# Characteristics of business statistics

## What are characteristics of statistics?

Characteristics of Statistics

**It has an aggregate of facts**. Data are collected in systematic order. It should be comparable to each other. Data are collected for a planned purpose.

## What is statistics and characteristics of statistics?

“Statistics is the aggregate of facts affected to a marked extent by the multiplicity of causes, numerically expressed, enumerated or estimated according to reasonable standards of accuracy, collected in a systematic manner for a pre-determined purpose and placed in relation to each other.”

## What are the functions of business statistics?

Business Statistics helps a business to:

**Deal with uncertainties by forecasting seasonal, cyclic and general economic fluctuations**. Helps in Sound Decision making by providing accurate estimates about costs, demand, prices, sales etc. Helps in business planning on the basis of sound predictions and assumptions.## What are the characteristics and limitations of statistics?

**Statistics deal with groups and aggregates only**. (2) Statistical methods are best applicable to quantitative data. (3) Statistics cannot be applied to heterogeneous data. (4) If sufficient care is not exercised in collecting, analyzing and interpreting the data, statistical results might be misleading.

## What do you mean by business statistics?

Business statistics is

**the application of statistics to analyze business data**. Companies use business stats for forecasting, testing correlations, and describing data. A career in business statistics can be a good choice for people with strong math skills.## What are the 3 types of statistics?

They are:

**(i) Mean, (ii) Median, and (iii) Mode**. Statistics is the study of Data Collection, Analysis, Interpretation, Presentation, and organizing in a specific way.## What are the advantages of business statistics?

Statistics can

**help professionals understand markets, make advertising decisions, set prices and respond to changes in consumer demand**. Statistical analysis is based in using different forms of analytics to uncover relationships in data.## What is not a characteristic of statistics?

Statistics

**doesn’t imply to be only expressed in words**.In the plural sense, ‘statistics’ means â€śnumerical facts systematically collectedâ€ť as described by Oxford Dictionary. This roughly translates to the meaning of data. It can be expressed in words, in tables or pictorially in the form of graphs, chart etc.## What are the four main functions of statistics?

(1)

**Statistics helps in providing a better understanding and accurate description of nature’s phenomena**. (2) Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. (3) Statistics helps in collecting appropriate quantitative data.## What do you mean by statistics?

Statistics is

**the science concerned with developing and studying methods for collecting, analyzing, interpreting and presenting empirical data**.## What is the simple definition of statistics?

Definition of statistics

1 : **a branch of mathematics dealing with the collection, analysis, interpretation, and presentation of masses of numerical data**. 2 : a collection of quantitative data.

## What is the mean of statics?

Definition of statics

**the branch of mechanics that deals with bodies at rest or forces in equilibrium**.

## What is statistics and its functions?

Statistics:- Statistics is defined as the collection presentation analysis and interpretation of numerical data. Page 3. Collection of data:-The first step of an investigation is the collection of data. Carefully collection is needed because further analysis is based on this. Data must be reliable.

## Who is called the father of statistics?

**Prof.**

**Prasanta Chandra Mahalanobis**is also known as the father of Indian Statistics. He was a physicist by training, a statistician by instinct and a planner by conviction.

## What are 5 uses of statistics?

(1)

**Statistics helps in providing a better understanding and accurate description of nature’s phenomena**. (2) Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study. (3) Statistics helps in collecting appropriate quantitative data.## What are types of statistics?

The two types of statistics are:

**Descriptive and inferential**.## Who first discovered statistics?

The birth of statistics is often dated to 1662, when

**John Graunt, along with William Petty**, developed early human statistical and census methods that provided a framework for modern demography. He produced the first life table, giving probabilities of survival to each age.## What are the two types of statistic?

**Descriptive and Inferential Statistics**

The two major areas of statistics are known as descriptive statistics, which describes the properties of sample and population data, and inferential statistics, which uses those properties to test hypotheses and draw conclusions.