Introduction — Economics STD 11 Commerce — Question

In singular sense, statistics refers to the methods adopted for scientific and empirical study. According to Croxton and Cowden, "Statistics may be defined as a science of collection, presentation, analysis and interpretation of numerical data." Whenever we collect data, we also need to organize it, present it so as to make it attractive, analyze it to derive its meaning and finally interpret it to reach at right conclusions.In singular sense, statistics is summation of following:

1. Collection of Data: It is the first step in a statistical enquiry. There are two ways of collecting data: primary and secondary. The data provide the basis of statistical enquiry. If data is biased, the entire study will become unreliable. Therefore, it has to be collected with great caution.
2. Organization of Data: The next step after collection of data is to organize this data in a proper way. Organizing involves classification, grouping and editing.
3. Presentation of Data: Once the collected data are organized the these are presented in a systematic manner to make statistical analysis clear and easier. Data can be presented I through tables, diagrams, graphs or pictures.
4. Analysis of Data: After presentation data are analyzed by using averages, dispersion, correlation, regression, time series analysis etc. it helps us to reach at some conclusions on the basis of data.
5. Interpretation of Data: It is the final stage of statistical study. In this stage data are used to derive some conclusions to take decisions.