Write the important functions of statistics.

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Write the important functions of statistics.

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  1. Answer:
    The important functions of statistics are the following:
    1. It enables an economist to present economic facts in a precise and definite form that helps in proper comprehension of what is stated.

    2. Statistics also helps in condensing the mass of data into a few numerical measures (such as mean, variance, etc., about which you will learn later). These numerical measures help summarize data.

    3. Statistics is used in finding relationships between different economic factors. Statistics find economic relationships using data and verify them.

    4. Statistical tools are used in the prediction of future trends. The economist might be interested in predicting the changes in one economic factor due to the changes in another factor.

    5. Statistical methods help formulate appropriate economic policies that solve economic problems.