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STATS - Coggle Diagram
Singular noun
ORGANISATION OF DATA
PRESENTATION OF DATA
COLLECTION OF DATA
ANALYSIS OF DATA
INTERPRETATION OF DATA
PLURAL NOUN / CHARACTERISTICS
Multiplicity of causes
Reasonable accuracy
Numerical data
Placed in relation to each other
Aggregate of facts
Limitations - According to Disraeli -'There are three kinds of lies - lies, damned lies and Statistics'.
Aggregate of facts
Without reference results may prove to be wrong
Numerical facts
Prone to misuse
Affected by extremes
IMPORTANCE OF STATISTICS
Cause and Effect relationships
Economic theories - Demand
Inter sectoral and Inter temporal comparisons
Quantitative expression of problem
Economic Forecasting
ALL DATA IS NOT STATISTICS BUT ALL STATISTICS IS DATA
