rapid and sustained increases in computing power starting from the second halfof the 20th century have had a substantial impact on the practice of statisticalscience. Early statistical models were almost always from the class of linear models,but powerful computers, coupled with suitable numerical algorithms, caused anincreased interest in nonlinear models (such as neural networks) as well as thecreation of new types, such as generalized linear models and multilevel models.

Increased computing power has also led to the growing popularity ofcomputationally-intensive methods based on re sampling, such as permutation testsand the bootstrap, while techniques such as Gibbs sampling have made use ofBayesian models more feasible. The computer revolution has implications for thefuture of statistics with new emphasis on "experimental" and "empirical" statistics. Alarge number of both general and special purpose statistical software are nowavailable for easing our work.

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LIMITATIONS OF STATISTICS

Concerned with Quantitative data and notQualitative.

These are numerical result expressed asapproximation and estimates and not the actual

value. It deals with group of numerical items and not

with individual items .

There may be wrong interpretation and misuseby non-experts.

It is not always possible to study all aspects of aproblem only through statistics for statisticalfacts and figure throw light only on some area.

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APPLICATION OF STATISTICS

Nowadays, Statistics is widelyused for lots of purposes it helps

in clearing the ideas and helpspeople to understand thingsbetter. It is widely used in:

a. Tradeb. Commerce, and

c. Industry

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Trade

Statistics provides a

businessman a beacon of lightthat he can use to profit andprogress. A Businessman with a

sound statistical knowledgemay do well. Without it, he willperish.

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Industry

Today many company maintain there own statisticaldepartments to evaluate there business policies on profit,sales, consumer preferences, manufacturing costs, productquality, productivity and consumer goodwill. It is very vitalto have correct estimates, probabilities and favorable

forecasts based on statistics that have been correctlysystematically, presented accurately and interpretedwisely.

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